British biotechnology startup Sensyne Health Ltd. is looking to raise £60 million through an initial public offering on London's AIM market Aug. 17, Reuters reported.
Founded by former British government minister and biotech entrepreneur Paul Drayson, the company uses artificial intelligence to analyze large databases of anonymized patient data to fast track the discovery of medicines and improve patient care.
Speaking to Reuters, Drayson said the IPO will give the company a post-money valuation of around £225 million.
Sensyne, which was previously known as Drayson Health Holdco Ltd., recently signed agreements with the Oxford University Hospitals NHS Foundation Trust and the Chelsea and Westminster Hospital NHS Foundation Trust to analyze anonymized patient data using clinical artificial intelligence technology.
The NHS trusts gained a £5 million equity stake, each, in Sensyne Health and will also receive royalties from any discoveries in the partnership.