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Integumen offers a range of products in the skin science, oral health and woundcare sector

Irish skincare company Integumen raising £1.4m from share placing

Company to use funds to help boost revenues as it looks to double size of its laboratory

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Dalkey-based Integumen is to raise £1.4 million (€1.66 million) through a share placing and subscription to provide working capital as it looks to boost revenues from a projected £1 million this year to £4 million in 2020.

The company, which raised £2.25 million in an initial public offering and listing on the London Stock Exchange’s junior market in 2017, said it will issue 91.3 million new ordinary shares at 1.5 pence a share, a 3.8 per cent discount on Friday’s closing price of 1.56 pence.

Integumen offers a range of products in the skin science, oral health and woundcare sector.

It said it intends to double the size of its Labskin laboratory in York as it announced turnover of £591,000 for the first nine months of the year, as against £116,000 for the same period a year earlier.

The company said earnings before interest, taxes, depreciation and amorisation (ebitda) totalled £668,000, up from £134,000 for the same nine months in 2018.

“Even with cash in the bank, a very low-geared (8 per cent.) balance sheet and profitability in sight, 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,” said chief executive Gerard Brandon.

“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. With the visibility we have of sales into next year, 2020 is already looking to be a good year for Integumen,” he added.

Integumen was set up in 2016 and bought out the healthcare products business Innovenn that same year from Venn Life Sciences for £4.74 million Venn, which later morphed into Open Orphan, retained a state in Integumen after its flotation. Open sold that remaining stake in July for £567,000.