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DeepVerge continues to ramp up progress across business divisions

Last updated: 14:12 20 Dec 2023 GMT, First published: 11:10 28 Apr 2021 BST

Snapshot

  • DeepVerge offers assets to Microsaic prior to subsidiary sale
  • DeepVerge would see big upgrade if Microtox BT gets CE Mark, says broker
  • DeepVerge PLC's CEO 'very happy, proud of the team' after a strong performance
woman touching her skin

About the company

Deepverge PLC is an environmental and life science group of companies that develops and applies AI and IoT technology to analytical instruments for the analysis and identification of bacteria, virus and toxins; Utilising artificial intelligent data analytics to scientifically prove the impact of skincare product claims on skin.

How it is doing

20 Dec 2023

Deepverge PLC (AIM:DVRG), the technology company, has given Microsaic Systems PLC (AIM:MSYS), a partner and customer, a period of exclusivity to purchase assets from its subsidiary Modern Water.

It comes after DeepVerge agreed to Microsaic’s proposal to purchase the water subsidiary for £100,000 cash and the cancellation of all intra-company debt.

The assets being sold include equipment for the lab-based manufacturing of bio-reagents and the IP and rights to its water-related testing gear.

Microsaic will not, however, receive exclusivity rights to purchase the subsidiary's voltammetry technology and equipment.

07 Aug 2023

Deepverge PLC (AIM:DVRG) has formally announced the sale of Glanaco Limited, the engineering services company based in Cork, Ireland, to Tony Ryan and Michael Fitzgerald, the current management and previous owners, for a consideration of €1.

As announced in June, Deepverge ceased supporting the ongoing costs of its operating subsidiaries, instead seeking to realise whatever value was possible through the sale of one or more of the Labskin, Modern Water and Glanaco business units.

12 Jul 2023

DeepVerge PLC has announced that all staff will be issued with redundancy notices as the sale of subsidiaries continues to be explored.

Environmental and life science group DeepVerge suggested this would be done by 31 July in a regulatory update on Wednesday, as part of a bid to save costs.

What the brokers say

17 Mar 2021

DeepVerge PLC (LON:DVRG) could get a significant upgrade on the current target price if Microtox BT receives full clinical validation followed by a CE marking, broker Turner Pope said today.

Earlier, DeepVerge reported initial results from phase III clinical studies of the rapid Coronavirus (COVID-19) breath test showed it can deliver results in under 60 seconds.

Chief executive Gerard Brandon described the early data from the real-world assessment of the Microtox BT system as a “major milestone”.

What management says

05 Aug 2022

Gerry Brandon joined Proactive London with news that DeepVerge's revenue in the first six months almost doubled to £6.47mln. While it expects a small revenue undershoot for the full year, there is no lack of opportunities, Brandon said. He added: "It's been bumper to bumper, and that's compound growth over four years [...] triple-digit growth every year since 2018. So I'm very happy, very proud of the team, of what we've actually achieved."

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on 13/9/22