LONDON (Alliance News) - Integumen PLC on Tuesday said it has entered into an agreement with Cellulac Ltd to acquire hi-tech laboratory test equipment, to be installed into the enlarged Labskin UK laboratories in York.
The personal health care company said the new laboratory will house this range of specialised test equipment, which includes gas chromatography-mass spectrometry and high-performance liquid chromatography units and ancillary equipment.
Integumen said the cost of the equipment is GBP400,000, which will be satisfied by the issue of a loan note.
Cellulac has the right to convert the loan note into new shares in Integumen within five business days following announcement of the next issue of shares until February 2021. The exercise price will be at a price per share not less than 1.5 pence.
"Our Labskin 'wet lab' is enabled by automation of the digital laboratory equipment connected to the Labskin AI system, delivering a seamless transfer of analysed data in the cloud, from the Labskin test bed straight to the display screens of our growing list of clients," said Chief Executive Gerard Brandon.
Integumen shares were trading 13% lower on Tuesday at 1.35 pence each.
