Dundalk’s Diaceutics raises €4.3m to help win global war on cancer

5 Apr 2018

From left: Andrew Gowdy, WhiteRock Capital Partners; Peter Keeling, Diaceutics; and Clive Lennox, Silicon Valley Bank. Image: Darren Kidd/Press Eye

Diaceutics is targeting revenues of $40m by 2020 as it grows its global testing footprint with help from funding boost.

Medtech start-up Diaceutics, which focuses on diagnostic testing, has raised €4.3m in financing from WhiteRock Capital Partners and Silicon Valley Bank.

Diaceutics will use the funding to invest in the data analytics services that it provides to pharmaceutical clients, and continue to expand its global laboratory network. The company will also look to grow the internal team of experts to deliver data-driven insights designed to improve diagnostic testing that benefits patients.

‘Our aim is to work with innovators who are solving real-world problems, and Diaceutics certainly delivers those solutions’

A recent analysis of Diaceutics testing data revealed that, globally, more than 150,000 cancer patients are missing out on potentially life-saving therapies due to substandard diagnostic testing.

Broadening the scope

“We need to continually broaden our global data capabilities and insights. This mezzanine financing allows us to keep pace with our data collection and protection infrastructure while expanding globally,” said Diaceutics CEO Peter Keeling.

“Furthermore, we are eager to continue diversifying beyond our expertise in oncology into general medicine areas, and provide our pharmaceutical clients with invaluable insights that help them ensure patients who can benefit from these precision drugs are indeed receiving them.”

Over the last three years, Diaceutics has experienced revenue growth of 60pc year on year. In 2017, it achieved revenues of $10m and aims to reach $40m by the end of 2020.

“Diaceutics is paving the way when it comes to precision medicine, transforming how patients are diagnosed and treated,” explained Andrew Gowdy, senior portfolio manager at WhiteRock Capital Partners.

“Partnering with a company that is revolutionising healthcare and expanding at an incredible rate is very exciting.”

Each year, Diaceutics’ technology helps 48,000 cancer patients in the US and EU get biomarker testing and therefore potentially gain access to the right drug for their specific condition.

The Irish diagnostics and data company works with 26 out of the world’s top 30 pharmaceutical companies and provides oversight of testing in 23 markets. It forecasts that the precision medicine market in which it operates will grow from €1.4bn today to €4bn by 2020.

Diaceutics has been involved in more than 200 drug launches and currently has a 60pc share in the top 10 global markets.

“Our aim is to work with innovators who are solving real-world problems, and Diaceutics certainly delivers those solutions,” explained Clive Lennox, director of Irish business development at Silicon Valley Bank.

“We’re committed to supporting the burgeoning Irish technology market and we are thrilled to be involved with such a dynamic organisation, as it takes the next step in its journey and expands out into a wider range of markets.”

John Kennedy is a journalist who served as editor of Silicon Republic for 17 years