17th Jun 2019 11:13
(Alliance News) - Diaceutics PLC on Monday said it has invested GBP1 million to expand and enhance its data lake by acquiring another 16 million patient records a year.
Diaceutics is a diagnostics data and analytics services firm and uses its data lake of diagnostic testing data to improve patient diagnosis. The data is being acquired via Diaceutics's new partnerships with reference laboratories, payers, data providers, and academic institutions in the US, Asia, UK, and Europe.
Obtaining a further 16 million anonymised patient records per annum will increase the amount of raw data available to Diaceutics for analysis.
The GBP1 million in is line with the initial public offering commitment made by the company to invest GBP5.5 million in data acquisition and artificial intelligence analysis.
In precision medicine, drugs are tailored to certain molecular or genetic markers and these are identified through diagnostic testing. Diaceutics's data lake can show information including the location of a certain test and who ordered it. The data lake also gives the frequency of the test and how quickly results were provided, as well as that test's accuracy.
"Precision medicine is revolutionising patient healthcare. However, its impact is held back by the fragmented patient testing landscape at a patient and disease level - burdened by ineffective testing, slow turnaround times and inconsistent uptake. This additional investment advances our ability to provide timely and actionable insights about the testing landscape to our clients in all key geographic markets," said Diaceutics Chief Innovation Officer Ryan Keeling.
"We are expanding our global data lake to further increase the granularity, frequency and concentration of data, which is vital for pharmaceutical companies looking to make strategic and tactical decisions relating to the rollout of their precision therapies. We are transforming an industry model by helping pharma companies interpret this mass of data, translate it into seamless testing globally and ultimately drive better patient outcomes through better access to these often life-changing medicines," Keeling added.
Shares in Diaceutics were up 2.9% at 88.00 pence on Monday morning.
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