StockMarketWire.com - DeepMatter Group reported wider pre-tax losses as higher R&D spend and operating costs kept a lid on growth. The group also announced that Financial Controller Lauren Lees would replace Michael Bretherton as Finance Director later this year.

For 2018, pre-tax losses widened to £1.99m from £1.56m a year earlier.

Cash and short term deposits at 31 December 2018 of £1.09m, down from £3.27m, mainly attributable to the research and development and overhead expenditure costs associated with the continuing operations of the group, the company said.

In separate statement the company also announced that Lauren Lees, currently Financial Controller, would be appointed as Financial Director on 28 June. Current Finance Director Michael Bretherton was set to step down.

'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,' said Mark Warne, CEO of DeepMatter.

'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.'



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