SkinBioTherapeutics PLC (AIM:SBTX) said it has raised £2.5mln via a placing of new shares at a modest discount to last night’s closing price.
The figure could be topped up by £1mln if private investors subscribe to a parallel offer of stock organised by a company called REX Retail.
The new cash injection will be put to work funding the global roll-out of the company’s psoriasis product, Axis-PS as well as helping accelerate the commercialisation of its acne product.
Additionally, it will also provide a ‘strengthened balance sheet for negotiations with potential acquisition targets’, investors were told.
In a statement, SkinBio chief executive Stuart Ashman said: “We have current and new investors who wish to participate, and we are offering the opportunity to our retail shareholder base.
“This funding will not only help us drive current activities but will also strengthen our position for early conversations with potential partners and complementary acquisitions."
SkinBioTherapeutics is a life science company specialising in skin health that has developed a proprietary technology called SkinBiotix.
Based on research conducted by the company’s chief scientific officer, Dr Catherine O’Neill, and Professor Andrew McBain at The University of Manchester, SkinBiotix used lysates derived from probiotic bacteria to improve the barrier function of skin, promote repair, and reduce bacterial load.
The company aims to apply SkinBiotix in five major areas of skin healthcare: cosmetics, food supplements for skin conditions, medical skin care, infection control in both home and hospital settings, and pharmaceutical treatments for skin conditions.