Integumen acquires data management service RinoCloud

(Sharecast News) - Life sciences outfit Integumen agreed to acquire data management firm RinoCloud for a total of £3m on Friday as part of its efforts to build out its Labskin AI platform.Integumen, which has been using RinoCloud's technology in the development of its laboratory-grown skin product, issued 214.29m new shares of 1.4p to RinoCloud shareholders, who will now hold a 22.5% stake in the company.Chief executive Gerry Brandon said: "The conversion of the business model from a physical laboratory to an automated, real-time, real-world digital data platform means we can quickly scale up to meet the growing demand for our cloud-based services."Our clients benefit from improved delivery of data directly to their scientist user-portal. Here they can monitor and adapt the testing process live from Labskin laboratories equipment or any third-party laboratory equipment, anywhere in the world."The AIM-listed group also revealed that it intends to raise a further £3.5m to aide it in the next stage of its growth.Integumen will issue 179.9m shares at 1.4p - a 19% discount to its closing price at the end of Thursday's session - representing roughly 18.9% of the company's enlarged share capital.As of 0845 BST, Integumen shares had sunk 12.72% to 1.51p.