Diaceutics secures $2m multi-year contract with global pharma company

Diagnostic commercialisation company Diaceutics has secured a multi-year contract win with an unnamed "top five" global pharmaceutical company to deliver customised data insights via its DXRX platform.

Diaceutics said on Monday that the three-year enterprise deal, valued at more than $2.0m in aggregate, was "a notable upsell win" for the group, which has been working with the client since 2014.

The AIM-listed group also said the contract supports its move towards enhanced multi-year recurring revenues, a key strategy for the company going forward.

Under the terms of the new agreement, Diaceutics will provide comprehensive mapping and analysis of US physicians and labs who perform testing for non-small cell lung cancer.

Chief commercial officer Jordan Clark said: "This win is testament to the value of our DXRX platform, proving that our platform continues to gain traction within the marketplace, elevating our profile and putting us in a prime position to continue to win large, long-term contracts.

"As the treatment of cancer has become progressively more biomarker-driven, and with the rapid emergence of effective matched targeted therapies, pharma companies are making attempts to define best practices for which tests are necessary and in what target population. The DXRX intelligence will be a vital tool in enabling our customer to achieve this and optimising their sales territories."

As of 1030 BST, Diaceutics shares were up 3.69% at 106.80p.

Reporting by Iain Gilbert at Sharecast.com