(Sharecast News) - Digital chemistry technology company DeepMatter has secured contracts with five new major customers in the last two months, it announced on Friday, for its computer-aided synthesis design tool 'ICSYNTH'.
The AIM-traded firm said that in total, ICSYNTH customer numbers had more than doubled through the course of 2020, as it achieved 100% customer renewals, adding to its underlying revenue base.
It said the new customers included "some of the world's leading" multinational pharmaceutical, agrisciences, biotechnology and contract research organisations.
Retrosynthesis was a growing area of the life sciences research and development space, providing an increasing opportunity for ICSYNTH, the board said.
It described ICSYNTH as a "powerful computer-aided synthesis design tool" that enabled chemists to generate synthetic pathways for a target molecule, leading to better, faster and more cost-effective synthesis predictions.
ICSYNTH facilitated innovation by stimulating ideas for alternative or novel synthetic routes that otherwise might not be considered by the chemist, the company claimed.
Development work had recently been completed on a new user interface for the tool, facilitating greater ease of use, with new algorithms introduced to filter out erroneous data from any data source, including proprietary data in electronic laboratory notebooks, which the board said would 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 contract research organisation sectors," said chief executive officer Mark Warne.
"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."
At 1008 BST, shares in DeepMatter were up 1.43% at 1.78p.
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