Sensyne Health PLC prelims reveal a year of significant progress

() chief executive Lord Drayson said the wider adoption of clinical artificial intelligence (AI) and remote patient monitoring during the pandemic “underlined the growth potential that our model can deliver”.

He was speaking following the publication of preliminary results that showed that Sensyne was gaining significant commercial traction for its model.

The company develops products for healthcare providers that connect clinicians with patients, and it works with three NHS trusts to garner insights from data using AI that help guide clinical trials.

During the year ended April 30, it signed its first major pharmaceutical collaboration – a £5mln deal with Bayer. It is also working with Roche to apply AI to trial design and has an agreement with Alexion.

Recent developments include the launch of SENSE, a clinical algorithm engine created in partnership with Microsoft. Working with Chelsea & Westminster Hospital NHS Foundation Trust, the technology will help provide personalised care for COVID-19 sufferers.

Apps such as its lead product GDm-Health, which is a prescribed digital therapeutic for remote management of diabetes in pregnancy, have seen significant adoption by doctors during the outbreak.

Building on this success, Sensyne has launched BPm-Health for the management of blood pressure in pregnancy in response to COVID-19 pandemic, as well as creating DBm-Health for people with or at risk of diabetes.

It is working with and Agorai to launch software and products in the US.

“Sensyne has made significant commercial and technological progress in the past 12 months, despite a number of challenges and the dramatic changes triggered by COVID-19,” said chief executive Drayson.

“I am particularly proud of how the company has developed solutions to some of the challenges that have arisen during the course of the pandemic.

“Sensyne’s achievements over the past year highlight the dedication and proficiency of our employees who are committed to supporting the Company’s mission to improve patient care and accelerate pharmaceutical research.”

Sensyne reported £2mln of revenues in the year under scrutiny. It sank £11.4mln into research and development and made a loss from operations of £16.5mln.

More importantly, it has the cash required to achieve its commercial goals with £31.7mln on the balance sheet as of April 30.