Three new Labskin AI contracts, including CBD infused tampons to relieve period cramp
Integumen today announces that Labskin AI, the virtual laboratory platform, has entered into testing agreements with three new clients – a leading chain drug store, a European provider of beauty and household products, and “Femcare” female hygiene product brand – Your Daye, “the world’s first cramp-fighting tampon” infused with Cannabidiol (CBD). The contracts are worth c£290,000 in aggregate, with individual values ranging from £35,000 to £210,000 with all contract revenues falling into the current financial year.
Addition of state-of-the-art Labskin laboratories to meet growing demand
To accommodate these agreements, and further contracts under negotiation, the Company also announces that it is increasing the Group’s Labskin laboratory capacity by 50%. This increase is in addition to the previously announced expansion earlier this year (see RNS dated 5 March 2019). On completion, the Company will have access to five high-spec laboratory units to accommodate new large contracts from its growing customer base. The additional space at the Company’s York facility will provide new client services including Mass Spectrometry Imaging, increased Labskin tissue culture capability and will accommodate 3D tissue culture development, as well a place for Labskin Technician Training for Clients.
In line with the Group’s strategy, the Company continues to make rapid progress up the value chain by entering into larger contracts for Labskin AI services. This growing demand is a result of the prohibition of animal testing and the requirement of client companies to comply with EU Regulation 2017/745 Rule 21.
Gerard Brandon, CEO of Integumen plc, commented:
“These breakthrough agreements are the first for our Labskin AI services confirming demand exists from high-street drug stores, household chemical and beauty product manufacturers and novel skin care brand owners to comply with EU Directive 2017/745 Rule 21. Following recent changes to our strategy to target larger, higher-value contracts, these new agreements highlight the progress we are making as we set the business up for greater expansion.
“The contract with Daye validates our expertise in CBD testing, already demonstrated in the development of protocols for the Company’s STOER For Men skin care range, earlier this year, and puts Labskin at the forefront of CBD regulatory compliance testing for manufacturers wishing to sell CBD infused consumer products.”
Valentina Milanova, Founder and President of Daye, commented:
“We are delighted to begin collaboration with the team at Labskin to explore the impact of CBD on “Your Daye” female hygiene products. With 90% of women experiencing period pain at some stage in their lifetime, 52% miss a day of work because of it in and these tests are expected to deliver results fast and speed up time to market to address this unmet need.”
Daye creates category-defining products and services that set a new standard for medical research and scientific innovation.
Daye has set out to build a new brand for female health products “designed with women in mind.” The start-up’s first product is a newly developed tampon that uses CBD to help tackle period cramps (or dysmenorrhea) as an alternative to traditional painkillers (CBD is the extract derived from the flower of the industrial hemp plant, a legal relative to marijuana). Daye recently announced $5.5m funding from Silicon Valley investors, Index Ventures and Khosla Ventures, Kindred Capital and Irina Elena Haivas (UK) and Sophia Bendz (Sweden).
FY 2018 total revenue £502k increased 111% (FY 2017 : £238k);
FY 2018 revenue from continued operations £274k increased 294% (FY 2017 : £93k) following Labskin test kit sales move to full skin-care product test services;
FY 2018 EBITDA losses reduced by 12% to (£1.25m) (FY 2017: (£1.40m))
Launch of Labskin human skin clone tests for Medical Device and Clinical Research trials. Combined with human volunteers doubles number of skin tests possible saving time and money.
Fionán Murray has joined Integumen as Group Sales Director, and as a Director of the Company with a focus on extending digital services on top of existing Labskin physical services to rapidly grow the Labskin AI footprint.
Gerry Brandon, the Company’s CEO, will be presenting at an investor evening hosted by Turner Pope Investments (TPI) Ltd, on Monday 13th May 2019
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