Medical tech firm Sensyne set to axe 80 staff in scramble to stay afloat
London-listed medical tech firm Sensyne is set to axe two thirds of its staff after being rescued from the brink of collapse earlier this month.
Sensyne boss Alex Snow told staff on Tuesday morning that up to 80 of the firm’s 124 workforce were at risk as it goes through a consultation process, Sky News’ Mark Kleinman first reported.
The former England rugby player and City veteran was appointed to lead the firm earlier this month amid reports it was running out of cash and teetering on the brink of collapse.
Snow has reportedly already kicked off a process to spin off a number of the firm’s divisions in a bid to raise cash, and some of the jobs lined up for redundancy could move to new employers if the units are sold, sources told Sky.
An emergency refinancing package last week from a consortium of investors, including Gatemore Capital Management and venture capital investor Hambro Perks, will also channel about £26.3m into the medical data company.
A formal sale process of the firm, designed to rescue the company, has been called off after the refinancing package.
Sensyne was founded by Labour Peer and former science minister Lord Drayson and floated on the London Stock Exchange in 2018 with a market capitalisation of £225m.