CRO Venn Life Sciences has announced the acquisition of the intellectual property rights for Labskin, SYN1113 and related equipment of Evocutis, for $287,000 in new ordinary shares in Venn.

Evocutis is a dermatology company that has developed an innovative skin substitute product called LabSkin, which provides an alternative to animal testing. LabSkin looks, feels and behaves just like human skin and displays a barrier function similar to that of human skin. Since March 2013, it has become illegal to sell skincare or cosmetic products within the E.U. that have been tested on animals. The board of Venn believes this regulatory change has opened a significant market opportunity for LabSkin.

Venn is acquiring the intellectual property and know-how to produce LabSkin, perform the specialized portfolio of contract research assays, in vitro skin models, skin microbiology expertise and clinical trial support services all focused entirely on dermatology. In addition, Venn will acquire the novel anti-acne compound SYN1113, which is a clinically proven and patented technology. Venn will out-license this technology through its division InnoVenn.

The completion of the acquisition is expected March 13.

Tony Richardson, CEO of Venn, said, “In December 2013, we acquired CRM Clinical Trials, a CRO with a strong pedigree in the dermatology and skin science arena. The acquisition of these assets will allow us to deepen our capabilities in the skincare and cosmetic arena and position Venn as a key player in this sector.”