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SkinBioThereapeutics making progress with new strategy

The company is targeting further commercial progress in the areas of MediBiotix, where it is focusing on medical device applications, and CleanBiotix

SkinBioTherapeutics PLC -

Skin health life sciences company SkinBioTherapeutics PLC (LON:SBTX) said the first half of its financial year saw the company begin to commercialise its technology.

The six months to the end of December was a period in which the company secured its first commercial agreement with FTSE 100 company Croda, which it said is a strong validation of its technology.

Since the end of the reporting period, the company has teamed up with a Dutch firm called Winclove Probiotics to develop a food supplement to combat psoriasis.

The management team is targeting further commercial progress in the areas of MediBiotix, where it is focusing on medical device applications, and CleanBiotix during the course of the year.

As of yet, however, the company is not earning revenues and the half-year saw it report a loss before tax of £889,002, compared to a loss in the second half of 2018 of £632,279.

Research and development expenditure in the period grew to £455,052 from £391,907 the year before. The scientific focus in 2020 will continue with the intended commencement of a human study for psoriasis and clarity on the regulatory pathway for the treatment of eczema. 

Cash and cash equivalents at the end of the year stood at £2.48mln, little changed from £2.52mln a year earlier. Cash burn during the period was £642,000 (£666,000 in the same period of 2018) and in line with management's expectations. 

"The first half of the year has been focused on refining and starting to deliver on our strategy to commercialise the SkinBiotix technology. The five pillars of the strategy comprise SkinBiotix, AxisBiotix, MediBiotix, CleanBiotix and PharmaBiotix demonstrating our belief in the applicability of our technology,” said Stuart Ashman, the chief executive officer of SkinBioTherapeutics.

"From talks initiated by Prof. Cath O'Neill, we have concluded agreements around two of the pillars already - SkinBiotix and AxisBiotix - with Croda and Winclove respectively. Both companies are specialists in their fields and we believe both deals offer good growth and value opportunities to the company, whilst aligning with our current cash position and timeline.

"As we integrate these initial agreements into our day to day working practices, we continue to seek other commercial partners as well as furthering the scientific base behind our technology,” he added.

Quick facts: SkinBioTherapeutics PLC

Price: 16.55 GBX

AIM:SBTX
Market: AIM
Market Cap: £25.8 m
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