Diaceutics acquires 16m new patient records

Diaceutics, a Belfast-headquartered diagnostics data analytics company, said on Monday that it had acquired 16 million new patient records as part of a £5.5 million (€6.15m) investment aimed at expanding its global data lake.

The company said it had just invested £1 million in the expansion and enhancement of its global data lake through the acquisition of 16 million additional patient records per annum. This anonymised patient data is being acquired through new partnerships with a number of key commercial reference laboratories, academic institutions, payers and data providers from the US, Asia, UK and Europe.

Ryan Keeling, chief innovation officer with Diaceutics, said the investment would advance its ability to provide timely and actionable insights about the testing landscape to its clients.

“We are expanding our global data lake to further increase the granularity, frequency and concentration of data, which is vital for pharmaceutical companies looking to make strategic and tactical decisions relating to the roll-out of their precision therapies.

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“We are transforming an industry model by helping pharma companies interpret this mass of data, translate it into seamless testing globally and ultimately drive better patient outcomes through better access to these often life-changing medicines.”

In March, Diaceutics raised £17 million when it floated on the AIM market of the London Stock Exchange, indicating that it would spend £5.5 million of the net proceeds on the acquisition of additional data sets to enhance its proprietary data lake. Monday's announcement is the first phase of this investment.

Broker Cenkos said Diaceutics’ decision to using the IPO proceeds to broaden the data lake and increase processing efficiencies should enhance the company’s financial returns and accelerate business performance. It is forecasting revenue growth in excess of 20 per cent this year.