Integumen (LSE: SKIN), the vertically integrated skin product test services company, today announces its unaudited interim results for the six months ended 30 June 2020.
Gerard Brandon, CEO of Integumen plc, said:
Over the past two years, Integumen plc has transformed from a struggling health services business into a revenue-generating company focused on providing integrated environmental, skin and health specialties underpinned by scientific expertise and advanced by AI. As the business continues to grow and evolve through collaboration and acquisition, unaudited revenues were up 290% for H1 2020 and are £1.004 million (H1 2019 £0.347 million). Q3 sales are expected to be in excess of £1m and guidance remains at £4m for 2020.
The addition of a digital artificial intelligence platform transformed Labskin into a cloud-based eco-system that validates skincare products and ingredients, remotely for clients, and has been the focus of the new strategy leading to multi-year, framework agreements with many global Top 10 skincare and healthcare companies.
COVID-19 presented a significant growth of new business opportunities from its real-time water contamination detection and environment sector solutions, which resulted in agreements with Modern Water plc (“Modern Water”), Avacta Group plc (“Avacta”) and Aptamer Group Limited (“Aptamer”) for the development of real-time wastewater contamination detection services that provides immediate alerts to authorities to contain COVID-19 hotspots. COVID-19 contamination detection in wastewater increasingly becomes an important tool in the fight against the disease.
With much of the pharma industry delaying clinical trials, Integumen launched the world’s first remote clinical skin trials platform. By harvesting the microbiome of a human volunteer’s skin, transporting it to the Labskin laboratory to be transplanted onto laboratory-grown skin, it creates an exact replica of the human volunteer’s skin microflora. The platform allows trials to happen ethically and efficiently with all clinical and data storage protocols being followed and distantly controlled; and swabbing can be done under remote video/AI supervision in the human volunteer’s home, enabling companies to restart their clinical programmes again.
Recent news includes:
· January: Cooperative alliance agreement with Innocare Group, China
· February: First RAWTest commercial agreement and AI partnership with Acumen Software, South Africa
· February: Launch of EcoWaterOS consortium for real-time water monitoring, recovery, treatment and recycling
· March: 3 year, £3.12m bacteria production agreement with Modern Water
· March: Labskin expand York UK Laboratories by 100% to meet increased demand
· March: Production commenced of bacteria to detect water contamination amid COVID-19 public health crisis
· May: Double production of Modern Water reagent bacteria to meet increased demand and RAWTest AI real-time alert system retrofitted in new Modern Water’s Microtox units
· June: Partnership with University of Aberdeen to test COVID-19 anti-viral skin and dental products
· June: Partnership with Aptamer for novel SARS-CoV-2 sensors
· July: Partnership with Avacta for novel SARS-CoV-2 sensors
· Additional warrant share exercises after period end raised a further £1.04 million.
· On 29 July 2020, a £3 million 3-year loan facility secured from Riverfort Global Opportunities PCC Limited for which £1.5m was drawn down initially.
· An all share offer to acquire the entire share capital of Modern Water.
· Name change from Integumen plc to DeepVerge plc (to become effective shortly) to reflect
o An expanded focus beyond skin,
o Communicate a forward-looking, innovative company, and
o Position the enlarged group as a science-technology focused company.