AIM-listed Belfast data analytics firm Diaceutics has raised £20.5 million in a share placing as looks to drive international growth for its commercial diagnostic services.
The former Queen's University spin-out placed 14,137,931 new ordinary shares at a price of 145p a share to existing and new investors, with the placing done over two tranches.
And the placing was heavily oversubscribed, in what the company's chairman Julie Goonewardene said "underpinned the level of support available for our strategy of strengthening the balance sheet and providing the resource for taking advantage of future opportunities not currently visible".
The current coronavirus pandemic has accelerated the move towards innovative digital solutions and healthcare platforms, and key to Diaceutics’ future growth is its diagnostic platform DXRX, which will launch in the fourth quarter.
It aims to support the use of precision medicines, helping to get precision drugs to more patients who will benefit from them.
Ms Goonewardene added: "Our clients in the pharmaceutical industry are facing many challenges with their traditional sales and marketing approaches due to the Covid-19 pandemic.
"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.
"With this platform on track for launch later this year, I am incredibly excited by the opportunities we have to create significant long-term value for all our stakeholders."
As reported previously, Diaceutics has made a good start to its current financial year, with trading in line with expectations (in March it revealed that its revenues have risen by nearly a third from £10.4m to £13.4m).
