Integumen: Two Major Cosmetics Companies Have Signed Up For LabskinAI Services
The cosmetics companies will have their products analysed by the LabskinAI platform.
Integumen PLC (LON:SKIN), the developer of Labskin technology, has signed multi-year agreements with two Top 10 global cosmetic companies for recurring LabskinAI services.
Integumen said initial aggregate low six-figure payments have already been received.
Under the framework agreements being rolled out, research and development teams in the US, Asia and the EU will collaborate with the LabskinAI virtual lab to test existing products and work on new product development on LabskinAI.
The collaborators will make full use of Integumen’s healthy and diseased living skin models.
“We are still only at the beginning with LabskinAI and privileged to be working with these leading household names so quickly,” said Gerard Brandon, the chief executive officer of Integumen.
“These are data-driven engagements and recognise that non-animal testing on Labskin human skin equivalents combined with AI [artificial intelligence] deep analytics is the way forward for the skincare industry. Clients can now assess how formulations are reacting on top of and deep into the skin microbiome, which will create better, safer, more cost-effective products that meet increasing compliance requirements,” he added.
“With the promise of potential contract extensions in the future with existing clients and new contracts in the pipeline, we are excited that our new laboratories in York will soon be coming on stream to meet this growing demand. Even with only two months of the new additional lab space, management are confident that group revenue will exceed £1mln by our year-end,” Brandon revealed.