Diaceutics PLC Trading update (3170S)
July 08 2020 - 1:00AM
UK Regulatory
TIDMDXRX
RNS Number : 3170S
Diaceutics PLC
08 July 2020
Diaceutics PLC
("Diaceutics" or the "Group" or the "Company")
Trading update for the six months ended 30 June 2020
Positive start to the financial year
Diaceutics PLC (AIM: DXRX), the diagnostic commercialisation
company, announces a trading update for the six months ended 30
June 2020.
The Group has built on a good start to the financial year and
trading in the first half is in line with the Board's expectations.
Sales for the first half increased by 20 per cent. to GBP5.3
million(1) (H1 2019: GBP4.4 million), reflecting the historical
second half weighting of sales within the business. Net cash at 30
June 2020 was GBP29.8 million(1) .
The Group is seeing sustained demand from its blue-chip client
base, with steady repeat business. It continues to operate highly
efficiently with current and pipeline projects largely
uninterrupted by the COVID-19 pandemic.
Highlights
-- The Company raised GBP20.5 million (before expenses) with new
and existing institutional investors. The funds will strengthen its
balance sheet in readiness for new growth opportunities
-- Development of 'DXRX - The Diagnostic Network(TM)' ("DXRX"),
the world's first Diagnostic Network for precision medicine,
remains on track. Onboarding of laboratory and diagnostic partners
to the platform has commenced, with initial partners already
recruited and pharmaceutical clients gaining access in Q4 2020
-- During the period, research powered by DXRX was published in
five studies at this year's ASCO conference. The data from these
studies demonstrated the need for improvement in precision medicine
testing for multiple cancers
Commenting on today's update, Peter Keeling, Diaceutics' Chief
Executive, commented:
"We are on a mission to standardise global testing for precision
medicine through diagnostic commercialisation. The impact of
COVID-19 has exposed the fragility in the current precision
medicine diagnostic ecosystem and highlighted the urgent need for a
digital platform like DXRX. I am delighted with the progress that
we have made with the platform, which remains on track for launch
with our pharmaceutical clients in Q4 2020. I would also like to
thank our supportive shareholders for their part in a successful
fund raise which will place Diaceutics in a very strong position to
capture new growth opportunities."
The Group's interim results for the six months ending 30 June
2020 are expected to be announced on 7 September 2020.
This announcement contains inside information for the purposes
of Article 7 of Regulation (EU) 596/2014.
(1) Sales and Net Cash figures are unaudited
Enquiries:
Diaceutics PLC
Stuart Hunt, Head of Investor Relations Tel: +44 (0)7815 778
536
Cenkos Securities PLC (Nomad & Broker) Tel: +44(0)20 7397
8900
Callum Davidson / Giles Balleny
Michael Johnson (Sales)
Walbrook PR Tel: +44 (0)20 7933 8780 or diaceutics@walbrookpr.com
Anna Dunphy Tel: +44 (0)7876 741
001
Paul McManus Tel: +44 (0)7980 541
893
About Diaceutics
At Diaceutics we believe that every patient should get the
precision medicine they deserve. We are a data analytics and
end-to-end services provider enabled by DXRX - the world's first
Diagnostic Network solution for the development and
commercialisation of precision medicine diagnostics. The Company,
listed on the AIM Market of the London Stock Exchange, has created
commercially useful data sets for every precision medicine that has
come to market. We have built the world's largest repository of
diagnostic testing data with a growing network of 2500 labs in 51
countries. www.diaceutics.com
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END
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