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 (€1.1 million) this year to £4 million (€4.7 million) in 2020.
The company, which raised £2.25 million (€2.67 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 intends to double the size of its Labskin laboratory in York as it announced turnover of £591,000 (€702,000) for the first nine months of the year, as against £116,000 (€138,000) for the same period of 2018.
The company said earnings before interest, taxes, depreciation and amorisation (Ebitda) totalled £668,000 (€794,000), up from £134,000 (€159,000) for the same nine months in 2018.
Engagement
"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 (€5.63 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 (€673,000).
