12th Apr 2019 09:29
LONDON (Alliance News) - DeepMatter Group PLC on Friday reported widened loss for 2018 as it continued to invest in development of DigitalGlassware platform.
DigitalGlassware is designed to enable scientists to collaborate effectively by sharing the details of their experiments from anywhere and in real-time.
The AIM-listed company focusing on digitizing chemistry said pretax loss widened in 2018 to GBP2.0 million from GBP1.6 million a year prior, due to an increase in operating expenses.
Research & development costs rose to GBP1.4 million from GBP1.2 million year-on-year, while administrative expenses almost doubled to GBP600,000 from just GBP356,000.
Deepmatter did not generate any revenue in either year.
During 2018, the company partnered with, and continues to work with, a total of seven organisations across three continents for its DigitalGlassware pioneer programme.
To date, the DigitalGlassware platform has been used to collect data from over 900 days of chemistry research across over 1,100 individual experimental runs.
"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," said Chief Executive Mark Warne.
"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," added Warne.
DeepMatter shares were trading 3.1% higher on Friday at 2.99 pence each.
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