(Alliance News) - Integumen PLC said on Monday it intends to raise GBP1.4 million to provide working capital to help deliver revenue growth for 2020.
Shares in Integumen were flat at 1.56 pence each on Monday in London, giving it a market capitalisation of GBP15.3 million.
The AIM-listed personal healthcare company will issue 91.3 million at a price of 1.5 pence per share, with the funds to go towards doubling the size of the Labskin AI laboratory in York, England.
Integumen said it intends to hire additional laboratory, sales & data scientists, and increasing average sales per client to between GBP100,000 and GBP500,000 for physical & artificial intelligence services.
Labskin AI's technology platform allows skincare, healthcare, pharmaceutical manufacturers and cosmetic companies to test their products on human-like skin in a real-world environment.
The funding will also help to engage technical support professionals to support Rinodrive and its intelligent data management and analytics software services. Rinodrive is an AI analysis system that provides insight that supports clinical, operational and financial decisions in healthcare services, third-level education, government departments and the financial sector.
Gerard Brandon, chief executive officer, said: "It is necessary for the company to provide verifiable assurances during a client's due diligence process that its cash buffer is strong throughout the duration of each client's engagement with the company. The monies raised will provide this buffer and enable this continued rapid growth of sales to many leading global skincare companies through the expansion of both facilities and employees."
In the nine months ended September 30, Integumen achieved a turnover of GBP591,000 compared with the same period last year when the turnover was GBP116,000. The company reported an loss before interest, taxes, depreciation, and amortization of GBP668,000, a reduction of GBP134,000 on the comparative period in 2018.
Overheads totalled GBP1.129 million, an increase of GBP249,000 year-on-year. As at September this year, the company had cash balances of GBP477,000, it said.
By Ife Taiwo; ifetaiwo@alliancenews.com
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