Sensyne Health inks agreement with US firm Bristol Myers Squibb
London-listed(LON:SENS ) announced that it has signed a research collaboration agreement with US pharmaceutical company Bristol Myers Squibb ("BMS").
The UK-based Clinical AI company which works in partnership with the NHS said the collaboration will be the Company’s fourth successive partnership with a major pharmaceutical company following collaborations signed with Bayer, Roche and Alexion.
BMS manufactures prescription pharmaceuticals and biologics in several therapeutic areas, including cancer, HIV/AIDS, cardiovascular disease, hepatitis and rheumatoid arthritis.
Initially, the collaboration will focus on applying Sensyne's proprietary machine learning to conduct research into disease progression and patient stratification for patients with various diseases within the broader group of Myeloproliferative Neoplasms ("MPNs").
MPNs are a group of rare blood cancers in which excess red blood cells, white blood cells or platelets are produced in the bone marrow. The overproduction of blood cells in the bone marrow can create problems for blood flow and lead to various symptoms in sufferers.
Any financial terms of the collaboration agreement have for now remained undisclosed.
Shares in Sensyne Health have increased almost 200% in value since August 2020 to open 8.11% higher this morning at 100p following the announcement.
“This new collaboration with one of the world's leading pharmaceutical companies is a further validation of Sensyne's unique model whereby Sensyne acts as the docking station between the pharmaceutical industry and providers of health data to allow for the ethical commercialisation of such data,” said Lord (Paul) Drayson PhD, CEO of Sensyne Health.
He added, “As we continue to see wider adoption of Clinical AI and machine learning by the life sciences industry to support pharmaceutical research, Sensyne is ideally positioned to help accelerate the discovery and development of new medicines for patients."
The group recently reported revenues of £2m for the year ended 30 April 2020 (FY19: £0.136m) and cash £31.7m on the balance sheet as of April 30 (FY19: £49.3m).
Sensyne said it expects to perform in line with its expectations for the current financial year.
“Based on our forecasts we believe this leaves the company funded well into 2022 which allows for its potentially highly lucrative app partnership with Cognzant to ramp-up,” said Liberum, forecasting £9.6m of sales for FY2021, rising to almost £22m in 12 months’ time.
Sensyne announced last year its plans to bring its artificial intelligence tools to America by enlisting IT services giant Cognizant and data infrastructure specialist Agorai in its efforts.
'Looking ahead, the group is well placed to accelerate its commercialisation plans through the three partnerships it struck within its discovery science division and the launch of its innovative app portfolio in the US from its software products division,' investors were told.
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