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On January 26, Sensyne said it secured a GBP11.4 million financing agreement.
The financing came from a loan note with its institutional shareholders, with a first tranche of GBP6.4 million, and an additional tranche of GBP5 million.
Sensyne explained that it has entered a non-binding term sheet with noteholders to amend the original note purchase agreement to provide an additional GBP15 million in financing.
The company stated that it will likely to be unable to continue trading beyond this month without it.
It still noted that it believes the financing will proceed to completion.
3.2 to buy now
Shares were trading 72% lower at 2.80 pence each on Friday morning in London.
The Oxford, England-based clinical artificial intelligence company said Chief Executive and founder Paul Drayson stepped down from the board with immediate effect. He will be replaced by Alex Snow, former CEO of Landsdowne Partners UK LLP, who has "extensive experience" in finance and the commercialisation of science.
On January 26, Sensyne said it secured a GBP11.4 million financing agreement.
The financing came from a loan note with its institutional shareholders, with a first tranche of GBP6.4 million, and an additional tranche of GBP5 million.
Sensyne explained that it has entered a non-binding term sheet with noteholders to amend the original note purchase agreement to provide an additional GBP15 million in financing.
The company stated that it will likely to be unable to continue trading beyond this month without it.
It still noted that it believes the financing will proceed to completion.
"I am grateful to the noteholders for their continued support in providing this financing, despite the difficulties the business has faced over the past few months. This financing provides both the certainty of a future for Sensyne as an independent life sciences focused business and the opportunity to conclude the ongoing formal sales process. We will of necessity need to reduce our cost base and propose changes at a future general meeting that will have a significant impact on our shareholders' interests," Chair Bruce Keogh commented.
maybe 5/7p
we just hit 3p
buy
SENSS.L
Sensyne Health PLC
Current price 2.40 2.50
Quote price 2.8
Order type Fixed price quote
Quantity 23357
on IG
bang
2.8 now to buy
1.39
about to hit 2.50
65%
waiting for the fire sale
got in at 1.39
Snow is the founder of Evolution Group, the investment bank, and until recently was chairman of Exscientia, which floated on the Nasdaq exchange at a value of US$2.6bn.
Sensyne also said it has provisionally hammered out an agreement with loan note holders that will provide up to a further £15mln of financing on top of the £11.35mln originally offered.
“This financing provides both the certainty of a future for Sensyne as an independent life sciences focused business and the opportunity to conclude the ongoing FSP [formal sales process],” said Professor Sir Bruce Keogh, Sensyne’s chairman.
“We will of necessity need to reduce our cost base and propose changes at a future general meeting that will have a significant impact on our shareholders' interests.”
On the sales process, the company said discussions “remain ongoing” with parties that may make an offer for or a strategic investment in the business.
Sensyne has continued to build on the progress made in securing new strategic research agreements from the UK NHS and US health systems. In December 2021, Sensyne signed a strategic research agreement with Cambridge University Hospitals NHS Foundation Trust to access 3 million patient records bringing the total of anonymised records in the UK to 12.9 million patients. In October 2021, Sensyne signed a strategic teaming agreement with OMNY Health. Under the terms of this agreement, Sensyne can contract for access to OMNY Health's platform of more than 22 million de-identified patient records across all therapeutic areas to complement the 13.4 million records accessed through three strategic research agreements with US health systems entered into earlier in 202, bringing the total to 35.4 million US patient records.
The Company now has 16 strategic research agreements with NHS Trusts and US healthcare health systems and a real-world database of 48.3 million patient records, as well as access to a clinical trials database of a further 42.0 million patients from its collaboration agreement with Phesi. Sensyne continues to expand its access to patient data and is expected to enter into agreements with health systems in other European countries as the Company aims to increase its data set to 100 million records by the end of CY2024.
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Sensyne Health PLC (AIM:SENS) has announced the departure of the company’s founder and chief executive alongside financing plans as it said discussions are continuing with a “small number of parties” interested in buying the business.
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