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Diaceutics plans IPO on London Stock Exchange's AIM market

Belfast, U.K.-based healthcare technology company Diaceutics PLC is planning an IPO on the AIM market of the London Stock Exchange.

The Northern Irish company, which provides data analytics and implementation services, intends to apply for admission of its issued and to be issued ordinary shares to trading on the exchange and is expected to have a market capitalization on admission of about £53 million.

Diaceutics has also conditionally raised £17 million by selling 22,368,427 of its new ordinary shares at 76 pence apiece. In addition, 4,934,205 existing ordinary shares have been placed on behalf of existing shareholders.

Cenkos Securities PLC acted as the nominated adviser and broker for Diaceutics in the private placement.

Diaceutics expects the private placement to generate about £15.2 million in net proceeds, of which £5.5 million will be used to acquire additional data sets to enhance the company's current coverage as well as add new disease data and implement a partnership to develop artificial intelligence analysis.

Moreover, £3 million of the net proceeds will be used to develop Diaceutics' software as a service platform NEXUS — a software distribution model in which the company hosts applications and makes them available to customers over the internet.

About £3 million of the net proceeds will pay the Diaceutics' existing debt facilities and an outstanding director loan and £1.2 million will be used to strengthen the company's balance sheet. Net proceeds of about £2.5 million will be used for working capital as well as the development of international markets either organically or through acquisition.

Diaceutics expects its shares will begin trading on the AIM market under the symbol DXRX on or about March 21.

Peter Keeling is the CEO of Diaceutics, according to data from S&P Global Market Intelligence.

Diaceutics is backed by Silicon Valley Bank and private equity firm WhiteRock Capital Partners LLP.