Admission to AIM & First Day of Dealings

RNS Number : 4937T

Diaceutics PLC

21 March 2019

 

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES OF AMERICA, CANADA, AUSTRALIA, THE REPUBLIC OF SOUTH AFRICA OR JAPAN OR ANY OTHER JURISDICTION IN WHICH PUBLICATION, RELEASE OR DISTRIBUTION WOULD BE UNLAWFUL.

Diaceutics PLC

("Diaceutics" or the "Company")

Admission to trading on AIM and First Day of Dealings

Diaceutics PLC, a data analytics and implementation services company which services the global pharmaceutical industry, announces the admission of its entire issued ordinary share capital, which comprises 69,583,077 ordinary shares ("Ordinary Shares") to trading on the AIM market of the London Stock Exchange  ("Admission") today, 21 March 2019. Dealings in the Ordinary Shares will commence at 8:00 a.m. under the ticker "DXRX" and ISIN GB00BJQTGV64.

The Company's Admission Document is available from www.diaceutics.com 

The Company has successfully raised £17 million gross (before expenses) through a placing of 22,368,427 new Ordinary Shares through its nominated adviser and broker, Cenkos Securities plc. In addition, 4,934,205 existing Ordinary Shares have been placed on behalf of existing shareholders.

Transaction highlights

·     £17 million raised by the conditional placing of 22,368,427 new Ordinary Shares at a placing price of 76p

·     The new Ordinary Shares represent 32.15 per cent. of the enlarged share capital on Admission

·     Enlarged share capital on Admission of 69,583,077 Ordinary Shares

·     £52.9 million market capitalisation on Admission at the placing price

·     Cenkos Securities plc is Nominated Adviser and Broker

Peter Keeling, CEO of Diaceutics PLC, said: "We are very pleased with the level of interest generated from new institutional investors in support of our admission to trading on AIM. The move to AIM and the additional funding will allow us to continue our growth trajectory by developing our product and services offering which is focused on better testing and better treatment in the global pharmaceutical industry. The name Diaceutics reflects our activities at the intersection between diagnostics and pharmaceuticals, as does the ticker we chose, DXRX which uses DX, the industry short hand for a diagnostic and RX, the one for a prescription drug. We would like to thank our new and existing investors for their support, and the whole Diaceutics team for coming with us on this exciting journey."

Enquiries:

Diaceutics PLC	www.diaceutics.com
Peter Keeling, Chief Executive Officer	Via Walbrook PR
Philip White, Chief Financial Officer
Cenkos Securities Ltd (Nominated adviser and broker)			[phone]
Callum Davidson / Giles Balleny
Michael Johnson (Sales)
Walbrook PR	Tel: [phone] or [e-mail]
Anna Dunphy		Mob: [phone]
Paul McManus		Mob: [phone]

About Diaceutics

Diaceutics has established a suite of data-driven products and implementation services powered by the data held in its proprietary database. Its products and services are focused on optimising its clients' strategies for the development and launch of precision medicines and specifically, the diagnostic testing required to guide selection of such medicines. The Company currently provides services to 20 of the 30 largest global pharmaceutical companies.

Since its inception in 2005, Diaceutics has focused on the diagnostic testing market, collating large amounts of laboratory, patient (on an anonymised and aggregated basis), claims and payor data which it uses to deliver diagnostic testing strategies to its clients. The Group has amassed a set of data from over 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 proprietary database of laboratory capabilities across the industry.

About Precision Medicines

Precision medicines (or therapies) are a class of drug tailored to individual patient groups dependent on molecular or genetic factors of the individual. Today, they are used for treatment in oncology as well as other disease areas such as multiple sclerosis and rheumatoid arthritis. The increasing use of precision medicines results from the fact that some drugs have demonstrated significant positive clinical results in some patients but have been shown to be less effective or less safe across the entire patient population.

Given the specific nature of precision therapeutics, the successful roll-out of these medicines by a pharmaceutical company is increasingly reliant on having effective and wide-spread testing available for doctors and patients from launch.

Diaceutics' products and services

Diaceutics' products and services are predominantly focused on precision testing being tests carried out in laboratories which are used alongside a precision medicine to identify which patients will benefit most from that drug. From the pharmaceutical company's perspective, it is essential that from launch, it has optimised the practical process for testing of potential patients by labs to ensure the highest levels of drug sales from the outset. Failure to have effective testing can significantly reduce the adoption of the relevant drug. Despite the increasing importance of effective diagnostic testing, the testing market itself is currently highly fragmented and the pharmaceutical industry has varied insight into it. The Directors believe that the addressable market for their specific services today is approximately US$0.5 billion. With expected market growth in the number of test dependent therapies alongside increased investment by pharma to remove testing hurdles to seamless treatment, Diaceutics forecast the overall market will increase to US$2.5 billion by 2023.

The Group's services are split into the following four discrete, sequential modules:

·     Landscape - initial views on the testing environment for pharmaceutical companies that often have little insight into the actual data required to make decisions in advance of a launch.

·     Planning - advising on steps to ensure rapid and effective test adoption, including advice on how tests should be developed, who they should be developed with and how should they be optimally communicated to physicians and patients.

·     Implementation - identifying and solving issues with leading laboratories relating to the adoption and efficacy of testing.

·     Tracking - ongoing post launch analysis to understand how testing is promoting or restricting access to precision therapy.

The Directors believe that these services benefit pharma clients with improved return on investment, reduced time to peak market penetration and greater revenue potential in relation to their precision therapeutic development programmes. The Group's products also improve testing outcomes for patients, enabling better access to the right drug at the right time. During 2018, the Group, which is headquartered in Belfast, Northern Ireland and has offices in Dundalk, Co. Louth, New Jersey in the US and in Singapore, had an average of 65 full time employees in 17 different countries. The Group has achieved compound annual revenue growth in sales of over 50 per cent in the past two years.

 

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