Digital health company Sensyne Health announced plans to go public with a £60 million listing ($77 million) on the alternative investment market of the London Stock Exchange on Aug. 17.
The Oxford, U.K.-based company, recently renamed from Drayson Health, aims to mine anonymized patient information using artificial intelligence—with data gathered from its own suite of digital therapeutics, vital sign-tracking apps and genome sequencing—to drive drug discovery research, generate hypotheses and help design clinical trials.
The brainchild of healthcare and biotech entrepreneur Lord Paul Drayson, who previously served as the U.K.’s science minister, Sensyne has signed data-sharing and research agreements over the past weeks with a handful of regional trusts representing National Health Service systems, including Oxford University Hospitals.
For example, in return for an additional £5 million ($6.4 million) investment in Sensyne’s equity and access to its consented data, the Oxford University Hospitals NHS Foundation Trust will benefit from royalties that will be reinvested back into the health system.
The agreement covers data generated by the trust over the past five years, as well as that from the next 10. In addition, Sensyne will help develop methods of incorporating genomic medicine and phenotypic clinical data into standard care pathways for NHS patients.
The company doesn’t plan to sell the data, but serve as a data analysis company to help answer research questions, Drayson said to Bloomberg in an interview.
“Oxford University Hospitals is one of the digital centers of excellence in the NHS,” said Bruno Holthof, CEO of the trust. “Because of our digital investments, we now have a unique database that will grow in size over time and this strategic research agreement will allow us to find new ways of treating our patients.”
The Chelsea and Westminster Hospital NHS Foundation Trust, representing two London hospitals, signed a similar, separate £5 million agreement as well.
While the immediate plans for the proceeds of the public offering are not clear, Sensyne plans to focus on cancer, respiratory, cardiovascular and immune conditions, Drayson told Reuters. The IPO is expected to value the company around £225 million ($291 million).
Sensyne’s products include a CE-marked tablet app for digital patient charting, including vital sign observations and automatic calculation of early warning scores, and a prescribed digital therapeutic program for monitoring chronic obstructive pulmonary disease at home.
Another prescribed digital program for managing gestational diabetes missed its clinical endpoint in a study earlier this year, in trying to improve average blood glucose levels in pregnant women. The company offers U.K. healthcare facilities the system on a zero-cost license basis for one year and aims to expand globally.