Diaceutics reports strong start to year as DXRX platform drives momentum

Irish data analytics company Diaceutics said it had a strong start to the 2021 financial year despite the Covid-19 pandemic as the launch of its DXRX platform drove momentum.

In a trading update for the six months ended June 30th, the company said it expects to report revenue growth of around 13 per cent to £6 million, up from £5.3 million in the first half of 2020.

The DXRX platform launched in October 2020, setting a target at the beginning of 2021 to deliver 20 per cent of full-year revenue to be generated through the platform. It exceeded that target, delivering 30 per cent of revenue from 25 projects through the platform.

Diaceutics continues to invest in the platform’s development. It closed the period with net cash of £23.7 million.

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"I am pleased to report a positive trading performance in the first half of the year, demonstrating the growing momentum in the business following the successful launch of the DXRX platform last year," said Peter Keeling, chief executive and founder of Diaceutics.

“We are seeing clear evidence of its value to stakeholders within the pharma industry and to Diaceutics, providing us with the ability to scale our offering in line with the increased growth in the precision medicine industry.

“We remain confident that we are on the path towards becoming a strategically embedded platform provider to the pharma industry.”

The group’s interim results for the six months are due to be published in September.