SkinBioTherapeutics PLC (LON:SBTX) reported cash balances in line with expectations at the end of its financial year and said it has identified five “channels” for the development of its existing and new skin health technology.
In the year to 30 June, the AIM-listed company completed its first human cosmetic study, appointed Stuart Ashman as its chief executive and began the discussions that resulted in a first commercial deal earlier this month.
"This has been an exciting year for the company,” Ashman said in a statement.
“The beginning of the year was about proving the sound scientific foundation of our SkinBiotix technology and the positive effects of it on the barrier function of the skin. The successful results drove commercialisation discussions forward which resulted in our recent agreement with the world leader in skincare actives for the cosmetic industry, Croda International Plc.”
Operating expenditure continued to increase during the course of the year, in line with management forecasts, with research and development spending of roughly £708,000, compared to £416,000 a year ago, which comprised of development work with the University of Manchester, ongoing work on manufacturing, scaling-up and formulation, as well as the costs of the cosmetic human study.
Ongoing operating costs came in at roughly £652,000, compared to £526,000, covering employment, consultancy, PLC support costs and marketing.
At the end of June, there was £3.1mln in the bank, compared to £3.2mln a year earlier and with a £1.5mln share placing in February.
A strategic review has identified five channels for the company “to develop its focus”, including the core SkinBiotix technology, where the Croda agreement extends its applicability for use in cosmetic applications in active skincare, but SkinBio also sees opportunities to explore the technology's use in other areas, for example toothpaste and mouthwash.
MediBiotix, another channel, sees the technology platform targeted at medical device applications and with the current focus being the application of SkinBiotix technology on eczema, while the AxisBiotix channel focuses on the gut-skin axis and its role in various diseases, such as psoriasis.
Ashman says SkinBio's new financial year will see the company “continue to seek further commercial opportunities and build the development pipeline with new programmes in eczema and psoriasis”