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Integumen signs three new agreements for Labskin
7th Nov 2019 15:56
(Sharecast News) - Integumen announced on Thursday that its Labskin subsidiary has signed agreements with two new, and one existing, top 20 global cosmetic company clients for microbiome research and development services.
The AIM-traded firm said the deals were worth an aggregated low six-figure value, and would be completed over the next four months.
Additional research and development service agreements from all three clients were expected to follow on after these initial trials are completed.
Under the agreements, the firm said it would provide the first commercially-available combination of cloned Labskin, microbiome tests and gene sequencing, using data analytics on the LabskinAI platform.
Those were expected to confirm the impact of the clients' new products and ingredients on human skin.
It said the agreements were extending the range of test services to include research and development support services, making full use of the Labskin healthy and diseased living skin models, at the company's newly-enlarged laboratories in York.
"We are delighted to open our new enlarged facilities in York and with the addition of three new research and development agreements, we remain on track to exceed £1m revenue by our year end," said chief executive officer Gerard Brandon.
"These new R&D contracts are in addition to product test services, and illustrate the demand for the full range of Labskin services and the progress we have made over the past 18 months."
Brandon said each breakthrough and combination of cloned skin, microbiome definition for diseased skin and the data analytic use of AI on the gene sequencing results, without any harm to animals, helped to build the "unique offering" of the enlarged group.
"This is why we believe that providing world class services to our prestigious client base in the skin care and cosmetic industries will continue to provide strong growth and new contract revenues into 2020, and ultimately, drive value for our shareholders."
At 1538 GMT, shares in Integumen were up 1.94% at 1.84p.
The AIM-traded firm said the deals were worth an aggregated low six-figure value, and would be completed over the next four months.
Additional research and development service agreements from all three clients were expected to follow on after these initial trials are completed.
Under the agreements, the firm said it would provide the first commercially-available combination of cloned Labskin, microbiome tests and gene sequencing, using data analytics on the LabskinAI platform.
Those were expected to confirm the impact of the clients' new products and ingredients on human skin.
It said the agreements were extending the range of test services to include research and development support services, making full use of the Labskin healthy and diseased living skin models, at the company's newly-enlarged laboratories in York.
"We are delighted to open our new enlarged facilities in York and with the addition of three new research and development agreements, we remain on track to exceed £1m revenue by our year end," said chief executive officer Gerard Brandon.
"These new R&D contracts are in addition to product test services, and illustrate the demand for the full range of Labskin services and the progress we have made over the past 18 months."
Brandon said each breakthrough and combination of cloned skin, microbiome definition for diseased skin and the data analytic use of AI on the gene sequencing results, without any harm to animals, helped to build the "unique offering" of the enlarged group.
"This is why we believe that providing world class services to our prestigious client base in the skin care and cosmetic industries will continue to provide strong growth and new contract revenues into 2020, and ultimately, drive value for our shareholders."
At 1538 GMT, shares in Integumen were up 1.94% at 1.84p.