logo-loader
viewIntegumen

Integumen revenues push through £1mln barrier; links up with Chinese group

Subsidiary Labskin has signed a memorandum of understanding with Innocare Group

Integumen -
The Labskin product is an artificial skin that is used to test cosmetics and new skincare lines, while LabskinAI is a computerised version of the technology

Integumen PLC (LON:SKIN) told investors its revenues had grown 366% to push through the £1mln barrier last year as it announced a deal with a firm that will “assist commercial enterprises in China”.

The latter first. Subsidiary Labskin has signed a memorandum of understanding with Innocare Group.

“The cooperative alliance has been established to promote innovation and cooperation between research institutions that will assist commercial enterprises in China with routes to regulatory compliance using Labskin and LabskinAI without the need for animal testing for cosmetics and skincare products,” the release said.

The Labskin product is an artificial skin that is used to test cosmetics and new skincare lines, while LabskinAI is a computerised version of the technology.

Integumen chief executive Gerard Brandon said the Innocare deal provided a “foothold into the fast-growing Chinese market”.

Innocare CEO Charles Xu added: "We are delighted to be collaborating with Labskin and immediately recognise that our combined expertise, technologies and access to R&D in China and Europe will achieve far more and enable faster commercialisation for our respective technologies on both continents."

In a brief update to trading, Integumen said its turnover had grown to £1.004mln in the financial year from £274,000 previously, driven by demand for its Labskin and LabskinAI services. The impressive growth was registered in spite of a six-week delay in opening its new York laboratories.

Quick facts: Integumen

Price: 1.33 GBX

AIM:SKIN
Market: AIM
Market Cap: £14.26 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Integumen named herein, including the promotion by the Company of Integumen in any Content on the Site, the Company receives from said issuer...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Integumen's Gerry Brandon discusses launch of new AI bacteria monitoring system

Integumen PLC's (LON:SKIN) Gerry Brandon speaks to Proactive London's Andrew Scott soon after announcing the launch of a new green-tech real-time system that monitors water for bacteria contamination using artificial intelligence. The formal unveiling of ecowaterOS, which is being developed...

14 hours, 46 minutes ago

2 min read