The boss of a fast-growth Belfast technology and data analytics specialist has set out his ambition to float the company on the Nasdaq stock market in New York.
Diaceutics, which provides solutions to the pharma and biotech industry, primarily in the US, is already listed on AIM, the sub-market of the London Stock Exchange.
But while the overall AIM market has nudged up by just 2% this year, Diaceutics has enjoyed a whopping 52% growth.
And chief executive Ryan Keeling has revealed that the company’s ultimate vision now is to float in the States, where most of its business takes place.
Diaceutics provides the world’s leading pharmaceutical firms with an end-to-end commercialisation solution for precision medicines through data analytics, scientific and advisory services, all created in Belfast.
Mr Keeling, a former student at St Malachy’s in north Belfast, told the Irish News: “The problem, being on the junior market in the UK, is that most of our investors are institutional holders like pension funds, which don’t buy and sell shares every day.
“That means there’s is a real lack of liquidity, and we need liquidity to push our share price further ahead.
“We’ve had some good share price hikes throughout the year and we’re punching well above our weight. But I want us to do even better.”
In the six months to June 30, revenues at Diaceutics - which has 208 staff, of whom around 60 are based in the US - grew by 24% to £12.3 million, while its order book swelled to £27.9 million, of which around a third (£8.9m) is expected to be realised in the second half of this year.
Mr Keeling added: “Would we like to be shooting higher? Of course we would. We’d be very small if we went on to the main London market, but my ambition is ultimately to list us on the Nasdaq.
“Ours is a US story. We’re out telling this to UK generalist investors, but it doesn’t resonate, because pharma doesn’t have the same model in Europe.
“America is where this business will really shine. Companies in our sector are currently being sold for 20- or maybe 25-time multiples.
“So to get the true sense of what we can do, it needs to happen in the US, even though Diaceutics was born and raised in Belfast, and our DNA is here.”
Diaceutics - which is based at the new Kings Hall health and wellbeing park, a burgeoning hub for life sciences - has just availed of a £50,000 grant from Invest NI to carry out even more in-depth research and development.
Focused on enhancing health and life sciences through advanced data analytics and AI, it will identify patients and help ensure they get the right testing and the right treatment.
The project will leverage the talents of data graduates from Queen’s University Belfast, further strengthening Diaceutics’ long-standing partnership with the institution and its commitment to nurturing local talent.
Mr Keeling added: “This valuable support from Invest NI will further enable us to push the boundaries of innovation in health and life sciences. By engaging the brightest minds in data science, we are committed to driving advancements that will pave the way for the future of healthcare.”
The grant will allow Diaceutics to extend the capabilities of its DXRX technology platform and turbo-charge its ability to extract key information to drive diagnostic testing and treatment pathways for diseases like cancer and rare genetic disorders.
“What we do in Belfast every day makes a difference - and we’re the only company in the world doing it,” Mr Keeling says.
“We work with every major pharmaceutical firm on the planet, who now realise that a one-size-fits-all drug is no longer the answer, and that every patient should get the opportunity to receive the right test and the right therapy to positively impact their disease outcome.
“They see Diaceutics as superstars, and our recent results are just tip of the iceberg.”
The Nasdaq raised $13 billion in 2023 while the London Stock Exchange raised just $972 million - the first time it failed to hit the $1bn mark since 1995.
In December Karen Snow, global head of listings at Nasdaq, said she hoped the trend of UK companies going to New York to raise funds will continue, adding: “We’re having a lot of conversations with companies about listing in the US and we want to make sure we’re in front of the right CEOs.
