Calculus Capital has invested approximately £1m in Premaitha Health. This investment is part of a larger fundraising of £7.25 million and subsequent admission to trading on London Stock Exchange’s junior market for growth companies, AIM via a reverse takeover. Trading in the ordinary shares commenced on July 4th 2014.
Premaitha employs next generation DNA analysis technology to develop, manufacture and sell molecular diagnostic products intended to have a major beneficial impact on human health. The market for prenatal screening is changing as new molecular non-invasive technologies displace established procedures. Premaitha’s first product, the IONA® test, is a non-invasive prenatal screening test based on analysis of the mother’s blood which will be offered to pregnant women to determine the risk of their unborn child having Down’s Syndrome or other genetically carried conditions. The IONA® test benefits from a higher detection rate and a lower false positive rate than existing screening tests. It will allow expectant mothers to make better informed choices earlier in their pregnancy and women with healthy pregnancies to forgo invasive procedures, which are unpleasant and risky (1% miscarriage rate).
Premaitha is headed by CEO Dr Stephen Little, a biotechnology entrepreneur with a proven diagnostic and commercial track record and by Chairman David Evans, an entrepreneurial accountant focusing on diagnostic and life science companies. It was established in 2013 and is located in Manchester.
The funds raised will be used to develop the business in the non-invasive prenatal test area, to support the regulatory and sales process, and expand across the European laboratory market. Premaitha also aims to extend its portfolio to cover oncology, personalised medicine and other areas of the human health.
Alexandra Lindsay, Investment Director, Calculus Capital, said: “We are very excited to invest in Premaitha, whose new molecular non-invasive technologies are changing the prenatal screening market. Although the structure of this investment is not typical for Calculus Capital, the company adheres to our core strategy of investing in companies with a proven product and a strong management team. We have already successfully supported Chairman of Premaitha David Evans on two previous occasions, for Epistem and Scancell, and we are very excited to work with him and his team once again and also to back such a strong business”.
Dr Stephen Little, CEO at Premaitha, said “Together with the AIM listing, Calculus Capital’s investment and expertise in supporting UK mid-market companies will help us reach our next stage of development. We aim to expand both regionally across Europe and in terms of product range offered in the molecular diagnostics arena. The company is currently focused in non-invasive prenatal testing and will potentially move into fields such as cancer detection and personalised medicine, which are all intended to have a major beneficial impact on human health.”