TIDMSKIN TIDMVENN
RNS Number : 9288A
Integumen PLC
17 September 2018
First laboratory-grown human-skin test service, to use artifical
intelligence, to provide clinical validation for cosmetic, personal
hygiene and skin care products.
Labskin (Innovenn Ltd.), a wholly-owned subsidiary of Integumen
plc., (AIM:SKIN) today announces that it has entered into a
partnership with RinoLab (www.rinolab.com) to provide Labskin
clients with access to an AI machine learning platform which
accelerates development of cosmetics, skincare, woundcare, personal
hygiene and pharmaceutical topical drug delivery products, and does
not require animal testing. The service is expected to go live in
Q4, 2018.
Labskin has also entered into a partnership agreement with AIM
quoted Venn Life Sciences Holdings plc ("Venn") to integrate
clinical validation protocols into Labskin AI. This will provide
certified "Clinically Tested"product claim services to brand owners
and producers of most skin care products. - see related party
transaction detail below.
Labskin AI is an AI based laboratory-grown human-skin testing
platform. It uses clinical trial test protocols and datasets,
eliminating the need for animal testing completely for the
development of all skin care products. The AI platform and physical
Labskin laboratories offers clients an online end to end skin care
product validation system, tested on laboratory grown human
skin.
Due to the recent increase in demand for Labskin services,
additional laboratory development support services are being
provided through an agreement signed with Sheffield Hallam
University, UK.
Gerard Brandon (CEO of Integumen plc and Director of Innovenn
Ltd) commented:
"We are delighted to announce this collaboration of technologies
and work with the skills and expertise of the RinoLab Team on the
Labskin AI platform. Partnering with Venn Life Sciences and their
clinical research organisation raises the bar for manufacturers of
skin care products in quality control for consumer product
information file (PIF) verification. Sheffield Hallam University
has worked with Innovenn for many years in multiple Labskin
development projects and extends the reach of our development
services for our clients. Labskin has successfully moved from
selling Labskin equipment supplies to being a fully fledged service
provider during H2 2018, increasing our orders by 350% over H1. I
believe that Labskin AI is now the ultimate go-to-market service
for skin care product development, comprising formulation efficacy,
testing and certification for EU and US consumer product
launches."
Tony Richardson (CEO Venn Life Sciences Holdings plc)
commented:
"This is an exciting development and extends our pharmaceutical
clinical validation approach to the consumer health, personal and
skin care industries in a way that has never been done before. We
see multiple opportunities for cross selling of services to the
same clients of both Venn and Labskin, not least the new services
of topical drug delivery and drug metabolism through the skin. By
partnering with Labskin and RinoLab using the AI platform we look
forward to being able to offer a unique certification service to
Labskin clients, as well as extend AI machine learning data
analysis across our CRO service to pharmaceutical clients, helping
them reduce their overall development costs by getting their
products to the market faster."
Fin Murray (CEO of RinoCloud Ltd - RinoLab) commented:
"The RinoLab Team have developed a range of algorithms for the
dissimination of big data specifically from scientific sources and
is perfectly suited to analysing Labskin data to unlock trends and
patterns that would normally be missed on a manual review. Using
RinoLab, Labskin AI clients are provided with suggested alterations
to improve product formulations to increase efficiency and
efficacy. RinoLab analysis provides supporting data for the
"Product Information File" required by cosmetic brand and skin care
companies, prior to product launches in the US and EU markets.
Collaboration partners
Labskin (Innovenn Ltd - Integumen plc)
Laboratory grown human skin testing services. Specifically
developed to host harmful bacteria on simulated human skin. It is
the best testing platform for antimicrobial products, such as
anti-dandruff shampoos and anti-acne creams, anti-aging,
anti-fungal, UV sun exposure, toxic shock, and drug delivery
through the skin, which cannot currently be carried out in vivo
(animal models) due to ethical constraints of testing harmful
bacteria.
RinoLab (RinoCloud Ltd)
www.rinolab.com
Rinolab is a set of software tools that ingests data from any
source, in any format, interacts with it, learns from it and
enrichs it to unlock insights and discoveries. RinoLab is developed
by Rinocloud Ltd, a company focused on delivering big data type
functionality, AI functionality and world class data management
infrastructure.
Venn Life Sciences Holdings plc
Drug Development Partner
Venn Life Sciences Holdings plc is an Integrated Drug
Development Partner offering a unique combination of drug
development expertise, clinical trial design and execution
services. With more than 170 professionals Venn creates, plans and
executes drug and medical device development programs effectively
and seamlessly for their pharmaceutical manufacturing clients. With
dedicated operations in Ireland, France, Germany, the Netherlands,
the UK, the US, and Europe-wide representation.
Related party transaction
Venn owns 16.03% of the current issued share capital of the
Company, and is a "substantial shareholder" in the Company, and
therefore a related party under the AIM Rules for Companies ("AIM
Rules").
Entering into the agreement with a related party, as referred to
above, constitutes a related party transaction under the AIM Rules.
The terms of the agreement have been agreed by Innovenn and Venn,
who are providing test validation protocols in exchange for a fixed
percentage of new revenues.
Tony Richardson, the Chairman of Integumen, is also a director
of Venn and is not an independent director for the purpose of
considering the agreement referred to above in line with AIM Rule
13. Mr Richardson has therefore not taken part in the Board's
deliberations concerning the terms of the partnership agreement.
The independent directors, (being all the other directors of
Integeumen, with the exception of Mr Richardson) have considered
the terms of the partnership agreement. Having consulted with SPARK
Advisory Partners Limited, the Company's nominated adviser, the
independent directors consider that the terms of the partnership
agreement are fair and reasonable insofar as Shareholders are
concerned.
Integumen plc Gerard Brandon, CEO
Innovenn Ltd. (Labskin) Director +353 85 109 1457
SPARK Advisory Partners
Limited (Nominated Neil Baldwin
Adviser) Andrew Emmott +44 (0) 113 370 8974
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Hybridan LLP (Broker) Claire Noyce +44 (0) 20 3764 2341
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END
AGREAFNKFALPEAF
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