DeepMatter secures 5 major contracts for ICSYNTH
Francesca Morgan
RNS Newswire
08:19, 16th October 2020

DeepMatter (AIM:DMTR FOLLOW) said it has secured contracts with five new major customers over the last two months for its powerful computer aided synthesis design tool, ICSYNTH.

ICSYNTH enables chemists to generate synthetic pathways for a target molecule, allowing innovation with alternative or novel synthetic routes that may have not been considered.

In total, ICSYNTH customer numbers have more than doubled during 2020, with the group receiving 100% customer renewals which it said has added to its underlying revenue base.

DeepMatter, which is aimed at digitising chemistry, said the new customers include several global leading pharmaceutical, agrisciences, biotech and contract research organisations.

Retrosynthesis, which is the process of “deconstructing” a target molecule into readily available starting materials, is a growing area of the Life Sciences Research & Development space and therefore provided ‘an increasing opportunity’ for ICSYNTH, the group noted.

Shares in DeepMatter have traded relatively flat over the past three months to open this morning 19.14% higher at 2.08p.

The Company told investors that development work has recently been completed on a new User Interface for the tool, facilitating greater ease of use, and new algorithms have been introduced to filter out erroneous data from any data source.

This includes proprietary data in Electronic Laboratory Notebooks which could lead to improved synthesis predictions resulting in better productivity and time management.

"We are delighted to be supplying our powerful retrosynthesis and forward planning tools to these leaders in their field, expanding our customer base not only in the Pharmaceutical industry but also within the agrisciences and CRO sectors,” said CEO, Mark Warne.

He added, "With machine learning and cloud technologies both powerful tools in the race to accelerated drug discovery, we see a growing opportunity for both our ICSYNTH and DigitalGlassware™ platforms and  look to the future with confidence." 

Deepmatter, formerly Cronin Group, is a UK-based firm engaged in the digitisation of chemical space and chemical drug discovery, through its subsidiary, Cronin 3D Limited.

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