SkinBioTherapeutics plc (LON:SBTX) made a storming start to life as an AIM company following its spin-out from OptiBiotix.
The shares, listed at 9p each, were changing hands for 13.75p in early afternoon, valuing the business at a tad over £16mln.
Its IP was developed from research carried out by chief executive Cath O’Neill and Professor Andrew McBain at Manchester University.
The technology helps strengthen the skin barrier, protect it from infection and will even help the healing process.
LISTEN: Chief executive Cath O'Neill in her own words
SkinBio is developing cosmetics, an anti-infection product and an eczema treatment.
The £4.5mln it has raised will fund a whole host of work, including scale-up and manufacturing, formulation and testing in human volunteers.
It is aiming to have developed its lead product, for the cosmetics industry, by the end of next year and has enough cash to get it this pivotal stage.
The stock market listing also serves another purpose, CEO O’Neill told Proactive Investors’ Andrew Scott.
“Our business model is to get through our human proof-of-concept studies and then we partner with organisations who can actually do the commercialisation,” she said.
“So going through an IPO raises our profile with potential partners.”