Labskin technology using AI
The company’s Labskin technology platform combines artificial intelligence (AI), clinical research, and life sciences and medical device knowledge. Through the Labskin platform, Integumen’s skin care and cosmetics customers can test their product lines on human-like skin in a real-world setting.
Using data analytics, paired with therapeutic operational expertise, cosmetics and skin care names can access regulatory approvals and market fully tested ingredients certified on Integumen’s laboratory grown living human tissue.
Business revenue increase
Contract sizes have risen from £1,500 to in excess of £200,000 in 2019 compared to 2018. As Integumen’s blue-chip, household brands sign up for its testing solutions, the increase in average contract figures has contributed to the company’s PLC revenues spiking to 1200%.
As of June 2019, Integumen’’s revenues hit £655,000 for the first half of the year, representing a significant jump from 2018’s figure of £54,000.
Referencing 2018, the company’s chairman Ross Andrews, commented: “In August, with a reduced board of directors and new management the company set about converting the business model from the high volume, low-margin sale of consumer personal and healthcare products, to low-volume, high margin test services for manufacturers of skincare consumer products.”
Gerry Brandon, Integumen’s current CEO, who took over the company a year ago, has focused the company’s strategy on its flagship product, Labskin. Adapting and improving the accessibility and comprehensiveness of the solution, Integumen has gone from a one-off skin-testing kit to a fully-fledged testing platform.
“In addition to a growing customer base and accelerated high-margin sales, we have taken steps to reduce company indebtedness by eliminating more than £2mln short- and long-term debt, disposing of multiple under-performing assets and completed placing, subscription and warrant exercises that have brought in in excess of £3mln in H1 2019,” explained Gerry Brandon, CEO, Integumen.
“The board expects that we will continue to see this strong growth in the second half of the year, and we view the future with confidence,” adds Brandon.
Centring on skin microbiome and micro biomaterials, Integumen also provides virtual lab services and training for lab technicians in the cosmetic, skincare and pharma sectors through its Innovenn Skin Science service. It comprises an animal free lab grown human skin full thickness testing platform that manufactures hosts for harmful bacteria hosting toxins, bacteria, viruses and foreign substances.
Along with the platform, Integumen has also developed Stoer For Men Cosmetics comprising skin care products created from five natural super-ingredient plant extracts specifically for men to reduce the signs of ageing. It also applies Algzym CBD technology as a cost-effective solvent-free commercial scale solution that produces Omega-3 oils from microalgae and CBD oils from hemp.
On 8th July 2019, shares were up 1% to 1.99p in early deals.