Belfast-based data analytics company Diaceutics has raised £20.5 million (€22.9 million) in a share placing as the company prepares for growth in demand for commercial diagnostic services.
The company, which also has a facility in Dundalk, said it placed 14,137,931 new ordinary shares at a price of 145p per share to existing and new investors, with the placing done over two tranches. One of these will be subject to shareholder approval at the upcoming annual general meeting on June 29th. The placing was oversubscribed, the company said.
Net proceeds are expected to be about £19.3 million, and will be used to strengthen the company’s balance sheet ahead of growth in demand for Diaceutics’ services.
The shares will be admitted to trading on June 16th, with the second tranche of shares due to be admitted on June 30th, if approved by shareholders.
Accelerated move
The Covid-19 pandemic has accelerated the move towards innovative digital solutions and healthcare platforms. Key to Diaceutics’ future growth is its €26 million diagnostic platform, which the company said was still on track to launch in the fourth quarter of the year. DXRX aims to support the use of precision medicines, helping to get precision drugs to more patients who will benefit from them.
"Our clients in the pharmaceutical industry are facing many challenges with their traditional sales and marketing approaches due to the Covid-19 pandemic," said chair of Diaceutics Julie Goonewardene. "In taking this additional funding we not only strengthen our balance sheet but also ensure that we can, if required, dramatically increase resources around the new DXRX platform in response to any additional demand from our clients."
Diaceutics said trading had continued in line with expectations for its financial year, after a good start to the trading period. Despite the ongoing pandemic, its current and pipeline projects have been largely uninterrupted, with staff working remotely prior to the pandemic.
Interim results for the six months ended June 30th 2020 will be announced on September 7th.
