Manchester, UK – 18 April 2019 - SkinBioTherapeutics plc (AIM: SBTX or the “Company”), a life sciences company focused on skin health, announces the appointment of Stuart John Ashman to the Board as a Director with effect from 18 April 2019. As previously stated in the Company’s announcement dated 29 March 2019, the intention is for Mr Ashman to succeed Dr Cath O'Neill as Chief Executive Officer following a period of transition, which will enable him to gain an understanding of the business and allow for an orderly handover. This will also enable Dr O'Neill to focus on the scientific development of the Company and the ongoing commercial discussions she has initiated.
Prior to joining the Company, Mr Ashman served as CEO of Onbone Oy (“Onbone”), a Finnish private equity-backed medical device company. In this role, he successfully established a global sales force and distribution network and led the growth of a multi-million pound business.
Prior to Onbone, Mr Ashman was President/CEO of Andover Healthcare Inc., a US-based wound management manufacturer, and before then, was President/CEO of TI Group, a UK-based medical/engineering company. Stuart also served as Senior VP, Global Sales & Strategic Marketing, BSN Medical (Biersdorf, Smith and Nephew) and was Director of Sales & Marketing at Smith & Nephew Plc, in its Woundcare, Casting & Bandaging division.
Martin Hunt, Non-Executive Chairman of SkinBioTherapeutics, commented:
“Stuart’s appointment as a director adds further commercial capability to the board. He has a considerable network within the medtech and life science industries and he has the experience and drive to take us forward on the next stage of the Company’s development”.
Other than as set out below, there are no other matters required to be disclosed under Schedule 2 paragraph (g) of the AIM Rules in relation to the appointment of Stuart John Ashman, aged 52.
Current Directorships Former Directorships within the last five years
Afterall Ltd Ashman Industries Ltd1
Hero Healthcare Limited Lupton-Smallshaw Limited2
Onbone Sports Limited
Onbone UK Branch
1. Ashman Industries Ltd was a company of which Stuart Ashman was a director until it ceased to trade and entered into a compulsory liquidation. The company was subsequently dissolved on 22 December 2017.
2. Lupton-Smallshaw Limited was a company of which Stuart Ashman was a director until the company ceased to trade and entered into a creditors’ voluntary liquidation on 7 September 2010. The company was subsequently dissolved on 16 February 2018.
Additionally, Turkington Europe Ltd, a company of which Stuart Ashman was a director until 25 January 2013, entered into in a creditors’ voluntary liquidation on 19 February 2013.
Stuart Ashman does not hold any ordinary shares in the Company. On 18 April 2019 Mr Ashman was granted options over 3,892,083 ordinary shares, representing 3% of the current issued share capital of the Company. The options, which have a life of ten years, are exercisable in three equal tranches at a price of 18p per share. The first two tranches can be exercised no earlier than 24 months from the date of grant, and the third tranche no earlier than 36 months from the date of grant. Exercise is subject to achieving performance milestones set by the Company’s board which are aligned to growth in shareholder value and commercialisation of the Company’s SkinBiotix® technology.
The grant of options to Stuart Ashman is considered to be a related party transaction for the purposes of AIM Rule 13. Accordingly the board, having consulted with Cairn Financial Advisers, the Company's nominated adviser, considers the terms of the transaction to be fair and reasonable insofar as the Company's shareholders are concerned.
The information communicated within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 and has been arranged for release by Doug Quinn, CFO of the Company. Upon the publication of this announcement, this inside information is now considered to be in the public domain.
About SkinBioTherapeutics plc
SkinBioTherapeutics is a life science company focused on skin health. The Company’s proprietary platform technology, SkinBiotix®, is based upon discoveries made by Dr. Catherine O’Neill and Professor Andrew McBain.
SkinBioTherapeutics’ platform applies research discoveries made on the activities of lysates derived from probiotic bacteria when applied to the skin. The Company has shown that the SkinBiotix® platform can improve the barrier effect of skin models, protect skin models from infection and repair skin models. Proof of principle studies have shown that the SkinBiotix® platform has beneficial attributes applicable to each of these areas.
SkinBioTherapeutics received seed funding from the Tech Transfer office of the University of Manchester for the discovery of SkinBiotix®. The platform was subsequently spun out of the University of Manchester in March 2016 and was funded by OptiBiotix (AIM: OPTI).
The Company joined AIM in April 2017, concurrent with raising £4.5 million from a placing of new ordinary shares.
The Company is based in Manchester, UK. For more information, visit www.skinbiotherapeutics.com.
Issued for and on behalf of SkinBioTherapeutics plc.
For more information, please contact SkinBio@instinctif.com