Deepverge PLC New Labskin service - update (2915I)

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RNS Number : 2915I

Deepverge PLC

11 December 2020

11 December 2020

DeepVerge PLC

("DeepVerge" or "the Company")

New Labskin service 'soft launched' in August already nets GBP400,000 in completed orders in Q4

Service has attracted new household name clients

DeepVerge (LSE:DVRG.L), the environmental and life science AI company, is pleased to announce a new R&D service, launched in August 2020, has already generated GBP400,000 in completed sales in Q4 with agreements with 10 new clients that had previously not used Labskin services. These agreements include framework Master Services Agreements with 2 of the world's largest suppliers of consumer products related to skincare.

The new service, designed to quickly validate the impact of ingredients such as probiotics and prebiotics on the skin microbiome, clones the human skin microbiome using six microbial strains and delivers real world environment results that mirror the impact of treatments and therapeutics on real human skin.

The new R&D service adds to the existing client offering. It increases revenue per client and delivers higher value test services on ingredients used in an expansive range of products - from anti-viral, to shampoos to babies' nappies. The new service replicates skin conditions of the scalp, face, mouth and abdomen. It also utilises AI which has significantly improved the speed and accuracy of testing ingredients on virtual skin models.

Gerard Brandon, CEO of DeepVerge, Commented:

"When we designed this new service we built on three key platforms : Labskin's ability to grow human skin, its expertise in replicating the skin's microbial environment from different parts of the body and its increasing use of AI and data which helps with speed, accuracy and insights. While we will fully launch the product at conferences across all regions in 2021, it has already resulted in significant interest and orders from existing and new clients as well as from new clients in new sectors/markets.

The Labskin division has become a recognised global leader in cloning and testing real-world human skin microbiome in a laboratory with a rapidly expanding order book from a growing blue chip client base. Since September 2019, the team has increased revenue per client exponentially by offering multiple value-added solutions beyond its core laboratory testing services which lower client development costs of product information validation enabling new products get to market faster."

For further information please contact:

 
                                                                  [phone] 
 DeepVerge plc                      Gerard Brandon, CEO            648 
 SPARK Advisory Partners Limited    Neil Baldwin/Andrew           [phone] 
  (Nominated Adviser)                Emmott                        8974 
 Turner Pope Investments (TPI)                                    [phone] 
  Limited (Broker)                  Andy Thacker/Zoe Alexander     0050 
 

About DeepVerge plc (www.deepverge.com)

DeepVerge is a scientific research and AI-as-a-Service company focused on production and analysis of bacteria, virus and toxins utilising artificial intelligent data analytics in regulatory technology, from scientifically proving the impact of skincare product claims on skin microbiome for top 20 global cosmetic company clients to remotely detecting water contamination in real-time.

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December 11, 2020 02:00 ET (07:00 GMT)