Diaceutics (DXRX,) a technology and solutions provider to the pharmaceutical industry, has been awarded a three-year enterprise contract with a top-10 US-based global pharmaceutical firm, solidifying Diaceutics’ position as a leading partner in the precision medicine market.
The contract is projected to generate an initial revenue of US$10.1 million over the span of three years. Moreover, the agreement encompasses additional options that, if exercised, would substantially amplify both the scale and value of the contract within the specified timeframe. Anticipated revenue recognition is set to occur on a monthly basis, with an even distribution throughout the contract's duration, commencing immediately.
The three-year enterprise contract will see Diaceutics deliver a wide range of subscription data services via its DXRX platform. These services will accelerate commercialisation of the customer's therapeutic treatments, covering multiple indications and oncology disease areas, increasing eligible patient uptake, and enhancing the organisations' return on R&D investment.
This enterprise contract highlights the scale of the opportunity available to Diaceutics as it continues to rapidly expand in the growing precision medicine market.
Ryan Keeling, Chief Innovation Officer of Diaceutics, said: "This multi-year enterprise-level engagement serves to validate our strategy of acceleration as the investments made in our platform technology, data and products enable us to fully capitalise on the growing market opportunity. This is a significant step forward towards our core mission of getting every eligible patient the right test and the right therapy to positively impact their disease outcome.”
View from Vox
The news today serves as concrete evidence of Diaceutics' standing as a leading strategic partner to support the industry in bridging the gap between technology and pharmaceuticals. Diaceutics’ growth prospects are huge, given the growth in the precision medicine market, with major pharma companies such as AstraZeneca confirming that approximately 90 percent of it’s clinical development pipeline is currently driven by precision therapeutics.
Diaceutics’ proprietary platform, DXRX, is designed specifically for precision medicine and integrates diagnostic testing data from a global network of labs. The company is improving patient outcomes by helping patients receive the right test and right therapy.
The company has continued to gather tradingmomentum in 2023, following a strong performance in 2022, with revenues rising 40% in the period. In January 2023, the company announced announcing two enterprise-level, multi-disease data engagements, with two top 10 global pharmaceutical companies. Combined, the contracts will deliver a cumulative value of US$7 million over a two year period.
The benefits that Diaceutics' platform offers to its clients explains the attention and contract wins from top pharma companies, with improved return on investment, reduced time to peak market penetration and greater revenue potential. Given the immense benefits to clients and rapid expansion of the precision medicine market, Diaceutics is poised for continued growth, and is another great example of a UK company leading the charge creating the lucrative 'picks and shovels' that support drug development.
Follow Diaceutics for more News and Updates: