Diaceutics, the Belfast based data analytics company that specialises in the area of healthcare and medicine, has raised a further £4 million in financing from Silicon Valley Bank.
The company floated on the Alternative Investment Market of the London Stock Exchange in March of last year.
It will direct the funding towards providing additional working capital over the next three years as the company continues its expansion.
The funds will also be invested in accelerating product development, including the company's diagnostic network for precision medicine, which is due to be rolled out in the coming months.
The Diagnostic Network, or DXRX, is described as the world's biggest diagnostic data repository with more than 2,500 labs working together to enable practitioners to collaborate and source precision medicine for patients.
Precision medicine is an emerging area of disease treatment and prevention that takes into account variability in genetics, the environment and lifestyle for each individual.
It is understood to be particularly effective in the treatment of certain types of cancer.
This is the second round of financing agreed between Diaceutics and SVB. £2.5m was raised to support working capital needs in 2018 and 2019.
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Diaceutics, which has offices in Ireland, the US, the UK and Singapore, now services 36 of the world's biggest pharmaceutical companies.
It recently signed a deal - worth in excess of €1m - with a major pharmaceutical company to develop a solution for the US market to improve testing using its DXRX platform.
The company reported a 30% increase in full year revenue for 2019 to £13.4m. In a trading update for the first half of 2020, the company reported sales up by a fifth to £5.3m.
"We are delighted to secure this funding from SVB which will help to streamline the launch of precision medicine drugs by ensuring that laboratories are ready to accurately and efficiently test for each new drug on the day that it is launched," Philip White, Chief Financial Officer of Diaceutics, said.
"Our research shows that currently half of patients are missing out on precision medicine drugs due to inefficiencies in the testing ecosystem," he said.
"In addition, the average precision medicine drug is launched four and a half years before its companion diagnostic test is readily available to the eligible patient population. We are actively working to reduce this lag time," he added.
