Ailing Sensyne Health replaces founder with new CEO

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Sensyne Health plc founder and CEO will leave the Oxford company.

Labor peer Lord Drayson, who founded the company in 2018 to accelerate the role of artificial intelligence in health data and launched it in London that same year, will be replaced as CEO by Alex Snow, who recently stepped down from office. as president of AI drug discovery company Exscientia prior to its $ 2.6 billion Nasdaq IPO.

Following recent reports that Sensyne was running out of cash – and may be forced to go out of business in a matter of weeks – she secured additional capital of up to £ 15 million to continue. Snow will join the business upon the completion of this funding agreement, expected in the next 10 days, from Gatemore Capital Management LLP, Lansdowne Partners LLP, Sand Grove Capital Management LLP and Peel Hunt LLP.

“Although the board believes the funding will proceed shortly, without it the company is unlikely to be able to continue trading beyond this month,” said a statement to the London Stock Exchange.

Shareholders have been proposed that Sensyne shares be canceled from trading on the AIM market, with a “highly dilutive” move to grant conversion rights to institutional lenders.

Shares plunged 90% in the first 90 minutes of trading Friday morning after the news.

The company added that, among the developments, it will enable a sustainable business model to be put in place with its NHS Trust partners “that reflect the value of patient data provided to the company by the Trusts.”

“I am grateful to note holders for their continued support in providing this funding, despite the difficulties the company has faced in recent months,” said President Professor Sir Bruce Keogh.

“This funding offers both the certainty of a future for Sensyne as an independent company focused on life sciences and the opportunity to conclude the ongoing FSP.

“We will necessarily have to reduce our cost base and propose changes at a future general meeting that will have a significant impact on the interests of our shareholders.

“We are delighted to welcome Alex Snow, whose experience in life science artificial intelligence and credentials in raising capital will be invaluable as she guides Sensyne through the next stage of her development.

“The board would like to thank Lord Drayson for his tireless commitment to the Company and his goal to realize the potential of clinical AI to revolutionize healthcare in partnership with the NHS and international health systems.

“His vision has set the standard for how healthcare professionals like the NHS can benefit from analyzing health data in a transparent, ethical and fair way.”

Sensyne initiated a formal sales process in November through financial advisors JP Morgan and Peel Hunt. The latest update reveals that discussions are ongoing with a limited number of parties who may or may not make a bid for the company or some other strategic investment.

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In 2015 Snow co-founded Oxford Sciences Innovation Plc (OSI), now called Oxford Science Enterprises, and raised over £ 600 million to commercialize the world’s leading science from the University of Oxford.

Prior to OSI, he spent 20 years in the investment banking and fund management industry, including as CEO of Lansdowne Partners UK LLP, a longtime shareholder of Sensyne, and as founder and CEO of Evolution Group, an investment bank and UK mid-market wealth management group sold to Investec Bank.

“I have been fascinated by the role of data within the healthcare industry for many years and see more and more the importance of patient data in the real world in this landscape,” he said.

Sensyne Health has developed significant relationships with leading NHS Trusts and has already begun to build a first-class common data platform for analyzing multimodal and longitudinal anonymized patient data records, which has evolved on an industrial scale in recent months. It also has a first-class team focused on this platform.

“I look forward to working with this team and solidifying our relationships with our NHS Trust partners as we build our platform and accelerate our ability to support the life sciences industry in generating value from this patient data. real world”.

Lord Drayson added: “It has been a privilege to build Sensyne Health. I am proud of the team of talented and committed people who work at Sensyne and what we have created together.

“We have pioneered a new model for the ethical use of AI and patient data and have shown that it improves patient outcomes and accelerates medical research.

“Under my leadership, the company has secured key partnerships with the NHS, US health systems and the life sciences industry, built a database of more than 48 million anonymous medical records, and won awards for its innovative AI-enabled software that has helped care for millions of patients across the UK.

“I am delighted that the company secured the funding to build on this foundation and that the new CEO and bondholders are committed to upholding the mission and values ​​of the company I founded. I wish Sensyne Health and its staff every success in the future ”.

Ailing Sensyne Health replaces founder with new CEO

Source link Ailing Sensyne Health replaces founder with new CEO

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