Shares of Glasgow-based DeepMatter Group plc, the AIM-listed company focusing on digitizing chemistry, fell 12% on Thursday after it published results for the six months ended June 30.

Revenue rose to £536,000 from £215,000 for the same period last year, while the firm’s loss from continuing operations after tax was £1.17 million compared to £1.62 million.

DeepMatter said it continues to make progress in engagements with “top 10 pharma, life science providers, research and academic institutions and blue-chip technology partners” and is a ctively pursuing initiatives to increase sales in the US, Europe, India and China.

The company said its fund raising in July 2020 provided net funds of £2.05 million, supplementing its cash balance of £2.01 million “providing resources to invest in sales and marketing.”

DeepMatter added: “Growing pipeline of revenue and the impact of the virus on customer working practices has increased interest in our DigitalGlassware platform and other products.”

DeepMatter CEO Mark Warne said: “Over the last year we have achieved encouraging growth in our revenue which has continued into the first half of 2020, despite the challenges imposed by COVID-19.

“The outlook for our DigitalGlassware platform remains positive as pharmaceutical and academic organisations seek solutions for working remotely and in a socially distanced environment.deepmatter

“We remain cautiously optimistic for the sector in which we operate, observing that M&A activity has bounced back in recent months with pharmaceutical companies collaborating with AI and technology, and we are confident that our enhanced focus on sales will be well received and will contribute to the growth of the business.”