Deepverge PLC (LON:DVRG), the company formerly known as Integumen, said its lead product has received initial orders from four major new customers.

Ahead of the In-Cosmetics Virtual Conference for beauty products ingredient suppliers that takes place on Tuesday, the AIM-listed company said the initial orders for Labskin are worth around £190,000 for completion this quarter.

The new customers are all “global players” in the cosmetics, personal care and medical device sectors, it added, with combined sales revenues of US$56bn. 

“This adds to the existing growing business of Labskin and further underpins the guided revenue of £4m for 2020,” the company said, while also confirming it has changed its name and stock market ticker.

Chief executive Gerry Brandon said: “The company has changed dramatically since I joined as CEO a little over two years ago and we have not only driven the core Labskin business, now recognised as a thought leader and product development partner in the skincare world, but we have also ventured into new and important fields, with artificial intelligence services in wastewater equipment and real-time breathalyser COVID-19 products.”

He said the DeepVerge name reflects the company’s “deep science in diagnostics and environmental contamination detection” that was “on the verge of applied engineering innovation on land, sea and air”.  

The shares were up 7% to 30.75p on Tuesday afternoon.