AIM share code: SKIN

29 October 2019

Integumen PLC

("Integumen" or "Company")

Integumen launches independent Rinodrive AI open-source eco-system

Labskin AI demonstrates value of the Rinodrive data driven platform

Integumen is pleased to announce the launch of Rinodrive (www.rinodrive.com) as an independent Artificial Intelligent (AI) platform for collaboration and joint venture partners as an open-source cloud-based eco-system. The stand-alone platform is currently being rolled out with existing healthcare clients, a growing list of higher educational establishments, being tested in government departments, in a reputable UK bank and an international financial advisory firm.

Since 2016, Rinocloud, a wholly-owned subsidiary of Integumen, has developed Rinodrive as a data aggregation, refining and AI analysis open-source eco-system, designed to provide third-party service providers with the ability to offer their clients valuable insights that support clinical, operational and financial decisions in healthcare services, third-level education, government departments and the financial sector.

Gerard Brandon CEO of Integumen commented:

"Following the transformational change with the Integumen business model achieved in just a few months by adding AI to Labskin, we are now delighted to be able to offer the same benefits across multiple industries.  Rinodrive will act as an independent AI platform which will allow the management of Integumen to remain focused on their core Labskin AI business while deriving revenues from clients across healthcare services, third-level education, government departments and the financial sector.

"In the three years prior to the Rinocloud acquisition in May 2019, Rinodrive had been developed to deal with the explosive growth of data across multiple industries.  We have seen it successfully work with genetic data at Labskin and also at various scientific data at research institutes such as the University College Cork, Cambridge University and the Centre for Advanced Photonics & Process Analysis at the Cork Institute of Technology.  Rinodrive AI is now ready to help our clients and partners advance their work beyond Labskin and add a further revenue sharing source of income as we head into 2020."

Explosive data growth

It is estimated that the doubling time of medical knowledge in 1950 was 50 years and in 2010, the amount of healthcare data collected was said to be doubling every three and a half years. It is projected that by 2020 this will be every 73 days[i]. The International Data Corporation predicts a healthcare data compound annual growth rate of 36 % up to 2025 - driven by analytics, imaging and real-time data for decision support - exceeding manufacturing (30 %), finance (26 %) and media (25 %)[ii].

In order to ensure staff retention while at the same time improve quality of care, it is imperative that healthcare providers increase efficiency to reduce costs, waste, duplication and the length of the care to maintain patient satisfaction. Data is the key driver.

Connecting existing systems with open platforms, and specialists with patients, while employing AI to analyse the data and generate actionable insights is key to the increase demands on any modern-day healthcare eco-system.

Unexploited data

Rinodrive is a robust platform with state-of-the-art open-source cloud infrastructure.  Many Labskin clients already share their clinical trial results through the LabskinAI portal through secure, military grade encrypted access.

The business opportunity for Rinodrive will be achieved through partnership, joint venture and revenue sharing collaboration.  Consultant companies managing data aggregation and migration to the cloud can create value for the client from the use of Rinodrive AI tools on their client data. Likewise, recruitment companies supplying IT personnel in a highly competitive market for low-margin single fee income can transform their business model by targeting high margin clients contracting personnel to compete on equal terms with the likes of Accenture, McKinsey and other consultancy firms.

About Integumen:

Integumen is a vertically integrated product and services company for skin related diseases, treatments and therapies with three business units: 

·     Labskin AI's technology platform incorporates artificial intelligence within clinical research for medical device, pharmaceuticals, cosmeceuticals and related life science test services.  Labskin allows skincare, healthcare, pharmaceutical manufacturers and cosmetic companies to test their products on human-like skin in a real-world environment with full access to multiple state-of-the-art partner technologies.

·     Rinodrive is a data aggregation, refining and AI analysis open-source eco-system designed to provide third-party service providers the ability to offer their clients valuable insights that support clinical, operational and financial decisions in healthcare services, third-level education, government departments and the financial sector.

·     Wound pHase is developing skin and wound care products using its proprietary wound dressing technology. Working in collaboration with CBD providers creating a CBD infused diabetic wound care product range.

·     Stoer-for-men skin products e-commerce division offers a range of skincare products derived from 5 natural super-ingredient plant extracts specifically for men to reduce the signs of ageing and is also used as a control for client testing within Labskin laboratories.