Diaceutics plc, a revenue-generating and profitable diagnostics data analytics and implementation services company which services the global pharmaceutical industry, is seeking a listing on the AIM Market of the London Stock Exchange.
The company is expected to have a market capitalization on admission of approximately £53M.
Diaceutics has conditionally raised £17M by way of a placing of 22,368,427 ordinary shares of 76p each through its nominated adviser and broker, Cenkos Securities plc.
It is expected that admission will become effective at 8am on or around 21st March 2019 and shares will trade under the AIM symbol ‘DXRX’.
Founded in 2005 and led by by CEO Peter Keeling and CIO Ryan Keeling, Diaceutics is a diagnostics data analytics company operating globally via offices in Belfast, UK; Dundalk, Ireland; Parsippany, New Jersey; and Singapore.
Diaceutics leverages 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, it has accumulated a global proprietary database of individual laboratories’ capabilities across the industry. Using its expertise and its data set, the company is able to assist pharmaceutical clients to improve the development, and delivery, of diagnostic testing.
In 2018, the company had an average of 65 full-time employees in 17 countries and achieved compound annual revenue growth in sales of over 50% in the past two years.
The net proceeds from the placing, receivable by the company, is expected to be approximately £15.2 million and will be used for the following:
– £5.5 million 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;
– £3 million to develop NEXUS, the Group’s proposed SaaS platform; and
– £2.5 million to develop international markets either organically or through acquisition, and for working capital;
– £3 million to pay down the existing debt facilities and an outstanding Director loan; and
– £1.2 million to strengthen the company’s balance sheet which is expected to support future proposals submitted to pharma clients.
FinSMEs
18/03/2019