Diaceutics secures $1m subscription contract with 'leading life sciences company'

Diagnostic commercialisation company Diaceutics said on Tuesday that it had secured a $1.0m contract with a "leading life sciences company" to provide data feed from its DXRX platform.

Diaceutics said the five-year subscription contract with the unnamed company, in which the firm was eligible for milestone payments in years one and three, demonstrated the demand for customised real-world data to support sales and marketing initiatives and the applicability of its offering to businesses outside of its core pharma customer base, while also supporting its move towards enhanced subscription-based revenues.

The AIM-listed group will deliver real-world data and insights on the demand for biomarkers customised to the client's needs across a number of diseases, with the information helping the mystery customer to identify important biomarker adoption trends and gaps which can support the commercialisation of new and existing diagnostics.

Chief executive and founder Peter Keeling said: "This multi-year deal demonstrates the confidence which one of the acknowledged global leaders in diagnostics has in the quality of our Deductive Diagnostic Pathways, and the strength of the DXRX platform.

"This agreement represents another step towards our recurring, high margin and scalable multi-year subscription revenue targets and reinforces our belief in the opportunity for the DXRX platform, to serve multiple stakeholders across healthcare industry unlock the promise of Precision Medicine."

As of 0945 GMT, Diaceutics shares were up 3.35% at 104.90p.