Sensyne Health, the Oxford-based clinical AI company, has announced that it has raised an aggregate of £25 million from the placing of shares, which was oversubscribed.
The funds will enable the company to capitalise on an expanding number and range of commercial opportunities, deliver economies of scale and accelerate future revenue growth.
The company says this will be achieved through the growth and 'industrialisation' of the Company's data platform leading to significantly enhanced scale and speed of delivery of clinical AI insights for customers, and the addition of an enhanced offering to pharmaceutical clients through the collaboration with Phesi Inc., a US-based specialist clinical trials data company.
Lord (Paul) Drayson PhD, CEO of Sensyne Health, said: "We are delighted by the successful completion of this fundraising, thank our shareholders for their strong support and welcome new shareholders to our register. This puts us in a very strong position to capitalise on Sensyne's position at the heart of the adoption of Big Data analytics and clinical AI in healthcare and life sciences.
"It will enable the expansion of the anonymised patient datasets to which the Company has access, which are central to our scale-up plans and international business development objectives. Our unique business model, which sees the UK NHS hold a significant equity stake in the Company, ensures it has a share in the Company's financial returns and benefits from the latest innovations in patient care and medical research.
"Our confidence in the business is underpinned by its strong performance through the COVID-19 pandemic, the significant interest shown by pharmaceutical partners, and a clear plan to launch our software products and SENSE algorithms in the US. The new strategic alliance with Phesi will enable us to offer the global pharmaceutical industry a compelling combination of expertise and data across real world and clinical data, at the forefront of innovation in clinical development. We look forward to working with Phesi as we develop our business in the United States."
The Placing and the Subscription are conditional on, amongst other matters, the passing of the Resolutions at the General Meeting. It is expected that the Placing and the Subscription will complete on or around 8.00am on 05 January 2021, being the expected date of Admission and that dealings in the New Shares will commence at that time.