Vertically integrated product and services firm, Integumen (SKIN) , announced on Thursday that its Labskin subsidiary had signed microbiome R&D agreements with three Top 20 global cosmetic companies.
The agreements are worth an aggregated low six-figure value, to be completed over the next four months, the company explained.
The firm will provide the first commercially available combination of cloned Labskin, microbiome tests and gene sequencing using data analytics on the LabskinAI platform.
These tests are expected to confirm the impact of the clients' new products and ingredients on human skin.
The company further explained that with the addition of three new R&D agreements, the firm remains on track to exceed £1m revenue by the end of the year.
Alongside this, additional R&D service agreements from all three clients are expected to follow on after initial trials are completed.
“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, builds the unique offering of the enlarged Group,” said Integumen’s Chief Executive, Gerard Brandon.
He added, “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."
The company further added that their range of test services, with an extension to include R&D support, will be conducted at the firm’s new, enlarged laboratories in York, UK.
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