Update on trading
Deep Matter extending data analysis to new clients
The AIM-quoted business reported a loss for the year during which it made a significant acquisition in Germany and engaged in a fund-raising exercise.
Mark Warne, CEO, pictured, said: “It has been a transformational year for the company, having successfully delivered on what we set out to do with our Pioneer Programme. I’m pleased to say our technology is now deployed on a trial basis with several of the world’s premier scientific organisations, with good engagement.
“Post-period end, the company has gone on to complete the key strategic acquisition of InfoChem and completed an oversubscribed fundraising.
“Building upon our experiences within the 2018 Pioneer Programme, the company is now focused on deploying its technology to an increasingly larger user base; incorporating robust cheminformatic capabilities enabled by the recent InfoChem acquisition; and progressing to the direct monetisation of the platform.
“Alongside this the company has begun to identify unique chemistry insights, which we will use to create intellectual property and share with the wider scientific community in due course, as further proof of the validity of the platform.”
Financial highlights for year to end December:
- Pioneer Programme successfully launched, with technology deployed with seven organisations across three continents
- Mark Warne appointed as CEO
- Loss of £1.92 million after tax (2017: loss £1.46 million)
- Cash and short term deposits at 31 December 2018 of £1.09 million (2017: £3.27 million)
- Net assets at 31 December 2018 of £6.20 million (2017: £8.11 million)
- Acquisition of InfoChem GmbH, a specialist in cheminformatics, from global publisher Springer Nature, for a total consideration of £2.03 million
- Bettina Goerner, Managing Director, Databases, at Springer Nature, was appointed to the DeepMatter board as a Non-Executive Director, on completion of the InfoChem acquisition
- Share placing at 2.5 pence per share raised gross cash proceeds of £4 million