Integumen enters 'fast-growing' Chinese market with MOU
In a brief trading update, the company noted that turnover had increased to £1.004m from £0.274m in the comparative 2018 period.
Following a strong 2019, the vertically integrated business announced that its wholly-owned subsidiary, Labskin, had signed an MOU with Shanghai-based Innocare Group to assist with commercial enterprises in China.
Gerard Brandon, Chief Executive of Integumen, said the MOU between the two parties meant “securing a foothold” into the fast-growing Chinese market.
Shares were trading flat at 1.775p on Tuesday midday.
Integumen, which operates across four business units, said that demand for Labskin and its LabskinAI services had resulted in the group securing its anticipated 7-figure turnover despite a six-week delay in opening its York laboratories.
Labskin’s AI platform is a laboratory-grown human-skin testing platform which uses clinical trial testing in order to eliminate the need for animal testing in skin care product development.
Brandon added that sales, including recurring revenues, looked on track to continue “strong triple digit growth” as Integunem further expands their client base across three continents.
“Our combined expertise, technologies and access to R&D in China and Europe will achieve far more and enable faster commercialisation for our respective technologies on both continents,” added Charles Xu, President and CEO of Innocare Group.
Innocare Group are regular participators of programs and forums aimed at bridging the technological innovation gap between China and the rest of the world, the statement detailed.
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