DeepMatter signs second deal with South Korea's Standigm

11th May 2022 12:54

(Sharecast News) - Digital chemistry and software company DeepMatter has signed a second multi-year licensing and collaboration agreement with Standigm, it announced on Wednesday.

The AIM-traded firm described Standigm as a "leading" workflow artificial intelligence (AI) drug discovery company based in South Korea, with an increasing international footprint.

It said the second agreement was expected to generate revenue of £0.28m, and followed its first licensing agreement with Standigm, announced on 1 March.

Following the successful deployment of DeepMatter's data and laboratory integration platform earlier in the year, the agreement included licensing for the company's proprietary chemical structure and reaction data and machine-learning retrosynthesis software.

DeepMatter and Standigm would collaborate to develop further AI-driven drug discovery capabilities, drawing on the group's digital chemistry expertise.

"This second agreement with Standigm this year demonstrates our unique portfolio capabilities and also deepens the collaboration between our two businesses," said chief executive officer Mark Warne.

At 1232 BST, shares in DeepMatter Group were up 48.95% at 0.14p.

Reporting by Josh White at Sharecast.com.