U.K.-based healthcare technology company Sensyne Health Ltd. raised £60 million via its IPO on the AIM market of the London Stock Exchange.
The company, which is led by former British government minister and biotech entrepreneur Paul Drayson, priced its shares at £1.75 per ordinary share.
Sensyne Health uses artificial intelligence to analyze large databases of anonymized patient data to fast track the discovery of medicines and improve patient care.
The company's share will start trading on the AIM Market on Aug. 17 under the symbol SENS, with an expected market capitalization of £225 million.
Sensyne has an exclusive license to use artificial intelligence algorithms developed by researchers at the University of Oxford and Oxford University Hospitals NHS Foundation Trust.
To gain access to the patient data, the company partnered with various NHS Foundation Trusts including OUH NHS Foundation Trust, South Warwickshire NHS Foundation Trust and Chelsea and Westminster Hospital NHS Foundation Trust.
The company is looking to act as a bridge between the NHS and pharmaceutical companies by commercializing NHS data without compromising patient confidentiality.
The NHS trusts receive a part of the financial returns via equity ownership in the company and a share of royalties.
The company aims to help NHS reduce its financial burden by tackling chronic diseases such as lung disease, cardiovascular disease, cancer and immunological diseases like diabetes, Drayson told Financial Times in an interview.
John Bell is the non-executive chairman of the company's board, which also includes Bruce Keogh, chair of Birmingham Women's and Children's NHS Foundation Trust.
Bell is the chairman of the Office for the Strategic Coordination of Health Research, a body involved in framing the U.K. government's health research policy, and Regius Professor of Medicine at the University of Oxford.
Peel Hunt LLP is acting as bookrunner in connection with the placing and nominated adviser and broker to the company.