SkinBioTherapeutics PLC (LON:SBTX) said Dr Cath O'Neill will be “transitioning” from her role as chief executive this year with the life sciences company looking for a “commercially experienced individual” to succeed her.
“She has played a central part in the science and the company from the start, by discovering the technology, wrapping a company around it and leading it through the IPO and early life as a listed company,” said chairman Martin Hall.
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“We are very grateful to her for her contribution to date as CEO. The aim now is to find someone as dedicated and passionate about the technology who will take the company to the next stage."
Hall said the scientific and manufacturing foundations are now in place for the company’s SkinBiotix cream as he summed up a busy six months for the group.
The product, based on discoveries made by O'Neill and Professor Andrew McBain, has been developed to protect and repair skin.
It has successfully negotiated safety and irritancy studies, while the read-out from a 60-person efficacy trial is due before the end of March. Discussions are ongoing with potential commercial partners ahead of the release of data.
As is common with companies at this formative stage of development, SkinBioTherapeutics made a loss. The deficit for the six months to December 31 was £632,000. More importantly, cash at the end of the period was £2.5mln.