Labskin signs multi-year service agreement
AIM share code: SKIN
7 October 2019
("Integumen" or "Company")
Labskin signs multi-year service agreements for two Top 10 cosmetic companies
Integumen has signed multi-year agreements with two Top 10 global cosmetic companies for recurring LabskinAI services, with initial aggregate low six-figure payments already received.
Under the framework agreements being rolled out, R&D teams in US, Asia and the EU will connect and collaborate with the LabskinAI virtual lab. This will involve testing existing products and new product development on LabskinAI, making full use of our healthy and diseased living skin models, and analysed by the LabskinAI platform.
Gerard Brandon, CEO of Integumen plc, comments:
"We are still only at the beginning with LabskinAI and privileged to be working with these leading household names so quickly. These are data driven engagements and recognise that non animal testing on Labskin human skin equivalents combined with AI deep analytics is the way forward for the skincare industry. Clients can now assess how formulations are reacting on top of and deep into the skin microbiome which will create better, safer, more cost-effective products that meet increasing compliance requirements.
"With the promise of potential contract extensions in the future with existing clients and new contracts in the pipeline, we are excited that our new laboratories in York will soon be coming onstream to meet this growing demand. Even with only two months of the new additional lab space, management are confident that Group revenue will exceed £1m by our year end."
Gerard Brandon, CEO
+44 (0) 7340 055 648
SPARK Advisory Partners Limited
Neil Baldwin/Andrew Emmott
+44 (0) 113 370 8974
Turner Pope Investments (TPI) Limited (Broker)
Andy Thacker/Zoe Alexander
+44 (0) 20 3657 0050
Integumen is a vertically integrated product and services company for skin related diseases, treatments and therapies with three business units:
· Labskin AI's technology platform incorporates artificial intelligence within clinical research for medical device, pharmaceuticals, cosmeceuticals and related life science test services. Labskin allows skincare, healthcare, pharmaceutical manufacturers and cosmetic companies to test their products on human-like skin in a real-world environment with full access to multiple state-of-the-art partner technologies.
· Wound pHase is developing skin and wound care products using its proprietary wound dressing technology. Working in collaboration with CBD providers creating a CBD infused diabetic wound care product range.
Stoer-for-men skin products e-commerce division offers a range of skincare products derived from 5 natural super-ingredient plant extracts specifically for men to reduce the signs of ageing and is also used as a control for client testing within Labskin laboratories.
The Company combines data analytics with access to therapeutic operational expertise and offers solutions to our clients, from regulatory approvals, right through to marketing fully tested ingredients that have been certified on our Laboratory grown living human tissue.
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Market Cap: £18.2 m
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