Fourth North firm to float on London market
A Belfast-headquartered company which provides data analytics to the pharma industry has unveiled plans to list on the London Stock Exchange with a market capitalisation of £53m (€61).
Diaceutics, which is headquartered in Belfast and has offices in Co Louth, said it has raised £17m through share placements ahead of a proposed listing on the Alternative Investment Market (AIM) on Thursday. Its admission is expected to go live at 8am, when it will be listed as DXRX.
Predicted net proceeds of £15.2m will be put to purposes including developing a new SaaS platform, paying down debt and an existing director loan, and developing international markets.
During 2018, the company had 65 staff across offices in Belfast, Dundalk, the US and Singapore. The firm's products are used for diagnostic tests to help in the use of precision medicines. It works with 20 of the 30 largest global pharmaceutical companies. It said that while the market is worth $0.5bn, it would grow to $2.5bn in 2023.
Precision medicines are drugs tailored to individual patient groups. They are used for the treatment of cancer and diseases like multiple sclerosis and rheumatoid arthritis.
But Diaceutics said the success of precision medicines were reliant on effective and widespread testing.
Diaceutics was founded by Belfast man Peter Keeling in 2005. Mr 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. This announcement will help us in our mission to continue this great work."
CFO Philip White said: "We would like to thank our existing shareholders and our new institutional investors for providing us with the support to take the business to the next stage of its development through our admission to AIM." Diaceutics will join First Derivatives in Newry and Fusion Antibodies, also based in Belfast, on the AIM. Kainos is listed on the main LSE.