Diaceutics Floats on the London Stock Exchange
Diaceutics, which has offices in Belfast and Dundalk, has floated on the AIM market of the London Stock Exchange with a market capitalisation of £52.9 million. Founded by EY Entrepreneur of the Year 2018 finalist Peter Keeling, Diaceutics helps pharmaceutical companies reach more patients that need to be on better, targeted and potentially life-saving drugs. In doing so, it has amassed a set of data from over 2,500 laboratories including 3.5 million longitudinal patient records, insurance claims data for 50 million patients and 58 million testing event data points from 35 countries. Diaceutics expects the addressable market for its specific services to reach $2.5 billion by 2023.
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.
Peter Keeling (pictured), 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.”
Diaceutics is the fourth Northern Irish company currently listed on the London Stock Exchange.
