A health tech company has released its inaugural results following its IPO on the AIM market. The company, which leverages artificial intelligence to enhance healthcare connectivity, reports significant progress since raising £60 million in new investments.
Led by former UK science minister Lord Paul Drayson, the company aims to transform data-driven healthcare. The initial results show a surge in partnerships and workforce expansion, indicating a period of robust development.
Strong Progress Since IPO
A health tech company has published its first results since floating on the AIM market of the London Stock Exchange. The firm is led by chief executive and former UK science minister Lord Paul Drayson and uses artificial intelligence to develop software that connects patients, clinicians and researchers. The company reported it had made “strong progress” since the IPO on 17th August, which raised £60m in new investment.
Increased NHS Trust Partnerships
The firm announced an increase in the number of NHS Trusts adopting its digital health applications, from four to nine since the IPO. It also increased its NHS Trust Strategic Research Agreements from four to six, expanding the patient population covered by its partners from 2.5 million to 3 million.
These partnerships are crucial for the company’s ability to harness clinical artificial intelligence capabilities, aiming to meet the growing demand for data-driven healthcare innovation.
Expansion and Workforce Growth
The company expanded its workforce to 70 from 41 at the time of the IPO. This includes highly skilled clinicians, data scientists, and software developers.
The headquarters were relocated to state-of-the-art facilities at the Schrödinger Building at the Oxford Science Park, enhancing their research and development environment.
For the six months ended 31st October 2018, revenues increased to £39k compared with £20k for the same period in the previous year. However, the operating loss also rose to £10.3m from £3.4m in 2017.
New Strategic Agreements
The company signed an agreement with Jefferson Health for clinical and economic evaluation of a digital therapeutic product. This deal aims to generate curated patient data within a US hospital system.
Conditional agreements for two additional NHS Trust Strategic Research Agreements were announced, with George Eliot NHS Trust and Wye Valley NHS Trust each receiving £2.5m in ordinary shares at £1.75 per share.
University of Oxford Collaboration
A research agreement was signed with the Big Data Institute at the University of Oxford.
This collaboration focuses on using the company’s anonymised patient data to research chronic diseases, including chronic kidney disease and cardiovascular disease.
The partnership is expected to enhance the understanding and treatment of these conditions through innovative data applications.
Leadership and Strategic Vision
In an interview, Lord Drayson expressed his ambition to build a world-leading technology company. He highlighted the potential of artificial intelligence in healthcare.
Drayson stated, ‘I want it to become one of the world’s leading technology companies, realising the potential of artificial intelligence in healthcare but doing it in an ethical way.’
Charles Swingland was appointed as interim non-executive chairman after previous chairman Professor Sir John Bell stepped down to avoid any potential conflicts of interest with his advisory roles.
Financial Performance and Outlook
The company’s financial performance showed mixed results. Revenues increased modestly, yet operating losses also grew significantly.
This financial period reflects the firm’s heavy investment in growth and development, expecting future gains from its strategic initiatives.
The company’s first results post-IPO portray a narrative of growth and strategic expansion. Increased partnerships, workforce growth, and new research agreements mark significant milestones.
Despite the rise in operating losses, the firm’s investments in technology and partnerships set a promising stage for future advancements in AI-driven healthcare. The leadership’s vision underscores a commitment to ethical innovation in the health sector.