DUBLIN: Integumen plc, has conditionally agreed to acquire the entire issued share capital of RinoCloud Limited, an integrated scientific data management services company, for £3.0 million, by the issue of 214.285 million new Ordinary Shares at an issue price of 1.4 pence.
Additionally, Integumen announced a placing through its broker, Turner Pope Investments and a subscription which will together raise £2.518 million.
Gerard Brandon, Chief Executive Officer, commented: “The proposed placing and acquisition of RinoCloud is transformational for our Labskin AI business and follows a five-month collaboration and three years of external development. 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. With strong growth seen in the first quarter of 2019, Labskin is at the forefront of animal-free testing for the healthcare, pharma and beauty industries. We believe that Integumen is leading a virtual microbiology testing revolution.”
Strategic rationale for the RinoCloud acquisition:
- Provides an end-to-end science-data management service enabling efficient scale up of Labskin AI – from the benchtop, to extracting value from team collaboration and smart analytics, through to delivering it as verified results to support client product development and marketing claims.
- Transforms and elevates Labskin through an intelligence-led digital platform:
- Live automated monitoring of Labskin growth using bench top and mobile probes with real time data flowing to analytics;
- Software as a service (SaaS) provided over a secure private cloud infrastructure;
- Historical data from Labskin manual tests feeding analytics;
- Published data feeding into the artificial intelligence (“AI”) model;
- Data ingestion from specialist equipment to further teach the AI model (to recognise odours generated by skin tests);
- An integrated front end for client teams to order, monitor and give and get feedback on tests;
- A work management system to automate the work flows of work relating to tests; and
- A secure store, share and collaborate platform which curates all data from tests and gives clients verified and verifiable data to support test results.
Integumen is a vertically integrated business, collaborating their Labskin technology platform with partners in artificial intelligence, clinical research, medical device and life science.
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