Crisis-hit medical AI firm Sensyne axes two-thirds of workforce
Sensyne’s new CEO informed staff on Tuesday that as many as two-thirds of them could lose their jobs in a far-reaching restructuring, Sky News learns.
Tuesday 26 April 2022 16:27, UK
Sensyne Health, the London-listed medical technology firm that was rescued from the brink of collapse this month, is to axe two-thirds of its workforce.
Sky News has learnt that Alex Snow, Sensyne's new chief executive, informed staff on Tuesday morning that up to 80 of the company's 124 jobs would be put at risk as part of a formal consultation process.
The scale of the cuts underlines the pace at which Mr Snow - a former boss of the stockbroker Evolution and hedge fund Lansdown Partners - is getting to grips with the turnaround challenge.
Sources said he had already initiated sale processes for a number of Sensyne divisions focused on delivering healthcare services using artificial intelligence applications.
The focus of Mr Snow and Sensyne's investors is said to be investing in and growing real-world patient data platform and partnerships with NHS foundation trusts.
Some of the posts identified for redundancy could move to new employers if the units are sold to new owners, the sources added.
A £26.3m emergency refinancing of the company announced last week saw the arrival of several new shareholders, including the venture capital investor Hambro Perks.
Mr Snow will have rights to invest £2m in Sensyne shares as part of the deal, with the company being delisted from the public markets in the coming weeks.
Sensyne listed on the London Stock Exchange in 2018 with a market capitalisation of £225m, having been established by Lord Drayson, the former science minister.
A formal sale process designed to rescue the company has now been called off.
Sensyne declined to comment.