Company that controls Irish genomic data incurs $23m loss as revenue drops again

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Genuity-Science News

Ireland-Strategic-Investment-Fund

Latest accounts for Genuity Science Ireland show it had accumulated losses of $121m at the end of 2022

The Irish Strategic Investment Fund has invested more than €70 million into Genuity Science Ireland as it aimed to collect DNA from 400,000 Irish people for medical research purposes. Photograph: Jose Sarmento Matos/BloombergGenuity Science Ireland, a company that controls an enormous database of Irish genomic data, incurred losses of $22.7 million in 2022 as its revenue dropped again, new accounts show.

It cut its administrative costs from $22.2 million to $13.6 million, a large chunk of which appears to have come from cutting its staff from 75 to 47 at the end of 2022, which reduced its wage bill from $12.6 million to $6 million.Making sense of the numbers around AIB’s share purchase offer Genomics Medicine Ireland, was founded in Ireland in 2015 by Daniel Crowley, Paul Thurk, Sean Ennis and Maurice Treacy, before being sold in 2018 to Chinese-owned WuXi NextCode. In 2021, WuXi in turn sold the company to Hibercell, a US-based biotechnology firm focused on development of cancer treatments.

HiberCell has since secured additional funding from a new round of investment from what it described as “third-party investors”.

 

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