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Half-year update

Digital firm DeepMatter sees pipeline of opportunities

Mark Warne

DeepMatter, the digital chemistry company based in Glasgow, is seeing a “rapidly expanding pipeline of opportunities”.

In a statement with half-year figures, Mark Warne, chief executive (pictured) of the AIM-quoted firm, said it had reached several key milestones..

“The scientific community is embracing the move towards the digitisation of chemistry and DeepMatter remains at the forefront of driving this vision,” he said.

“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.”

Operational Highlights:

· Acquisition of InfoChem GmbH, a specialist in cheminformatics, for a total consideration of £2.03 million, with integration proceeding to plan

· Board strengthened with the appointment of Bettina Goerner as a Non-Executive Director on 11 March 2019 and Lauren Lees appointed as Financial Director on 28 June 2019

· David Cleevely and Professor Lee Cronin stepped down from the Board to be appointed as chairman and member, respectively of the Advisory Committee

· First revenue-generating order for the DigitalGlassware platform

· Launch of the open access DigitalGlassware online portal, allowing the scientific world to view and interact with shareable data

Financial Highlights:

· Cash at 30 June 2019 of £4.08m (30 June 2018: £2.07m)

· First period of revenue generation for the combined Group; £0.22m delivered

· Loss of £1.62m after tax (H1 2018: £0.98m loss), primarily attributed to the one-off costs of the InfoChem acquisition

· Equity placing at 2.5 pence per share raised gross cash proceeds of approximately £4.0m

· Net assets at 30 June 2019 of £10.36m (30 June 2018: £7.14m)

Outlook

· Promising ongoing discussions with regards to further DigitalGlassware deployments

· Confident in continued growth and successful execution of the long-term strategy



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