Cronin Group's H1 losses narrows as it aims to digitise chemistry

15th Sep 2016 08:34

(ShareCast News) - Chemical drug discovery company Cronin Group's half year losses narrowed as it aims to digitise chemistry for manufacturing and algorithm-driven discovery.For the six months ended 30 June, the company's losses narrowed by about 28% to £310,000, compared to the same period last year, which included a loss of £380,000 from discontinued operations, which reflected research and development costs.Net cash outflow of £330,000 during this first six months reduced the cash balance by nearly 6% to £5.10m, compared to December 2015.Net assets fell slightly by 3.2% to £9.32m.The AIM-listed company intends to commercialise its Chemputer software, an autonomous universal digital synthesis engine, to open up chemistry to a wider user base through digitisation with a research agreement with Glasgow University.The university, along with engineers from BAE Systems, found that the development of Chemputer will lead to the digital programming of complex chemical and material systems, which the company aims to take advantage of as it is in discussions with other blue chip companies so they can access its products and intellectual property.Chairman James Ede-Golightly, said: "We continue to build on the principles of the Chemputer prototypes developed by the research group and are progressing first opportunities to commercialise products facilitated by the digitisation of chemistry, confident that this will present a multiple range of opportunities to commercialise and add value for shareholders in the medium term".During the period Steve Coles joined the company from Mears Group as chief technology officer, who is tasked with leading development of commercial grade products, including integrated precursors to the Chemputer system.