Calculus has delivered an average ROI of 2.1x from Genedrive plc (AIM: GDR) through a number of exits in the VCT and EIS Funds. Genedrive, a company we had supported through scale-up, was founded as a contract research business (”CRO”) but refocussed as a Point of Care molecular diagnostics company.
The company has developed and launched Genedrive®: a next-generation Point of Care molecular diagnostic system providing a low cost, rapid, versatile, simple to use and robust diagnostics platform for the diagnosis of infectious diseases and for use in patient stratification (genotyping), pathogen detection and other indications.
In 2022 the company announced that the first six installations of the Genedrive® MT-RNR1 Antibiotic Induced Hearing Loss (“AIHL”) system had been deployed to Manchester University NHS Foundation Trust (“MFT”), with four installations for Saint Mary’s Hospital and two at Wythenshawe Hospital (both part of MFT). The Genedrive® MT-RNR1 System screens infants in an urgent care setting for a genetic mutation that will cause lifelong hearing loss (“Ototoxicity”), when carriers of the mutation are given certain antibiotics.
The rapid global shift of healthcare to testing and treatment of COVID-19, also meant the company refocused part of its resources to the development of two SARS-COV-2 tests. In late 2021 the company received CE-IVD certification under the European Communities Council Directive 98/79. This, combined with a long-term supply agreement with the US Dept of Defense for the company’s biohazard test and progress on its ground-breaking antibiotic induced hearing loss test for neo-natals, resulted in an increase in Genedrive’s share price and a good opportunity for Calculus to realise our holding.