(Alliance News) - Sensyne Health PLC on Thursday reported a widened interim loss but boasts it has made significant commercial progress over the past six months.
Sensyne noted growth of its anonymised NHS patient dataset to 6.8 million records, which hit its IPO target.
After period-end, the firm signed four new strategic research agreements with Somerset, Hampshire, Milton Keynes University and Royal Wolverhampton NHS Trusts - signed between October 2020 and January 2021 - to provide access to an aggregate of 2.95 million records.
In the six months to October 31, clinical AI technology company's pretax loss widened to GBP13.8 million from GBP9.9 million.
Revenue jumped to GBP2.3 million from GBP392,000.
"The main growth factors are our clinical development projects in the Discovery Sciences segment such as with Bayer, Alexion and Roche. The strong performance of Discovery Sciences represents a change to the expected revenue mix at the beginning of the current financial year and is due to the delays the pandemic has caused to the launch of software products in the US and the company's strategic decision to make its software free to use by the NHS for a 12-month period," Sensyne explained.
Research & development expenses rose to GBP7.4 million from GBP5.2 million, while other general & administration expenses increased to GBP5.9 million from GBP4.2 million.
Chief Executive Paul Drayson said: "I am pleased to report that Sensyne has made significant commercial progress over the past six months and has achieved several key milestones in the development of its research partnerships with NHS Trusts and in its work for leading pharmaceutical companies applying Clinical AI to improve patient care and accelerate life sciences research. I am particularly pleased with the results we have been able to achieve during the Covid-19 pandemic."
He added: "In January we completed a GBP27.5 million fund-raising, signed an important strategic collaboration with Phesi Inc and in December launched our GDm-Health product in the United States. We have made a strong start to the New Year and are well placed to build on this momentum in 2021."
Shares in Sensyne Health were 1.6% higher in London on Thursday at 155.00 pence each.
By Paul McGowan; paulmcgowan@alliancenews.com
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