Diagnostic network for precision medicine update, Diaceutics PLC, 2020-05-18
(“Diaceutics” or the “Company”)
Update on Diagnostic Network for Precision Medicine
- Diaceutics names its Nexus platform ‘DXRX – The Diagnostic Network™’
- It will be launched in Q4 2020
- DXRX puts 2500+ laboratories at the centre of a precision medicine network
- DXRX is world’s first diagnostic network enabling industry-wide collaboration needed for precision medicines to fulfil their promise
- DXRX will unlock the power of the world’s largest real-world testing data repository for network of industry partnerships
- Company has built alliances with industry leading service providers enabling end-to-end solution for precision medicine’s diagnostic needs
Diaceutics PLC (AIM: DXRX), announces DXRX as the new name for Nexus, which will enable Diaceutics to scale its business to meet fast growing demand in the precision medicine market. It represents the culmination of a £23 million investment by Diaceutics in software and data. Onboarding of laboratory and diagnostic partners to DXRX will commence in Q3 2020, with pharmaceutical clients gaining access in Q4.
DXRX will significantly enhance Diaceutics’ service offering and enable it to meet the increased market demand being created by 1,0002 new precision medicines currently in pharmaceutical company pipelines. It will enable Diaceutics to meet the need for a global standardised diagnostic process by offering an end-to-end solution for the development and commercialisation of precision medicine diagnostic testing.
As a platform, it is intended to do more than just provide access to the rich testing data owned by Diaceutics as it will also seek to address the stakeholder collaboration problems which have led to a suboptimal testing ecosystem and has resulted in most precision medicines reaching only 50% of eligible patients in oncology1.
Diaceutics has spent the last ten years building relationships with more than 2500 laboratories worldwide. DXRX enables these laboratories to be integrated into a network providing a global flow of testing data, thus placing those labs at the centre of precision medicine.
The development of an effective precision diagnostic requires the input from a number of industry stakeholders Diaceutics has addressed this by building partnership alliances with industry leading service providers in areas such as pathology training, health economics, reference standards, EQA and digital enablement. DXRX will make these alliances and its real-world data repository available to its network of pharmaceutical, laboratory and diagnostic partners.
Diaceutics’ Chief Innovation Officer, Ryan Keeling, commented, “Given the richness of the data we have, Diaceutics has been uniquely positioned to identify that, as an industry, we have been getting it wrong when it comes to patient testing for precision medicines.
“Our evidence, our partners and our experience tell us that there is a better way and that the time for that better way is now. We believe that DXRX is the model that can deliver significantly more value for all stakeholders, and most importantly, a model which enables every patient to get the treatment they deserve.
“The era of a therapy being launched with a single companion diagnostic option is behind us. We need to consider the global needs of our patients and the regional restrictions commonly faced. This calls for pharma to think beyond a one-size-fits-all approach to testing and embrace the democratisation of testing.
“Our experience of working on every precision medicine currently on market puts Diaceutics in a unique position to advance an incrementally better industry model and deliver significant new value for all stakeholders in precision medicine.”
DXRX is industry shorthand for diagnostics and therapy. For more information visit dxrx.diaceutics.com.
This announcement is not a regulatory announcement and information contained herein is not expected to have a significant impact on management’s expectations of performance for the year.
Note to the editor:
1 Pharma Precision Medicine Readiness Report 2019 reference
2 Pharma Precision Medicine Readiness Report 2019 reference
Stuart Hall, Investor Relations
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Diaceutics PLC is a diagnostic commercialisation company for the Precision Medicine industry. The Company, quoted on the AIM Market of the London Stock Exchange, is enabling pharma to accelerate their market penetration and achieve a better return on precision medicine therapies by helping them to revolutionise patient testing. By generating insights from its data lake of clinical laboratory testing data and other data, Diaceutics helps pharma understand and leverage the diagnostic landscape through initiatives that improve patient testing, leading to better treatment outcomes. The Company works with more than 35 global pharmaceutical companies across hundreds of precision medicine projects. The Company employs a leading global group of experts from the laboratory, diagnostic and pharmaceutical industries. www.diaceutics.com
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