Belfast man's pharma company secures £4m funding
A pharmaceutical services firm led by a Belfast man has announced nearly £4m in new funding.
Irish company Diaceutics raised £3.75m in mezzanine financing from WhiteRock Capital Partners and Silicon Valley Bank.
The business, which was set up by Peter Keeling, has a turnover of around $10m (£7.5m) and counts industry leaders like GSK among its clients.
The data analytics company connects patients to the right diagnostic test so they can get personalised medicine to treat or cure their condition first time.
Its latest funding injection will be used to support global expansion, said the business, which has a 60-strong workforce spread over Dundalk and New Jersey.
Chief executive Mr Keeling added: "Our focus has always been, and will continue to be, helping patients benefit from better testing. Silicon Valley Bank and WhiteRock Capital Partners have been supportive of this vision, and we are delighted to have them as partners.
"We need to continually broaden our global data capabilities and insights. This mezzanine financing allows us to keep pace with our data collection and protection infrastructure while expanding globally.
"Furthermore, we are eager to continue diversifying beyond our expertise in oncology into general medicine areas, and provide our pharmaceutical clients with invaluable insights that help them ensure patients who can benefit from these precision drugs are indeed receiving them."
In an interview with the Belfast Telegraph in December, Mr Keeling described personalised medicine as "a growing area around how medicine is changing, moving from a one-size-fits-all (approach), where everyone gets the same type of tablet.
"What we do is collaborate with the leading pharmaceutical companies," he said. "When they launch the drug, we launch the diagnostic."