Diaceutics wins ‘IPO of the Year’ award

Belfast and Dundalk medtech firm recognised for its success since it listed on London Stock Exchange AIM market last year.

Irish medtech and diagnostics player Diaceutics has won the award for IPO (initial public offering) of the Year at this year’s Small Cap Awards.

The awards, which were virtually hosted via Zoom at the end of June, celebrate the finest in the sub-£200m market cap quoted company sector and recognise the success of the organisations that work within the AIM and NEX exchange communities.

“The IPO has enabled us to grow, invest in our company and platform and increase our market share”

Since its listing on the AIM (Alternative Investment Market) of the London Stock Exchange in March 2019, Diaceutics has gone from strength to strength.

Earlier this year, in its 2019 annual results, the company reported a 30pc rise in revenues to £13.4m, as well as gross profit growth of 52pc to £1.3m.

And in June this year, Diaceutics announced that it had raised €22.9m (£20.5m) in a share placing as it prepares for an increased demand for commercial diagnostic services.

Revolutionising precision medicine

Key to this future growth will be the Q4 2020 launch of Diaceutics′ DXRX platform – which it claims is the world’s first diagnostic network for precision medicine.

The network will enable the industry-wide collaboration required to unlock the power of precision medicines and ensure every eligible patient gets the treatment they need, when they need it.

Following its IPO of the Year achievement, Diaceutics received a nomination in the International Star category in the European Small and Mid-Cap Awards which are due to take place in November 2020. A joint initiative by Europeanissuers, the Federation of European Securities Exchanges (FESE) and the European Commission, these awards showcase SMEs that recently went through an IPO.

“We are absolutely delighted, not only with the award and nomination, but also the progress we have made over the last 18 months,” Peter Keeling, Diaceutics founder and CEO explained.

“The IPO has enabled us to grow, invest in our company and platform and increase our market share. Now we must build on this and further penetrate the precision testing market, and that’s where DXRX comes in. We are very excited to roll this platform out and witness the impact it has for patients across the globe.”

Pictured: Diaceutics CEO Peter Keeling

Written by John Kennedy (john.kennedy3@boi.com)

Published: 14 July, 2020