(Alliance News) - Sensyne Health PLC on Tuesday said it is progressing on anticoagulants study for heart failure patients after its loss narrowed slightly in the first half of its current financial year.
The AIM-listed clinical technology company said its loss narrowed in the six months to the end of October 2019 to GBP9.9 million from GBP10.3 million, as revenue multiplied to GBP392,000 from just GBP39,000.
Sensyne Health explained that the year-on-year improvement came primarily from work taking place on the Bayer AG contract that started at the end of the first half. The company said it expects the deal to contribute "more significantly" to revenue in the second half of its financial 2020.
Looking ahead, Chief Executive Paul Drayson said: "We currently have significant visibility of a minimum GBP2 million of revenue being earned in financial 2020 from our existing contracts."
He added: "However, the board believes that the current share price does not reflect either the value of what the business has achieved to date, or the significant growth prospects available to Sensyne Health in future."
The stock was trading 1.8% higher in London on Tuesday at 49.90 pence a share.
In addition, the Oxford, England-based company said a study confirmed benefits of blood anticoagulants for heart failure patients.
Sensyne Health said it has collected data from nearly 500,000 NHS patients as part of a study, seeking to identify if there are benefits to the use of blood thinning agents - also known as anticoagulants - for all heart failure patients.
The company said the benefit of anticoagulants in patients with an irregular heartbeat is well documented, but the data in Sensyne Health's study also suggested a small but "statistically significant" survival benefit for heart failure patients without an irregular heartbeat.
However, the company noted that further analysis is required to confirm if the difference is clinically relevant.
"This work demonstrates the value of Sensyne's partnership with the NHS which allows rapid and cost-effective analysis of therapeutic efficacy outside the confines of randomised clinical trials in a way that reflects the reality of routine clinical practice," said Interim Chair Bruce Keogh.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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