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Diaceutics creates €26m platform for medical data


Global needs: Diaceutics chief innovation officer Ryan Keeling

Global needs: Diaceutics chief innovation officer Ryan Keeling

Global needs: Diaceutics chief innovation officer Ryan Keeling

Data analytics firm Diaceutics has launched its new platform for connecting drug makers with testing labs worldwide.

Belfast-based Diaceutics has spent €26m and several years developing DXRX, industry shorthand for "diagnostics and therapy". The diagnostics data platform is designed to connect 35 pharmaceutical firms, with more than 2,500 drug-testing labs worldwide and allow their anonymised patient data to be shared across one platform for the first time.

Diaceutics' main business goal is to speed the commercial take-up of "precision medicines" on behalf of their pharma clients. These regulator-approved drugs and therapies require a testing lab's approval before that medicine can be prescribed to a particular patient.

Once a fringe medical concept, "precision medicines" represent nearly 40pc of all treatments approved by the US Food and Drug Administration last year. They are particularly common for cancer patients.

Diaceutics' chief innovation officer Ryan Keeling said their ever-growing database on patient tests - at 227 million and growing daily - would become visible to all pharma, lab and diagnostic partners via DXRX, allowing them to identify prescription opportunities months or years more quickly.

"The era of a therapy being launched with a single companion diagnostic option is behind us," Mr Keeling said.

"We need to consider the global needs of our patients and the regional restrictions commonly faced. This calls for pharma to think beyond a 'one size fits all' approach to testing and embrace the democratisation of testing."

He said Diaceutics was "working on every precision medicine currently on market".

Diaceutics floated on the London AIM index last year. The firm's full-year results for 2019, published on March 16, showed that revenues rose year on year by 30pc to £13.4m (€14.7m). Gross profit rose by 52pc to £1.3m.

Its shares have risen by 33pc since those results, closing on Friday at 142.5 pence (€1.59).

The firm employs 128 people in 19 nations, including 20 in Dundalk, Co Louth.

Irish Independent