Sensyne Health Ltd is on course to list on AIM on Friday, August 17, its founder and chief executive officer, biotech entrepreneur Paul Drayson has told Reuters, with the firm planning to raise £60mln via an initial public offering.
The Oxford-based firm uses artificial intelligence (AI) to develop medicines and aims to improve patient care through the analysis and commercialisation of real-world evidence from large databases of anonymised patient data in collaboration with NHS Trusts.
Sensyne announced on its website on Tuesday that it has signed a Strategic Research Agreement (SRA) with Oxford University Hospitals NHS Foundation Trust (OUH), under which the two will strengthen and expand their collaboration to include the analysis of anonymised genetic data.
Under the new agreement, OUH will receive an additional £5mln in equity in Sensyne Health, and will also benefit from royalties that arise from any discoveries.
On August 1, Sensyne signed an SRA with Chelsea and Westminster Hospital NHS Foundation Trust and a day earlier, had also unveiled an SRA with South Warwickshire NHS Foundation Trust.
Further details on the group’s IPO, such as the number of shares for admission, the issue price and anticipated market capitalisation on admission have yet to be confirmed.
Sensyne has previously said it has proposed John Bell - a leading immunologist and geneticist at Oxford University - as its non-executive chairman, and Lorimer Headley as its chief financial officer.
The company's broker and adviser is Peel Hunt.
Drayson, a peer and a former Labour government minister in the 2000’s, co-founded vaccine specialist PowderJect Pharmaceuticals in Oxford in 1993 and sold it 10 years later to US group Chiron.
Sensyne, which recently changed its name from Drayson Health, is based in the Big Data Institute in Oxford.