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 £5.3 million1 (H1 2019: £4.4 million), reflecting the historical second half weighting of sales within the business. Net cash at 30 June 2020 was £29.8 million1.
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.
· The Company raised £20.5 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™' ("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."