Life sciences group OptiBiotix Health plc (LON:OPTI) has confirmed its majority owned SkinBioTherapeutics subsidiary is looking to list on AIM.
The group has been gearing up for this ever since it announced plans to spin out the skin care business – formerly known as SkinBiotix – last summer.
Shortly after announcing the split, OptiBiotix brought in Martin Hunt as its new chairman, while Catherine O’Neill has since been appointed as chief executive to head up the new business.
Opti said the planned admission of SkinBioTherapeutics to the junior market would bring in non-dilutive funding and help it to develop and commercialise its technology.
“OptiBiotix's skin division has built its own IP, team, and development programmes to a point where the board believe the scale of the opportunities offered by its SkinBiotix's technology in the biotherapeutic space may be best realised by separate listing,” said OptiBiotix chief executive Stephen O’Hara.
“As a majority shareholder in SkinBioTherapeutics, OptiBiotix's board believe this provides the necessary resources to grow SkinBioTherapeutics and create the potential for substantial future value enhancement.”
Back in October, OptiBiotix invested £400,000 through a convertible loan which will be converted into SkinBioTherapeutics shares on its admission. They’ll also be subject to a 12-month lock-in agreement.
OptiBiotix estimates that the cosmetic skin care market is worth around US$120bn, while other related markets could be worth in excess of US$85bn.
Shares in OptiBiotix gained on the news this afternoon and were up 4% to 82.5p.
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