Diaceutics wins $5.1m contract with global pharma firm
By Josh White
Date: Tuesday 17 Dec 2024
(Sharecast News) - Diaceutics announced on Tuesday that it has won a $5.1m contract with a global pharmaceutical company to deliver laboratory engagement services through its DXRX platform.
The AIM-traded firm said the deal - the second largest in its history 0 will run through the fourth quarter 2026, and would support the recently-approved oncology therapy of the undisclosed customer.
Under the deal, Diaceutics said it would leverage its DXRX platform and laboratory network to engage 50 pathology laboratories across the US and other key global markets.
The initiative would focus on educating laboratories about the appropriate use of HER2 testing in cancer types that previously did not require such testing, ultimately improving patient identification and treatment optimisation.
Diaceutics said the agreement highlighted the growing demand for solutions that enable pharmaceutical companies to engage with laboratories at scale to support complex testing requirements.
The company said it would recognise about 10% of the contract's revenue in 2024, with the remainder contributing to the 2025-2026 order book.
It said the contract also carried the potential for extension beyond the initial term, depending on its success.
"This is a very significant contract win for Diaceutics and demonstrates that our strategy to increase average spend per brand is succeeding," said chief executive officer Ryan Keeling.
"More importantly, this engagement has the potential to deliver a meaningful impact to patient lives and clinical outcomes with Diaceutics working closely with our customer to bring this new therapy option to patients in need."
At 1259 GMT, shares in Diaceutics were up 2.47% at 122.45p.
Reporting by Josh White for Sharecast.com.
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