Skin Elements Ltd (ASX:SKN) has secured $10.5 million through an underwriting agreement with State Securities Pty Ltd to underwrite the exercise of its options expiring on December 31 2020.
The underwriting agreement will guarantee that the company receives $10.5 million from the exercise of quoted and unquoted Skin Elements options.
These funds will support the company’s global rollout of the recently launched Invisi Shied natural hand sanitiser product range and the continued expansion of both production and marketing of its natural skincare products.
Natural skin-friendly hand sanitiser
Earlier this month Skin Elements and Holista Colltech Limited (ASX:HCT) signed a binding agreement to launch a natural alcohol-free hand sanitiser that combines Skin Elements’ new skin-sensitive anti-microbial formula with the Path-Away active ingredient distributed by Holista.
The all-natural product will address a major concern faced by the repetitive use of alcohol-based sanitisers.
Many Australians are increasingly concerned about skin sensitivity due to high alcohol content in sanitisers. Invisi Shield natural hand sanitiser does not use alcohol.
TGA registration not required
The Invisi Shield natural hand sanitiser is currently being formulated by Skin Elements using third party independent test results on ingredients.
Once this product has been finalised the assessment of applicable regulatory framework and further appropriate independent laboratory testing will be undertaken as required.
Invisi Shield is not required to be registered by the Therapeutic Goods Administration (TGA) as it is deemed to be a personal cosmetic product.