14 October 2020 – SkinBioTherapeutics plc (AIM: SBTX or the "Company") a life sciences company focused on skin health, is pleased to announce it has conditionally raised £4.0 million by way of a Placing to new and existing institutional investors.
Furthermore, to enable other Shareholders who are not able to participate in the Placing an opportunity to subscribe for new Ordinary Shares, the Company is proposing to raise up to an additional c.£0.5 million by way of an Open Offer made to Qualifying Shareholders.
Key features of the Placing & Open Offer
Use of proceeds
The Fundraising is conditional, inter alia, upon Shareholder approval at the General Meeting, which will be held electronically at 11:00am on 30 October 2020.
In light of the ongoing COVID-19 pandemic and with a view to taking appropriate measures to safeguard its shareholders' health and make the General Meeting as safe and efficient as possible, the Company is urging the Shareholders to exercise their votes by submitting their Form of Proxy and appointing the Chairman of the General Meeting as their proxy.
Shareholders will not be allowed to attend the meeting in person, as to do so would be inconsistent with current government guidelines relating to COVID-19, in particular the advice for people to avoid public gatherings, all non-essential travel and social contact. Any Shareholder seeking to attend the General Meeting in person will be refused entry.
The Company is actively following developments and will issue further information through a Regulatory Information Service and/or on its website (www.skinbiotherapeutics.com) if it becomes necessary or appropriate to make any alternative arrangements for the General Meeting. The General Meeting will be purely functional in format to comply with the relevant legal requirements.
Should Shareholders wish to ask any questions in relation to the Fundraising or the Resolutions, which they may otherwise have asked at the General Meeting had they been in attendance, they are encouraged to contact the Company prior to the General Meeting by email to the Company Secretary at email@example.com with the subject line “GM Question”.
The Company will shortly be posting a Notice of General Meeting and an accompanying circular (the “Circular”) to existing Shareholders following this announcement. All relevant documents will also be available to download from the Company’s website at www.skinbiotherapeutics.com/investor-relations.
Subject to, inter alia, the passing of the Resolutions at the General Meeting, up to 28,123,988 Ordinary Shares are expected to be admitted to trading on AIM on or around 8:00 am on 2 November 2020.
Stuart Ashman, CEO of SkinBioTherapeutics plc, said:
“The Company has consistently delivered on its strategy for shareholders. We have signed two commercial agreements – one with the multinational ingredients company, Croda, to develop an active skin care ingredient and the other with Winclove, to develop a food supplement to treat the symptoms of psoriasis. Both development tracks are making great progress.
“The new funds will help accelerate the development of other areas for our technology – for example in oral care and in hair, whilst we continue to progress our human study in psoriasis. We will also be able to strengthen our R&D resources, infrastructure and team, which have, until now, been kept minimal.
“We are entering an exciting chapter for the Company into one of late stage development and commercialisation, whilst continuing to broaden the microbiome base of the Company.”
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement via a Regulatory Information Service ("RIS"), this inside information is now considered to be in the public domain.
The full version of the statement can be found on the Company’s website at: https://www.skinbiotherapeutics.com/.
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 Professor Catherine O'Neill and Professor Andrew McBain.
The Company has demonstrated, through scientific testing, that the SkinBiotix® platform can improve the barrier effect of skin models, protect from infection and repair wounds. Proof of principle studies have also shown that the SkinBiotix® platform has beneficial attributes applicable to each of these areas. The technology achieved positive results in clinical studies in human volunteers in early 2019.
The Company listed on AIM in April 2017 and is based in Manchester, UK. For more information, visit: www.skinbiotherapeutics.com.
Issued for and on behalf of SkinBioTherapeutics plc by Instinctif Partners.
For more information please contact: SkinBio@instinctif.com
Melanie Toyne-SewellManaging Partner