Incanthera PLC (AQSE:INC) said it has taken steps to extend its cash runway until the end of 2023 to enable discussions to continue on a commercial deal for Sol, its pioneering skin cancer-blocking suncream,
The Aquis-listed group said the talks now include the potential for a full Sol product range.
Investment has also been made in new laboratory facilities, it said, with the formulation team also strengthened and samples manufactured.
Tim McCarthy, chairman, noted it recently invited and consulted with 10 of the UK's leading dermatologists to introduce Sol's technology and formulation.
“We received not only excellent independent endorsement for the capabilities of this product but importantly, valuable insight through unanimous enthusiasm over market demand for a formulation and technology of this quality and potential,” he said
"The team is constantly engaged in progressing our discussions towards the conclusion of the right deal for our Sol technology," he added.
"Specifically, in recent weeks, talks have continued on the many potential directions and scope for product opportunities and commercial benefits in dermatology, in line with our onward outlook, beyond a Sol deal, to capture and maximise the continuing promise for expansion."
McCarthy and chief executive Simon Ward recently provided the company with an interest-free loan facility of up to £190,000 while also waiving their remuneration to help with funding while financial markets remain so challenging to small companies.
Bradford University (UOB) has also agreed to defer £300,000 of pipeline payments until 31 December 2023.
These measures will extend Incanthera's cash runway through to the final quarter of 2023, said the statement.
Ward added it had been a “very important year” in Incanthera's progression.
In addition to the commercial developments, it registered the trademark, Actino-Pro, for Sol "to create a valuable brand and market asset ready for commercial use with global protection for the potential treatment of actinic keratosis and prevention of skin cancer".
As Incanthera is still in the development stage, it posted no revenues for the year to end-March 2022 while losses were £1mln (£905,000).