LONDON (Alliance News) - DeepMatter Group PLC said Thursday its loss for the first half of the year widened as it expanded its research & development costs, ahead of rolling out its platform to a wider audience.
For the six months to June 30, the company, which focuses on digitizing chemistry, posted pretax loss of GBP905,000 compared to GBP573,000 a year prior.
Research & Development costs amounted to GBP628,000 compared to GBP502,000 a year before, while administrative expenses jumped to GBP280,000 from GBP82,000.
Meanwhile, the company did not generate any revenue in the six-month-period, unchanged from last year.
Looking ahead, the company said it is "on track" to deliver its strategic roadmap to digitize chemistry, after entering five agreements with international organisations for its DigitalGlassware Pioneer programme.
"Our DigitalGlassware platform brings code, structure and order into the chemistry lab environment and enables recordable, shareable, reproduceable chemistry whilst also championing speed, simplicity and unhindered discovery," Chief Executive Officer Mark Warne said.
"The group is progressing well with its DigitalGlassware Pioneer Programme and, moving forward, we keenly anticipate further deployments with key innovators. We remain focused on building credibility, awareness and understanding of the DigitalGlassware platform, before rolling out the platform to the broader community," he added.
Shares in the company were untraded at 3.60 pence each on Thursday.