Irish drugs data insights and solutions company Diaceutics has rasied €4.3m in mezzanine financing from two partners – Britain’s WhiteRock Capital Partners and the US-based Silicon Valley Bank.
Diaceutics says the money will be used to support its continued global expansion.
Specifically, Diaceutics said it would use the funding to invest in the data analytics services that it provides to pharmaceutical clients and continue to expand its global laboratory network.
The company also aims to look to grow its internal team of experts to deliver data-driven insights designed to improve diagnostic testing that benefits patients.
A recent analysis of Diaceutics testing data revealed that globally over 150,000 cancer patients are missing out on potentially life-saving therapies due to substandard diagnostic testing.
By investing in expanding their data sources, and continuing to build expertise in oncology and general medicine disease areas, Diaceutics hopes to further enable pharmaceutical clients to more effectively commercialise targeted medications.
The results will deliver enhanced diagnostics and more effective treatment for patients.
Over the last three years, the company has experienced revenue growth of 60% year-on-year.
In 2017, it achieved revenue of $10 million and aims to reach $40 million revenue by the end of 2020.
The organisation currently works with 31 out of the world’s top 35 pharmaceutical companies.
Diaceutics CEO Peter Keeling said the mezzanine financing "allows us to keep pace with our data collection and protection infrastructure while expanding globally.
"Furthermore, we are eager to continue diversifying beyond our expertise in oncology into general medicine areas, and provide our pharmaceutical clients with invaluable insights that help them ensure patients who can benefit from these precision drugs are indeed receiving them."
