Incanthera (LSE:INC) has signed an exclusive bundled distribution agreement with iSmart Developments to supply bioactive creams for use alongside iSmart's LED skincare devices.
The dermatology and oncology technology developer said the deal delivers its maiden contracted recurring sales revenue.
iSmart manufactures LED brands including Omnilux™ and faceLITE™, shipping roughly 1 million devices annually to markets including the United States and Australia, and recently secured FDA clearance for its five-wavelength 5G mask.
The agreement includes contracted annual minimum order quantities tied to iSmart's existing device sales volumes.
A split-face consumer trial run by iSmart found all participants rated the cream-plus-LED side improved versus baseline, with 87% reporting smoother, better-hydrated skin than with the mask alone; the study was not fully powered for efficacy, and a larger three-arm trial is planned.
The two companies are also discussing extending the arrangement to iSmart's next-generation ultra-light wearable LED devices, aimed at sports and casual apparel.
Incanthera said the deal validates the partnership-led model it set out in announcements on 4 June and 13 July, supplying science, formulation and intellectual property while partners provide manufacturing scale and distribution.
"Our new partnership with iSmart underscores the value of our skincare IP and formulation expertise and brings together our bioactive formulation capabilities with a highly complementary commercial partner with genuine global scale and reach," said chief executive Stuart Robertson.
The company said it will update the market on the timing of first bundled product supply and progress on further collaboration, including any clinical trials.
News Intelligence what this means for the company
Incanthera has secured its first contracted recurring revenue stream via an exclusive supply deal with iSmart Developments, which manufactures ~1 million LED skincare devices annually under brands including Omnilux and faceLITE. The agreement ties minimum annual cream orders to iSmart's existing device sales volumes, validating Incanthera's stated partnership-led model of licensing IP and formulation expertise to distribution-scale partners—a strategy the company outlined in June and July announcements.
- iSmart is exploring extension of the bundled arrangement to its next-generation wearable LED platform aimed at sports and casual apparel, potentially expanding Incanthera's addressable market beyond current LED mask users.
- A larger three-arm clinical trial is planned to support the cream-plus-LED efficacy claim; positive results could strengthen the commercial case for both parties and unlock additional distribution channels.
This deal marks Incanthera's transition from pre-revenue to contracted recurring sales, anchoring the partnership model it has been building since the énielle acquisition.
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