Incanthera plc (AQSE:INC) has updated the market as it marks the first anniversary of trading on the Aquis Growth Market.
The specialist oncology company said it has prioritised discussions with two global cosmetic companies to licence lead asset Sol's technology to commercial partners.
READ: Incanthera looking at big opportunity as Sol impresses in tests
Sol is a proprietary topical formulation designed to deliver into the skin an active known to treat solar keratosis and prevent the formation of skin cancers.
It is also separately exploring working with potential partners to apply its expertise and technology to develop further targeted products.
This includes a partnership that could provide new sun factor protection technology being used in conjunction with Sol, the company added.
Incanthera expects to provide an update on discussions around the time of its annual results announcement in June.
The therapeutics company floated on February 28, 2020, raising funds to concentrate on the commercialisation of Sol.
It then announced in September that studies on Sol's permeation across the skin barrier and safety profile on human skin surpassed expectations, strengthening the technology's commercial potential and valuation.
The firm also filed a new patent which gives extended patent protection to Sol to 2040.