BenevolentAI, a clinical-stage AI-enabled drug discovery and development company, has published its strategic plan for a “new era in AI”.
The company has outlined its focus to prioritise high-potential products to value inflection points, develop new products to capitalise on the “vast potential of AI”, and progress a proposed headcount reductions expected to result in net cost savings of £45 million – extending the cash runway to at least July 2025.
Following its board of directors approving the strategic review, the company aims to optimise its portfolio, and segment its business into two distinct business units – the Tech Business Unit and the Bio Business Unit. The aim is to improve capital efficiency and operational efficiencies, the company said.
Commenting on the review, Joanna Shields, chief executive officer, said: “Embarking on this process requires difficult decisions, particularly concerning our valued colleagues. Our new strategic direction ensures we maximise our portfolio and leverage the knowledge and expertise we have built up in recent years to meet this moment of opportunity for AI in biopharma.”
The Tech Business Unit will be tasked to deploy new AI products, including a natural language biomedical querying system, said to “enable biopharma partners to accelerate new discoveries, harness the power of AI to unlock the value of their data, and gain a competitive edge”.
Its Bio Business Unit will be focusing resources on high-value assets and to streamline its portfolio, the company noted.
The announcement summarised to add that, “this strategic review and reorganisation positions BenevolentAI to maximise value creation for stakeholders.”
To read more AI and data related news, visit our dedicated channel here.