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SkinBioTherapeutics plc - Half year consolidated results

SkinBioTherapeutics plc - Half year consolidated results

Manchester, UK – 15 March 2021 – SkinBioTherapeutics plc (AIM: SBTX or the “Company”) a life sciences company focused on skin health, announces its unaudited half year consolidated results for the six months to 31 December 2020.


Operational and financial highlights

  • Successful combined and formulated blend of probiotic food supplement, AxisBiotix-Ps™, by partner Winclove, completed ahead of schedule
    - Post-period end: commencement of supplement consumer study with strong initial data from over 150 participants reporting at the 14 day timepoint
     
  • SkinBiotix programme with Croda progressing to plan; current focus is scaling-up manufacture of lysate to higher (commercial) volumes; commercialisation on track for 2022
     
  • Placing and open offer in October completed, raising £4.45m (gross)
     
  • Cash as at 31 December 2020 £5.5m (2019: £2.5m)


Stuart Ashman, CEO of SkinBioTherapeutics, said:

“The Company has made strong progress over the first half of the year, which given the continued impact that the COVID-19 pandemic has had across the UK and internationally, has been an outstanding achievement by the team.


“We acted decisively and swiftly in adapting our AxisBiotix-Ps™ food supplement consumer study into a format that allowed for remote participation, which we successfully launched post-period end. Our SkinBiotix cosmetic programme is progressing on schedule, with Croda/Sederma making excellent strides on both the manufacturing and commercial positioning sides. We anticipate seeing significant progress in both areas of work during 2021.


“Our placing and open offer completed in October 2020 has given us resource to materially explore the use of our technology in other areas and expand our virtual R&D operations into true in-house capability. Coupled with our robust cash control, the Company is well-positioned to unlock the commercial potential of our world-class technology.”


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.
 

For the full results statement, please visit the Company's website: 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.


For more information please contact: SkinBio@instinctif.com


Caution regarding forward looking statements

Certain statements in this announcement, are, or may be deemed to be, forward looking statements. Forward looking statements are identified by their use of terms and phrases such as ''believe'', ''could'', "should" ''envisage'', ''estimate'', ''intend'', ''may'', ''plan'', ''potentially'', "expect", ''will'' or the negative of those, variations or comparable expressions, including references to assumptions. These forward looking statements are not based on historical facts but rather on the Directors' current expectations and assumptions regarding the Company's future growth, results of operations, performance, future capital and other expenditures (including the amount, nature and sources of funding thereof), competitive advantages, business prospects and opportunities. Such forward looking statements reflect the Directors' current beliefs and assumptions and are based on information currently available to the Directors.

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Melanie Toyne-SewellManaging Partner