Diagnostic data analytics firm Diaceutics has raised a further £4m financing from Silicon Valley to support its international expansion and accelerated product development.
The Belfast-based business received the funding from Silicon Valley Bank’s UK Branch (SVB) and will use the money over the next three years to provide additional working capital with the added development of its DXRX platform – the world’s first diagnostic network for precision medicine.
The medtech said DXRX will offer an end-to-end solution for the development and commercialisation of precision medicine diagnostic testing and enable it to meet the increased market demand being created by 1,000 new precision medicines currently in pharmaceutical company pipelines.
Underpinned by Diaceutics′ database of more than 227m patient records, the platform will enable an industry-wide collaboration between pharmaceutical companies, laboratories and diagnostic companies, with the aim of ensuring "every eligible patient gets the treatment they need, when they need it."
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Diaceutics was admitted to the Alternative Investment Market of the London Stock Exchange (AIM) in March 2019, and since then its annual results have seen a 30% increase in revenues to £13.4m, as well as gross profit growth of 52% to £1.3m.
The firm also signed a new initial contract value of $1.27m earlier this month, with a global pharma company that remains unnamed.
Philip White, chief financial officer at Diaceutics said: “Our research shows that currently half of patients are missing out on precision medicine drugs due to inefficiencies in the testing ecosystem. In addition, the average precision medicine drug is launched 4.5 years before its companion diagnostic test is readily available to the eligible patient population.
“We are actively working to reduce this lag time, driving testing standardisation through our services, enabled by our DXRX platform. The DXRX network, in which more than £20m has already been invested, has the potential to completely transform the way key precision medicine stakeholders collaborate and to solve the problems facing the global precision testing ecosystem.
“We are delighted to secure this funding from SVB which will help to streamline the launch of precision medicine drugs by ensuring that laboratories are ready to accurately and efficiently test for each new drug on the day that it is launched. SVB has always been hugely supportive of our vision to make this a reality and help patients to benefit from better testing and better treatment. We look forward to seeing what the next three years hold, with their backing.”
The new funding from SVB marks an increase from the last term agreed between the parties, when £2.5m was raised to support Diaceutics’ working capital needs during 2018-19.
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