SkinBioTherapeutics said full-year revenue would be below market expectations.
In its half-year results statement, it said it was currently not “possible to predict at this time the quantum of the impact on sales” without having implemented a full marketing campaign for its key product, the psoriasis treatment AxisBiotix-Ps.
“Whilst at this stage the initial numbers are much lower than initially anticipated, we've seen and continue to receive very positive feedback from customers which are very gratifying,” said chief executive Stuart Ashman.
“Understanding retention levels is important to longer-term forecasts and this takes time.”
He said the aim for the second half of the year is to continue the ramp-up of sales, with an influencer marketing programme that began in February.
The recruitment of Danielle Bekker as an independent director should bring digital marketing and consumer trend experience, Ashman added.
He confirmed the group was bringing in additional customer service and digital resources “to boost efforts”.
“We're still at a very early stage of the sales journey, however, it's clear from the customer feedback that AxisBiotix-Ps is a product that has already had a very positive impact,” Ashman went on.
The period to the end of December was one of change, investors were told. The group had initially been set up as a business-to-business operation to licence its technology to industry partners.
However, in response to the challenges of Covid, SkinBioTherapeutics pivoted.
Backed by a human study, its strategy then focused on the direct-to-consumer sales of AxisBiotix-Ps, the probiotic food supplement developed to help alleviate the symptoms of psoriasis. The soft launch was at the end of October.
Elsewhere, the group revealed positive underlying progress.
It said the speciality chemicals giant Croda, a partner of SkinBioTherapeutics, is “engaging with its VIP clients” about SkinBiotix as an active cosmetic ingredient.
It added that it continues to anticipate licensed royalty revenue generation by the end of this year.
Its researchers also have underway a food supplement formulation for acne with a consumer study expected to start during 2022.
The loss from operations for the six months ended 31 December was £1.16mln – not a surprise for a business at the formative stages of commercial development. More pertinently, it had cash of £3.2mln.
The shares opened 29% lower.