SkinBioTherapeutics PLC (LON:SBTX) said it has raised £1.5mln selling shares to an existing investor.
Seneca Partners’ holding in the company increases to 20.9% from 14.6% after it bought stock at 16 pence – a 16% discount to Friday’s close.
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SkinBioTherapeutics said the new funds injection will be used to “explore new opportunities for its existing SkinBiotix technology, support new areas of development and in doing so, explore the commercial opportunity in the broader microbiome arena”.
SkinBiotix is currently undergoing the final and most important leg of its human trials, which will assess whether the cream protects and restores the skin.
The trial readout is expected by the end of March.