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SkinBioTherapeutics looks to make progress with commercial talks as new CEO takes charge

New chief executive Stuart Ashman was appointed to take the company to commercialisation

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SkinBio said it was in "advanced engagement with a number of potential partners"

SkinBioTherapeutics PLC (LON:SBTX) said it is continuing “advanced” talks with a number of potential commercial partners as the firm announced that its new chief executive Stuart Ashman has taken up the reins as founder Cath O'Neill departs the board to focus on the company’s scientific developments.

The group added that ex-Smith & Nephew director Ashman has now fully taken up the CEO role and O’Neill started her new job as chief scientific officer, with the pair having begun the transition in March.

WATCH: SkinBioTherapeutics' Cath O'Neill 'thrilled' with human study data for skin cream

O’Neill, who has said she wanted to appoint a successor with the skills to take the company to commercialisation, will also become a member of a new scientific advisory board SkinBio is creating, to be chaired by Cathy Prescott, a non-executive director.

Ashman extolled O’Neill’s leading contribution to the “solid scientific foundation” that forms the basis for the company’s development and growth.

He said the SkinBiotix technology is “well placed in an increasingly active market segment and I am very happy to continue working closely with Cath and the team to grow the business further."

“My immediate focus for the company will be to advance the ongoing commercial discussions whilst continuing the clinical development of the SkinBiotix technology,” he added.

Recent months have seen SkinBio raise £1.5mln in a share placing and complete the first human study of SkinBiotix, which demonstrated both safety and efficacy as it focused on skin irritancy, moisturisation and impact on skin barrier.

Quick facts: SkinBioTherapeutics PLC

Price: 19.5 GBX

Market: AIM
Market Cap: £24.98 m

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