Precision Medicine and diagnostics commercialisation service provider, Diaceutics, is investing £2m in R&D to create a new data platform leveraging data from global clinical laboratories, that will improve the way patients are tested in advance of treatment.
Invest Northern Ireland has offered the company over £480,000 towards its project which is expected to leverage the employment of 20 additional staff at a Diaceutics’ Belfast-based data hub.
Diaceutics is the world’s leading provider of precision medicine data analytics, software and service solutions. The company works with the pharmaceutical industry to further the application of precision medicine, an approach which tailors medical treatments to the individual characteristics of each patient.
“Invest NI’s support of our research and development work is enabling us to offer a competitive advantage in the marketplace.” Peter Keeling, CEO, Diaceutics
Commenting on the investment, Peter Keeling, CEO of Diaceutics, said:“Precision medicine relies on a step change in the way patients are being tested in advance of treatment. High levels of missed and misdiagnosed patients still curtail the promise of precision medicine across the globe and along with the support of Invest NI we will continue to expand our collection, management and analysis of some of the most important patient testing data shaping the precision medicine space today.
“Diaceutics is undertaking an exciting investment that, through the work with their pharmaceutical clients, will equip physicians with the information and tools to deliver targeted patient care based on their molecular profile, improving outcomes and containing the costs associated with a trial-and-error approach to disease treatment.” Grainne McVeigh, Director of Life Sciences, Invest NI.
“Specifically Invest NI’s support of our research and development work is enabling us to offer a competitive advantage in the marketplace by providing real world evidence, more accurate forecasting and more detailed physician segmentation. We will be working with pharmaceutical firms in the coming months, to build awareness of our advanced insights here and explore opportunities to integrate those insights earlier into their commercial investments.’
Grainne McVeigh, Director of Life Sciences at Invest NI, added:“Diaceutics is undertaking an exciting investment that, through the work with their pharmaceutical clients, will equip physicians with the information and tools to deliver targeted patient care based on their molecular profile, improving outcomes and containing the costs associated with a trial-and-error approach to disease treatment.
“Life and health science is an area of high growth opportunities and we are delighted to be supporting Diaceutics’ efforts to lead the innovation and commercialisation of solutions that will develop the diagnostics market worldwide.’
Invest NI’s support is part funded by ERDF under the EU Investment for Growth and Jobs Programme 2014-2020. Two of the 20 new positions are already in place.
Diaceutics Ltd is in receipt of Grant for R&D support from Invest NI for Grant RD0717767 – Interpreting the real world clinical data to accelerate diagnostic launch. This project which is part-financed by the European Regional Development Fund under the Investment for Growth and Jobs Programme 2014-2020 aims to apply the practices of scalable computing to the precision medicine diagnostics market. By ingesting large testing data sets from clinical labs we will build a centralized data repository for targeted interpretation and our data science platform will provide reproducible and scalable analyses generating comprehensive, patient-level narratives that can be aggregated and analysed to provide customized insights for our pharma clients.