Losses widen at Sensyne Health as it announces new agreements

(Sharecast News) - Clinical artificial intelligence (AI) technology company Sensyne Health announced its interim results for the six months ended 31 October on Monday, reporting cash and cash equivalents of £57.7m at period-end.The AIM-traded firm said it used £5.7m cash in operating activities, up from £1.9m in 2017, with revenues rising to £0.04m from £0.02m.Its adjusted operating loss from continuing operations was £5.1m, widening from £2.9m, which the board said reflected the progress the company made in recruitment, and establishing the Sensyne Health business since formation in May 2017.The reported operating loss was £10.3m, widening from £3.4m.On the operational front, Sensyne said it undertook continued recruitment to support and progress its increasing commercial activity, which was expected to lead to an increased operating loss for the remainder of the year."I am pleased to report strong progress by Sensyne Health in our first reporting period as a public company, achieving a number of important milestones," said chief executive officer Lord Drayson."Our business development pipeline is showing good momentum and is on track to meet the objectives set out at our initial public offering.""The company is in an excellent position to capitalise on the data assets and clinical artificial intelligence capabilities provided by its equity partnerships with NHS Trusts and the University of Oxford in order to meet the growing world-wide demand for data-driven healthcare innovation."Also on Monday, Sensyne Health announced a number of new deals, including the signing of an agreement with Jefferson Health for the clinical and economic evaluation of its 'GDm-Healthä' digital therapeutic product and generation of curated patient data within a US hospital system.It also confirmed conditional agreements for two further NHS Trust strategic research agreements, with George Eliot NHS Trust and Wye Valley NHS Trust, for which they would each be issued with £2.5m in ordinary shares in the company at £1.75 per share.Sensyne also signed a research agreement with the Big Data Institute at the University of Oxford, using its anonymised patient data from its existing SRAs and digital health products, focussed in the field of chronic disease including chronic kidney disease and cardiovascular disease.