Ben Richardson, CEO at SulNOx, confident they can cost-effectively decarbonise commercial shipping. Watch the video here.
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I Have a Dream, a song to sing
To help me cope, with anything
If you see the wonder, of a fairy tale
You can take the future, even if you fail
I believe in angels
Something good in everything I see
I believe in angels
When I know the time is right for me
I'll cross the stream, I Have a Dream
I Have a Dream, a fantasy
To help me through, reality
And my destination, makes it worth the while
Pushin' through the darkness, still another mile
Didn't I would be tempted to post the above and obvious to the thread
But couldn’t help myself lol
mol
PG, You seem to imply that the Company should withhold information to prevent or limit firesale events, as discussed this week. This information would have to be sensitive to prices to have the desired effect, which is, of course, illegal. Regarding the timing of the news, like the upcoming M&A that Aquae hinted at, the board has taken a different approach and is exploring an alternative means to fund the next move. Investors should appreciate this as a clear indication that they are heeding and responding to the concerns expressed by investors and the market. My extensive experience spanning over three decades suggests that such actions are uncommon, and it requires courage from the board to change course, so to speak.
I know it is deeply unnerving to see the SP become so volatile; also frustrating if you do not have the funds to take advantage of the opportunity at hand if you have a 12-month plus horizon. The CBs have created a fabulous opportunity for those unconcerned about the short term and who have faith in the long term, which I guess many of us have.
Ref the trades question; sorry I forgot to answer. I believe there was a pattern with some of the larger trades. They appeared to be match buy/sell sides, which suggested an organised swap. If I am correct, there could be more of the CBs washing through than we know of thus far. Either way, it will be short-lived, especially if SA/MR deliver on their master plan. IMHO, some of the most vicious sceptics will eat large portions of humble pie. The Dermatonics/UMG combo will demonstrate the fiscal nonsense some people argue to be wholly wrong, and the vehicle to acquire was a necessary gamble to secure both. The CB looks bad now, but I genuinely believe SA/MR will be vindicated. I hope they have the option to claw back their pay cut.
Recent Developments
Last Updated: 22/03/2024
SBTX accompanied their half year results on 22 March with an interesting Investor Meet presentation, which can be found on the site, and featuring alongsideCEO Stuart Ashman the CFO, the Sederma (Croda) trials director and the CEO of the recent Dematonics acquisition. Revenues remain low (£107,000 + 38%), but they have signed up a new partner to market their psoriasis product via Amazon. Key points from the RNS and presentation included:
Final clinical trial stage to complete May/June of 5 year work with Sederma- now not binary, but a question of whether they can launch with clinical claims and correspondingly higher price point or not.
Marketing deal for Axisbiotix with World Products via Amazon, who they have got to know through Dermatonics acquisition
Dermatonics has high but as yet unquantified hopes for sales in Asia via the Umesh Modi group.
They are looking at cutting raw material costs.
Will launch an acne product this year. The data for the 220 person study backing this up was released in an RNS in February.
Unwinding CLN arrangement but say they now have potential of alternative funding lines for other acquisitions.
CEO and CFO have taken 20% pay cut after criticism of their pay.
Operating loss was £1.39m vs £1.35m, cash at end December £2.84m vs £1.31m at end June, after a £3.3m gross placing in November.
SBTX announced a new six-month research project (“Epidem”) at Manchester University on 18 March, which they are co-funding, to look at the use of non-pathogenic bacteria in wound healing. It will be run by two professors. At the same time they announced that their (Manchester-based) CSO, Professor Cath O’Neill, is stepping back from her role to “return to academia” but will remain as a Scientific adviser.
mol
By another
Investment Case
SkinBioTherapeutics is potentially well positioned to be a leader in the skin health probiotic market. The company has two active developments arms: SkinBiotix is a partnership with Croda in developing new anti-ageing products (the collaboration contract was extended for 12 months in October). AxisBiotix is a food supplement to treat psoriasis sufferers which was introduced to the market through a pilot launch both in the UK and the USA in November 2022. The company is targeting significant markets with its lead opportunities but so far has not yet made material progress, so positive consumer reviews are encouraging. As well as psoriasis and cosmetics applications, SBTX has in the past referred to other potential applications for their formulations, including wound care (Medbiotix), oral health and acne – where progress on the patient study has now been reported.
The Direct-to-Consumer launch of AxisBiotix in late 2021 did not initially generate the hoped-for sales in the UK and the company acknowledged that it needed to change its marketing strategy and is looking for a global distributor. Launches in Europe are being done directly by the company. The timing of progress with Croda is very reliant on Croda’s internal processes. SBTX remains a very small company tackling very large categories and success would be transformative but is dependent on take-up by larger companies.
Brokers Cavendish has June 2024 forecasts of £1.1m revenues (so a big ramp up from H1, but starting to show the benefit of Dermatonics), £2.4m loss at EBITDA level and net debt of £600,000. For the next year the key will be for when and to what extent royalties start flowing from the Croda relationship. Cavendish revised its numbers after the Dermatonics announcement to a target of 48p, slightly down taking into account the new convertible note. As things stand this seems very distant and the company will need to provide clarity on future funding, as well as meeting the now heightened expectations of a launch with Croda.
