Diaceutics announces £1m investment in expansion and enhancement of its global data lake
Diaceutics PLC, the diagnostics data analytics and implementation services company with bases in Dundalk and Belfast, has announced that it has invested £1 million in the expansion and enhancement of its global data lake through the acquisition of 16 million additional patient records per annum.
Utilising Diaceutics’ proprietary software, this anonymised patient data is being acquired through new partnerships with a number of key commercial reference laboratories, academic institutions, payers and data providers from the US, Asia, UK and Europe.
The investment enables regular data transfers from laboratory partners in multiple markets that will ultimately improve Diaceutics’ service to its Pharma clients, through a greater ability to track real-time changes to patient testing at the disease level. This investment also broadens Diaceutics’ geographic scope and provides new insight into these testing markets.
Precision medicine drugs are tailored to patients expressing specific molecular or genetic biomarkers, which are identified with a diagnostic test. Diaceutics’ expansive data lake pinpoints information such as where these tests are taking place, which physician or consultant has ordered them, the frequency and turnaround times of those tests and how accurate the results are. Leveraging sophisticated data analytics capabilities, Diaceutics transforms this granular, data-rich information into real world insights to help pharmaceutical companies increase the uptake of their precision medicine drugs and therefore improve patient outcomes.
Ryan Keeling, Chief Innovation Officer, Diaceutics, said: “Precision medicine is revolutionising patient healthcare. However, its impact is held back by the fragmented patient testing landscape at a patient and disease level – burdened by ineffective testing, slow turnaround times and inconsistent uptake. This additional investment advances our ability to provide timely and actionable insights about the testing landscape to our clients in all key geographic markets.
“We are expanding our global data lake to further increase the granularity, frequency and concentration of data, which is vital for pharmaceutical companies looking to make strategic and tactical decisions relating to the rollout of their precision therapies. We are transforming an industry model by helping pharma companies interpret this mass of data, translate it into seamless testing globally and ultimately drive better patient outcomes through better access to these often life-changing medicines.”
In March, Diaceutics announced its initial public offering (IPO) on the AIM market of the London Stock Exchange. The company committed to dedicating £5.5M of the net proceeds towards the acquisition of additional data sets to enhance its proprietary data lake. As part of this, Diaceutics will add new data and implement activities to further develop AI analytics capabilities. The announcement today is the first phase of this £5.5m investment.