(Alliance News) - Sensyne Health PLC said Monday it made "strong" progress in its maiden full year, although a surge in listing and development costs led it to a deeper loss.
Sensyne offers artificial intelligence technology for use in clinical studies for new medical products and in patient care.
For the financial year ended April, pretax loss deepened to GBP19.0 million from GBP7.3 million the year prior. Revenue, though still broadly immaterial, expanded to GBP136,000 from GBP81,000 the year before.
Profit was hurt by research & development costs surging to GBP8.3 million from GBP2.3 million the year prior, as well as GBP3.3 million in exceptional costs primarily related to its GBP60 million initial public offering in London in August 2018.
"I am pleased to report strong progress in our first full year reporting period as a public company, achieving a number of important milestones", Sensyne Chief Executive Officer Paul Drayson said.
These achievements include signing its first major pharmaceutical collaboration deal with Bayer AG worth GBP5 million
Separately on Monday, Sensyne announced it signed a partnership with an unnamed Fortune 200 firm and a data infrastructure company to launch and scale its products in the US under licence. The initial focus will be on its gestational diabetes product, GDm-Health.
No financial details of the deal have been provided.
"We are delighted that this innovative trans-Atlantic relationship will lead to the expansion of our digital healthcare applications to US patients and providers," Drayson said.
"By working with these partners, we will be able to accelerate the full potential of these applications which were originally invented in the NHS," Drayson continued. "We are also delighted that these major agreements mark the completion of the last remaining milestone objective that we set at the time of our IPO in August 2018. All our objectives set at that time have now been achieved."
Sensyne also announced on Monday it entered a formal research agreement with the UK Medicines & Healthcare Products Regulatory Agency to validate software algorithms in digital health.
"New techniques using artificial intelligence and machine learning have the potential to improve patient care and accelerate medical research, however they also require the development of new methods to validate them," Drayson said. "As a leading company in the field of clinical AI we are delighted to be working with the UK's regulatory agency on this vital project."
Shares in Sensyne were 3.4% higher at 106.00 pence in London on Monday.
By Ahren Lester; ahrenlester@alliancenews.com
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