by Anthony O’Goryinoff
Shares of Sensyne Health PLC fell on Friday when it said it had signed a financing deal with institutional shareholders for £6.4 million ($8.8 million) because without financing it is unlikely to continue trading in early February. Is.
Shares were down 35 pence, or 46%, at 40.50 pence at 0838 GMT.
The London-listed clinical artificial-intelligence company said the non-binding terms are for a loan note with an additional GBP5 million that can be provided by mutual consent, and it believes financing will proceed in the near term.
Sensyne said its formal sales process — first announced in November — has moved to the next stage, and multiple parties are in detailed discussions with the company.
The company said that its business-development pipeline continues to grow and, however, has faced significant business constraints, including delays in contracts, due to the impact of COVID-19 on pharmaceutical companies.
It added that these factors are slowing the conversion of its robust pipeline into commercial agreements.
Anthony O. Write to Goriainoff at [email protected]