Sensyne Health PLC (LON:SENS) said it has signed a non-exclusive strategic research agreement (SRA) with Milton Keynes University Hospital NHS Foundation Trust (MKUH) to enable the ethical application of clinical artificial intelligence (AI) research to improve patient care and research into new medicines.
The AIM-listed firm said the five-year deal will see a dataset covering 650,000 unique patient records, with 55,000 annual hospital admissions from a patient population of approximately 350,000, added to its own anonymised dataset, increasing its size to 4.5mln patients.
READ: Sensyne Health inks collaboration deal with Bristol Myers Squibb - it's fourth partnership with a major pharma company
In return, MKUH will receive around 1.43mln shares in Sensyne as well as an investment of up to £250,000 per year from the company over the five-year term of the contract for specific investments in information technology to enable the curation and analysis of data.
The financial return MKUH receives from Sensyne will be reinvested back into the National Health Service to fund patient care, while the hospital has also entered into a lock-up agreement to not dispose of any Sensyne shares for two years from the issue date.
The deal with MKUH follows previous deals Sensyne has signed with the Oxford University Hospitals NHS Foundation Trust as well the other trusts of Chelsea & Westminster Hospitals, South Warwickshire, Wye Valley and George Eliot.
"We are delighted to be working with Milton Keynes in using anonymised patient data to improve patient care and accelerate the development of new medicines. SRAs are a fundamental part of Sensyne's unique model - giving NHS Trusts equity, funding and the ability to share in revenues”, Sensyne chief executive Lord Drayson said in a statement.
“Growing our access to anonymised patient data is key to our strategy. This new non-exclusive SRA moves us closer to our target of over 5 million unique patient records in the current financial year", he added.
In a note on Monday, analysts at house broker Peel Hunt, which rate Sensyne ay ‘buy’ with a 195p target price, said the deal was “a positive addition to the existing SRAs Sensyne has in place” and noted that the agreement moves the company closer to its target of over 5mln unique patient records in the current financial year.
Meanwhile, analysts at Liberum, which rate the stock at ‘buy’ with a 260p target price, said the deal, as well as last week’s agreement with Bristol Myers-Squibb, “rounds off a very fruitful period for the business”.
The company’s shares were 5.2% higher at 111.5p in lunchtime trading.
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