Annual results from SkinBioTherapeutics PLC (LON:SBTX) chart a period of significant progress, including April’s listing on AIM (which brought in £4.5mln) and the demonstration of the three modes of action of its platform, SkinBiotix.
It is developing the technology as a cosmetic, a hand cream that protects against hospital-acquired infections and a treatment for eczema.
WATCH: SkinBioTherapeutics sees flagship technology take critical next step
The SkinBiotix platform has been developed to enhance the skin cell barrier, protect the skin and aid its regeneration.
The intellectual property was spun out of the University of Manchester and specifically the work of Dr Catherine O’Neill, who is now the company’s chief executive.
Made in Manchester
SkinBio has a research agreement with the university to develop a bacterial lysate. The company is currently scaling up manufacture from the small batches it produces, it said Thursday.
The financial results for the year to June 30 showed the newly-listed business was sitting on £3.9mln as at that date. It posted a loss of £673,000, which is modest for a company in the R&D phase.
"During the year, we have demonstrated three significant properties - barrier improvement, anti-infection and repair - which form the foundations of our three development programmes. We are making good scientific headway and are starting initial discussions with partners,” said CEO O’Neill.
"Operationally, we have made a good start to the new financial year, especially with the recent news around the third party cytotoxicity testing, and we look forward to reporting on the next phase of the company's journey."
READ: SkinBioTherapeutics PLC technology passes crucial milestone after independent test
On Tuesday, the firm said its flagship technology had passed a key safety test as it updated on progress.
Its SkinBiotix cream was assessed for cellular toxicity and specifically for adverse biological reactions from mammalian cell cultures.
Three products
As mentioned above, it is developing three products that manage, protect and restore the body’s largest organ.
First cab off the rank will be the company’s cosmetic for sensitive skin, which should be properly formulated towards the end of this year, before entering human studies in the second-quarter of next.
Going into development in the third-quarter of next year is a prophylactic for healthcare acquired infections.
The company hopes to begin commercialising the protective hand cream in 2020, the same year as work begins on an eczema treatment.
The research and development group, which is focused on understanding the skin-based portion human microbiome, said it had made a number of key advances in recent months as it updated on the progress of its three programmes.