DeepMatter Group PLC’s (LON:DMTR) shares rocketed after it announced a collaboration with pharma giant AstraZeneca PLC (LON:AZN).
The AIM-listed big data and analysis company said scientists from both firms will work together to improve the productivity of chemical synthesis processes using unique, structured data from DeepMatter’s DigitalGlassware.
READ: DeepMatter 'digitises chemistry' to revolutionise drug making process
A digital cloud-based chemistry platform that combines hardware, software and machine learning, DigitalGlassware allows users to capture and analyse information about a chemical reaction, such as temperature, solvent and catalysts.
DeepMatter was deployed the platform for the first time last year in a pioneer programme of seven unnamed global organisations, including multinational life sciences companies, research organisations and academic institutions.
Michael Kossenjans, a research and development director at AstraZeneca, said: “To get potential new medicines to patients faster, we need to reduce the cycle time for lead identification and optimisation and look forward to working with DeepMatter to assess the potential of DigitalGlassware to help with this.”
The collaboration between DeepMatter and AZ is exploratory for now and if successful could bring to a deeper engagement, according to house broker Shore Capital.
“While it is still early days for the group, collaborations such as the one announced today highlight the considerable potential for the DigitalGlassware platform… The investment case should become progressively de-risked as commercial traction builds,” they added.
Shares were up 113% to 4.38p on Monday morning.