DeepMatter focuses on pipeline despite H1 loss

DeepMatter Group plc, the Glasgow AIM-listed company focusing on digitizing chemistry, said on Thursday its is excited by the scale of its pipeline of opportunities despite posting a bigger loss for the six months to June 30.

DeepMatter, which has a research relationship with the University of Glasgow, last December agreed to acquire German cheminformatics firm Infochem GmbH from global publisher Springer Nature for €2 million.

In a stock exchange statement on Thursday, DeepMatter said it made a first-half loss of £1.62 million after tax (H1 2018: £0.98m loss) “primarily attributed to the one-off costs of the InfoChem acquisition.”

In his outlook, DeepMatter CEO Mark Warne said: “Thus far, 2019 is progressing to plan, with the group’s focus on driving deployment with key opinion leaders bearing fruit.

“We are engaging with a number of industry participants and look forward to updating shareholders in due course. 

“Our plan to deliver the first complete site rollout to early adopters is well underway, with the o2h deployment now complete.

“We are excited by the scale of the pipeline of opportunities we have built and are focused on the effective execution of wider deployment and further monetisation of the DigitalGlassware platform. 

“We continue to see the platform developing during the year as further cheminformatics capabilities are integrated and the expanding dataset demonstrates its value.”

Warne added: “DeepMatter has continued to deliver against its strategic roadmap by reaching several key milestones in the group’s journey.

“The imminent completion of our successful Pioneer Programme and the continued deployment of DigitalGlassware demonstrates that the scientific community is embracing the move towards the digitization of chemistry and DeepMatter remains at the forefront of driving this vision. 

“The acquisition of InfoChem and the additions to our team of experts has further enhanced our capabilities.

“We enter the second half of the year with a rapidly expanding pipeline of opportunities that will enable DeepMatter to further deploy our technology and focus on the continued monetisation of the platform. 

“We remain confident about the future and, with a robust strategy in place, look forward to driving our vision and achieving our long-term objectives.”