Skincare company launches on AIM
Skincare and healtech business Integumen has made its debut on AIM.
The business, based in Dublin with a major R&D facility and registered offices in York, launched with a market capitalisation of £8.25m.
It estimated that it would make £1.83m on its first day of dealings.
On admission Venn Life Sciences, another listed healthtech business, will own 42,244,672 ordinary shares in Integumen amounting to an interest of 25.59%
Integumen was a formerly 41.51% owned associate of Venn, and upon admission has completed the acquisition of a Venn division, Innovenn UK.
The main countries of operation are the U.K, Germany and the USA. For the 6 month period ended 30 June 2016 Integumen recorded a loss of £1.02m.
Declan Service, CEO of Integumen said: “I am delighted that Integumen is joining AIM today. This is an important and transformational step for the Company and we believe our AIM listing will unlock the value of our portfolio of products, technologies and know-how in the growing markets of wound care, oral care and skincare.
“Integumen has a well-defined strategy and we are now focused on further developing our products and commercialisation.”
Chairman of Venn Allan Wood commented: “We are excited about the independent future of Integumen as a separately listed entity and the value this could bring for shareholders. We also look forward to a productive trading relationship where Venn is well placed to handle the clinical, registration and other technical requirements of Integumen’s expanding product and technology portfolio. ”
The directors estimated that to date, around £15m of investment has been made in the group’s products and technologies with the aim of commercialisation.
