New lease agreement and related party transaction

RNS Number : 8651T

Diaceutics PLC

30 March 2021

 

30 March 2021

Diaceutics PLC

("Diaceutics" or "the Company")

New lease agreement and related party transaction

Diaceutics PLC , ( AIM: DXRX), the diagnostic commercialisation company for precision testing announces that it is moving its head office to the Dataworks at Kings Hall Life Sciences Park in Belfast, in order to expand the Company's operations and reach.

The new larger site will provide the increased capacity required to support Diaceutics' operational footprint and assist in advancing the corporate strategy of creating a precision medicine hub in Northern Ireland. The creation of a scientific hub with a precision medicine focus in line with government policy has been key in the Company's decision, and the Life Sciences Park will bring together a convergence of companies from drug development to health technology. The move will enable Diaceutics to leverage the talent from the leading universities in the region to create a diverse group with a core focus on the latest science, data and technology.

Peter Keeling, CEO of Diaceutics commented: "These new premises in this exciting and dynamic area mark a new stage of growth for our business. Based in South Belfast, Dataworks at Kings Hall Life Sciences Park is well placed for us to work alongside two of the UK's leading universities and innovative medical research facilities. In this way we are using the strength in our location, to further support our  goal to improve patient testing and health globally, and we continue to build on this through our DXRX platform."

Related Party Transactions

The Company has signed an agreement to lease a 10,000 square foot Grade A building for a ten year period called the "Dataworks" at Kings Hall Life Sciences Park, with an annual rent of £195,000 per annum. The ownership of the lease lies within the landlord company, O Connor McCann Limited ("OCMCL"). Peter Keeling is a director of OCMCL, his wife and two children have a 13% interest in OCMCL in aggregate, and Ryan Keeling, Chief Innovation Officer of the Company holds a 2.5% interest in OCMCL.

The entering into the lease with OCMCL comprises a related party transaction pursuant to AIM Rule 13 . With the exception of Ryan and Peter Keeling as related parties to the transaction, the Company's independent directors consider, having consulted with its nominated adviser, that the terms of the transaction are fair and reasonable insofar as its shareholders are concerned.

Change of Registered Office

With effect from 1 July 2021, the registered office of Diaceutics PLC will be:

Diaceutics PLC

First Floor

Building two

Dataworks at Kings Hall Life Sciences Park

Belfast

Co Antrim

BT9 6GW

Enquiries:

Diaceutics PLC
Philip White, Chief Financial Officer		Via Walbrook PR
Cenkos Securities plc (Nomad & Broker)		Tel: [phone]
Callum Davidson / Giles Balleny
Michael Johnson (Sales)
Walbrook PR	Tel: [phone] or [e-mail]
Anna Dunphy			Tel: [phone]
Paul McManus			Tel: [phone]

About Diaceutics

At Diaceutics we believe that every patient should get the precision medicine they deserve. We are a data analytics and end-to-end services provider enabled by DXRX - our Proprietary Diagnostic Network solution for the development and commercialisation of precision medicine diagnostics. The Company, listed on the AIM Market of the London Stock Exchange, has created commercially useful data sets for every precision medicine that has come to market. We have built the world's largest repository of diagnostic testing data with a growing network of 2,500 laboratories in 51 countries.  www.diaceutics.com

About DXRX - The Diagnostic Network®

DXRX is Diaceutics' proprietary diagnostic network for precision medicine. DXRX is an end-to-end solution for the development and commercialisation of Precision Medicine diagnostics. The platform enables a vibrant marketplace where all stakeholders in Precision Medicine come to find trusted partners and collaborations in a secure, standardised way. DXRX provides access to a pipeline of global diagnostic testing data on one secure platform.

 

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