Welcome to our final quarterly update of 2022. At Calculus our mission is to support and nurture innovative businesses whilst generating impressive returns for our investors. I am pleased to say, this year, we continued our successful run of profitable exits with the recent sale of hotel bookings software business Avvio, generating a 5.5x return.

2022 also saw a new product launch – our HMRC approved Knowledge Intensive EIS Fund. Calculus has been investing across knowledge intensive companies in healthcare and technology for over two decades, so this Fund matches our current investment strategy with investor demand for easier tax planning. 

This year we continued to back high growth technology, healthcare and entertainment companies, making 13 investments across these sectors. This month, we invested in Invizius, a healthcare company creating potentially lifesaving products to help reduce complications and high death rates amongst dialysis patients.

In lieu of Christmas cards we have made a donation to Cardboard Citizens.

Best wishes, 

John Glencross, Chief Executive

Calculus News

2022 Investment Team Stats 

Number of opportunities analysed: 822
Investments made: 13 (tech – 7, healthcare – 4, entertainment – 2)
Exits made:
Average exit return multiple: 2.7x

Calculus Bolsters Investment Team

Elizabeth Klein joins as Investment Director with a focus on the healthcare and life sciences sector.

Find out more here

Autumn Statement Response

Matthew Moynes responds to the government’s commitment to helping entrepreneurial businesses raise growth capital by continued support of EIS and VCT.

Find out more here

Portfolio Highlights

Calculus exits Avvio for 5.5x return

The sale sees 100% of Calculus’ holding sold as part of a merger between Avvio and US company SHR. 

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Home Team signs Exclusive Deal with Universal International Studios

Universal Studios International has signed a deal for Home Team to produce premium content for television for UK and global audiences.

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Scancell enrols first patient in cancer trial expansion

Scancell has enrolled its first patient in the expansion phase of its ModiFY trial, assessing its Modi-1 therapy as a treatment for several types of cancer including head, neck and triple-negative breast cancer. 

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Open Energy Market saves the taxpayer over £0.25billion

80% of OEM’s customers won’t have to rely on taxpayer support this winter. 

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C4X Discovery signs exclusive global licence with AstraZeneca

C4XD signs deal worth $403 million with AstraZeneca for the development and commercialisation of NRF2 Activator programme, focusing on an oral therapy for the treatment of inflammatory and respiratory diseases. 

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If you would like to get in touch with our Investor Relations team to discuss your current portfolio or about making a new investment, they would be very happy to assist; 0207 493 4940/ [email protected]