Good start to 2020 gives Diaceutics sales boost

Company plans to launch DXRX diagnostic platform in fourth quarter

Photograph: iStock

Photograph: iStock

 

Belfast-based data analytics company Diaceutics said trading was in line with expectations in the first half of 2020, building on a good start to the financial year.

In a trading update for the six months to June 30th 2020, the company said sales were up 20 per cent to £5.3 million (€5.9 million), with net cash at £29.8 million.

Its client base was showing sustained demand and steady repeat business, Diaceutics said, with its pipeline projects largely uninterrupted by the Covid-19 pandemic.

The company raised £20.5 million (€22.9 million) in a share placing last month as it prepares for growth in demand for commercial diagnostic services. It also remains on track for the launch in the fourth quarter of the year for its €26 million diagnostic platform, DXRX. The platform aims to support the use of precision medicines, helping to get precision drugs to more patients who will benefit from them.

“We are on a mission to standardise global testing for precision medicine through diagnostic commercialisation. The impact of COVID-19 has exposed the fragility in the current precision medicine diagnostic ecosystem and highlighted the urgent need for a digital platform like DXRX,” said Peter Keeling, Diaceutics’ chief executive. “I am delighted with the progress that we have made with the platform, which remains on track for launch with our pharmaceutical clients in Q4 2020.”

Interim results for the six months ending June 30th 2020 are expected to be announced on September 7th.