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Open Orphan sells remaining stake in Integumen

Open Orphan held a small stake in Integumen through its recent reverse takeover of Venn Life Sciences, which spun out Integumen a few years ago
share certificate
The sale eliminates any possibility of a stock overhang, which can weigh on a share price

Open Orphan PLC (LON:ORPH) has sold its remaining shares in cosmetics testing group Integumen PLC (LON:SKIN).

Integumen was spun out of Venn Life Sciences – the forerunner to Open Orphan – back in 2016, which left the latter with a stake in the new business.

READ: Integumen posts 1,200% rise in first-half revenue

After Open Orphan’s recent reverse takeover of Venn, the new management has decided to sell its holding.

Integumen said the shares, equating to a holding of around 3.1%, had been sold to existing long-term shareholders, “thereby eliminating any overhang on the open market”.

Integumen shares were up 1.4% to 2.08p, valuing the company at just over £20mln.

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