Diaceutics plc is set to list on the London Stock Exchange this week in a flotation that values the company at c. £53m.

Diaceutics is involved in diagnostics data analytics and implementation services for the global pharmaceutical industry.

The company said it has conditionally raised £17m by way of a Placing of 22.4 million shares priced at 76p each through its nominated adviser and broker, Cenkos Securities.

It is expected that Admission will become effective on March 21 and shares will trade under the AIM symbol ‘DXRX’.

Diaceutics was founded in 2005 by 2018 EY Entrepreneur of the Year finalist, Peter Keeling (pictured), and has offices in Belfast, Dundalk, New Jersey and Singapore. In 2018, the company had 65 staff, and has achieved compound annual revenue growth in sales of over 50% in the past two years.

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Diaceutics’ niche market is precision medicine drugs tailored to patients expressing specific molecular or genetic biomarkers.

The company has amassed a set of data from more than 2,500 laboratories including 3.5m longitudinal patient records, insurance claims data for 50m patients and 58m testing event data points from 35 countries.

As part of this data collection, Diaceutics it has accumulated a global proprietary database of individual laboratories’ capabilities across the industry.

CIO Ryan Keeling commented: “We look forward to leveraging that data with our pharmaceutical clients to optimise patient access to diagnostic testing and are excited about the prospects of bringing on new data sets in new international markets.”

The company stated that net proceeds from the Placing of c. £15.2m and will be used as follows:

• £5.5m for the acquisition of additional data sets to enhance its current coverage as well as adding new disease data, and implementing a partnership to develop AI analysis;

• £3m to develop NEXUS, the Group’s proposed SaaS platform

• £2.5m to develop international markets either organically or through acquisition, and for working capital;

• £3m to pay down the existing debt facilities and an outstanding director loan

• £1.2m to strengthen the company’s balance sheet.

CEO Peter Keeling said Diaceutics was founded out of a desire to get more patients access to improved healthcare. “We are giving patients a higher likelihood of getting better by supporting access to the right test to determine the right treatment at the right time,” he added.