Diaceutics PLC Diaceutics Wins New $5.1m Contract

RNS Number : 2855Q

Diaceutics PLC

17 December 2024

 

Diaceutics Wins New $5.1m Contract

 

Second largest contract win in Diaceutics' history

 

A global pharma customer has selected the DXRX platform to deliver laboratory engagement services through Q4 2026

 

Belfast and London, 17 December 2024 - Diaceutics PLC (AIM: DXRX), a leading technology and solutions provider to the pharma and biotech industry, is pleased to announce that it has secured a new contract with a global pharma customer which is expected to be worth up to $5.1 million over 24 months (the "Customer"). The scientific services provided during the contract term will facilitate a global outreach and education program for the Customer via the DXRX platform.

 

Diaceutics believes there are currently limited solutions in the market that enable pharma companies to identify key global laboratories and engage directly with them on complex studies at scale. This contract will see Diaceutics leverage its laboratory network and DXRX platform to engage 50 pathology laboratories across the US and other major pharma markets to support the Customer's recently approved oncology therapy.

 

Diaceutics will utilise the DXRX platform to engage laboratories in order to educate them on the appropriate use of HER2 testing in cancer types that have not previously required HER2 testing, and in doing so, optimise patient identification for these cancer types.

 

Contract & Terms

This new contract represents Diaceutics' second largest contract ever and demonstrates the value and utility the DXRX platform and laboratory network deliver to Diaceutics' pharma customers. This contract extends to Q4 2026, and it's expected to be worth up to $5.1 million in revenue over this initial term. Approximately 10% of the revenue associated with the contract will be recognised in 2024 with the balance flowing through to the 2025/26 order book. There is an expectation that the contract may extend beyond 2026 should the initial term be successful.

 

Ryan Keeling, Chief Executive Officer of Diaceutics, commented: "This is a very significant contract win for Diaceutics and demonstrates that our strategy to increase average spend per brand is succeeding. More importantly, this engagement has the potential to deliver a meaningful impact to patient lives and clinical outcomes with Diaceutics working closely with our customer to bring this new therapy option to patients in need".

 

Enquiries: Diaceutics PLC
Ryan Keeling, Chief Executive Officer   Nick Roberts, Chief Financial Officer	Tel: [phone] [e-mail]
Canaccord Genuity Limited (Nomad & Broker)	Tel: [phone]
Simon Bridges, Andrew Potts, Harry Rees

 

About Diaceutics

At Diaceutics we believe that every patient should get the opportunity to receive the right test and the right therapy to positively impact their disease outcome. We provide the world's leading pharma and biotech companies with an end-to-end commercialisation solution for precision medicines through data analytics, scientific and advisory services enabled by our platform DXRX - The Diagnostics Network®.

This announcement contains inside information for the purposes of Article 7 of Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with the Company's obligations under Article 17 of MAR.

The person responsible for making this announcement on behalf of the Company is Nick Roberts, Chief Financial Officer. 

 

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