AIM-listed Belfast data analytics firm Diaceutics has invested £23 million to launch the world’s first diagnostic network for precision medicine, which will enable it to scale up its business to meet fast growing demand in global markets.
Its platform, which will be launched in the fourth quarter of this year, is called ‘DXRX - The Diagnostic Network’ (DXRX is industry shorthand for diagnostics and therapy).
DXRX addresses problems in the testing ecosystem which has resulted in most precision medicines reaching only 50 per cent of eligible patients in oncology.
The company says the new platform enables it to meet the need for a global standardised diagnostic process by offering an end-to-end solution for the development and commercialisation of precision medicine diagnostic testing.
It will also significantly enhance Diaceutics’ service offering and enable it to meet the increased market demand being created by 1,000 new precision medicines currently in pharmaceutical company pipelines.
Diaceutics - which in March revealed that its revenues have risen by nearly a third from £10.4m to £13.4m, has spent the last 10 years building relationships with more than 2,500 laboratories worldwide.
The company's chief innovation officer Ryan Keeling said: “Given the richness of the data we have, Diaceutics has been uniquely positioned to identify that, as an industry, we have been getting it wrong when it comes to patient testing for precision medicines.
“Our evidence, our partners and our experience tell us that there is a better way and that the time for that better way is now.
“We believe DXRX is the model that can deliver significantly more value for all stakeholders, and most importantly, a model which enables every patient to get the treatment they deserve.”
He added: “The era of a therapy being launched with a single companion diagnostic option is behind us. 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.
“Our experience of working on every precision medicine currently on market puts Diaceutics in a unique position to advance a significantly better industry model and deliver significant new value for all stakeholders in precision medicine.”
