Sensyne Health has completed a $76m initial public offering and will begin trading on Aim tomorrow, offering an exit to University of Oxford.

Sensyne Health, a UK-based healthcare technology developer partially based on research at University of Oxford, raised £60m ($76m) in its initial public offering on Tuesday and will begin trading on Aim tomorrow. The company issued approximately 34.3 million shares, priced at £1.75 each. It expects to have a market capitalisation of £225m when it commences trading. Sensyne Health is developing clinically validated digital health products, such as prescribed digital therapeutics and hospital systems for clinical care, that rely on artificial intelligence. It also plans on using the anonymised data generated from these services to drive drug discovery. Its products include hospital patient monitoring system Send, gestational diabetes management app GDm-Health, chronic obstructive pulmonary disease monitoring platform Edge and CleanSpace, which enables users to monitor their personal exposure to air pollution. Sensyne emerged in July 2017 as Drayson Health, when its parent company Drayson Technologies signed a five-year strategic research agreement with University of Oxford and Oxford University Hospitals NHS Foundation Trust. Oxford University Innovation, the tech transfer office of University of Oxford, has licensed certain intellectual properties to the company. Drayson was restructured in June 2018 and rebranded to its current name. Proceeds will be used to sign research agreements with additional NHS Trusts and to build resources to analyse collected data, generate insights into that data that are of interest to pharmaceutical firms and build a team to support drug discovery. The money will also go towards a commercial roll-out of the company’s products into the NHS and elsewhere. University of Oxford and Oxford University Hospitals NHS Foundation Trust received $6.4m worth of series C shares as part of the strategic agreement signed in July 2017. Woodford Investment Management supplied $12.9m in series C funding at the same time. The company revealed it had raised $52.8m by July 2017, including the series C round. It previously raised $24.8m in a series B round over two tranches, featuring Lansdowne Partners, Woodford Investment Management, company staff and a range of unnamed investors. The series A round was provided by family and friends. Lord Paul Drayson, co-founder and chief executive of Sensyne Health, owned 21.1% in the company ahead of the offering, which has been diluted to 15.5%, while his fellow co-founder Lady Elspeth Drayson has seen her stake reduced from 18.5% to 13.6%. Woodford has purchased some 7 million shares to maintain its stake of 19.7%, while Lansdowne Partners has bought nearly 5 million additional shares to increase its stake from…

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