Bazzaman, if you want Stuart to answer a question you would do well to direct it toward investor relations, not post it on a discussion board.
Also, why is it ok for you to get personal but not Madabout? You cant have it both ways.
That would be the 5m loan note announced on 25 Jan 2024 only for this on 28 Feb 24 - what's that under 5 weeks
To date, the Company has drawn a total of £1,600,000 under the Facility. The Board of SkinBioTherapeutics has today provided formal notice to CLG Capital LLC (CLG) (and by proxy Macquarie) that it will not utilise the reminder of the £5m Facility. The Board is in negotiations with the noteholders to discuss timing and rate of conversion and subsequent selling of stock.
Stuart Ashman, CEO of SkinBioTherapeutics said: "We met the CLG team today and have come to an amicable agreement around the Facility and next steps. We believe this is the right decision for the Company. In the meantime, we are very busy integrating the recently acquired Dermatonics, the accelerated Modi/Dermatonics product launch in the Asia, Middle East and Africa regions, and completing the participant study for the acne programme which has generated very positive interim results. We anticipate further updates in the coming weeks in the lead up to the HY results in March."
whilst as Bazza notes on 22nd March the cln was the best option.........
jees if any further evidence was ever needed
the cln note is not the only thing that overhangs this company
mol
From the RNS 27th February providing 5 week interim results.
27 February 2024 - SkinBioTherapeutics plc (AIM: SBTX), a life science company focused on skin health, announces that interim data from the AxisBiotix Acne food supplement consumer participant study with the lead formulation are very positive. The Company will continue the study to completion. The analysis and read-out of the final results is anticipated to occur before the end of Q1 2024.
Q1 has been and gone and no final results shared so another missed date of over promise, under deliver. When will he learn?
GLA
So Madabout what haven't I understood, please enlighten me.
Quote from the RNS 12th March: Purusant to the two previous conversions announced on 9 February 2024 and 28 February 2024, a total of 1,324,484 Ordinary shares have been converted and sold by Macquarie Bank/CLG which represents 13% of all trading volume in the market during the month of February 2024.
Furthermore, Macquarie Bank/CLG have agreed to no further conversions for the month of March unless price and volumes reach certain agreed higher thresholds.
From RNS 22nd March: At the time of the Dermatonics acquisition, the Convertible Bond Facility was the best option for raising finance; however, now that we have secured an accretive target and thus generate significantly greater revenue the Board now has the possibility of securing alternative, more traditional financing instruments and has come to an amicable agreement with CLG Capital (and by proxy, Macquarie Bank) not to utilise the Facility any further.
You also don't need to get personal, it weakens your argument.
GLA
Bazzaman, what a ridiculous post. The only thing that hangs over this company and its potential is the loan note. You clearly haven’t got a clue what you’re talking about. Grow up
What's your alternative funding Stuart? More empty promises and in the meantime, now we are in April, cln can sell the crap out of the SP sending it down again. They promised no more sells in March which you thought was great but you missed the deadline, yet again, to get alternative funding. You really don't have a clue how to run this company, so run along and let somebody more worthy run it for half your salary.
GLA
Haven't suggested that at all PG, if you read my response properly there is one statement re future financing and a separate statement about the merits of the acquisition already made
I agree. However, if it is used as a debt structure for refinancing, perhaps its a good punt. This sort of thing goes over my head if im honest.
Thats me told. Fair enough.
Are you suggesting Sbtx will be hocking the modi internal sales figures to proposed lenders, figures not known to the market? Thats a stretch. Have you thought this through before telling me to think? If i understand you correctly, you are implying the sales estimates are significant enough to be leveraged as debt. If they figures are significant then is this not price sensitive and we should be informed?
Surely we don’t want any more acquisitions before the Croda news
PG, just think will you, the acquisition was lined up and good to go but as SA told us by RNS and reinforced at the Investor Meets, "The Board also announces that it has decided to seek alternative financing options for its inorganic acquisition strategy, rather than drawing upon the Facility any further.". So until that alternative financing is in place there will not be any additional acquisitions.
The figures for the Umesh Modi launch and NHS Dermatonic's Once Heel Balm sales growth will determine whether SA was right to dilute via the loan in order to secure this initial acquisition, the other near term acquisition target we were informed was a manufacturer, so less time critical.
That the board manage to take advantage of a sudden rise such as the one we had last week and issue a positive rns that helps momentum. Instead we have another deadline miss by the man that claims he never set himself up for failure. And here we are, several deadlines missed. Or im confused about the second acquisition is due any time in 2024 and not by the end of the first quarter. Maybe the plan is to set a deadline and miss it by around 6 weeks.
Re pompey, see note 28th march about taking something off the table. just happens every time on any jam tomorrow stock.
Great products but sales struggling.
Looks like the sell down is back in full flow from the cln
No Farris, he has moved on apparently. The timelines since the Manchester meet have shown that he was probably employed somewhat prematurely for the creation of own brand products and/or shampoo and toothpaste. But we’re on the cusp of the exciting times now, good things come to those who wait!
That was back in the day when the share price was 60-70 pence
The good old days.
Does the shampoo guy still work for Sbtx think he made he’s debut at the Manchester meet?
I’m more comfortable now then a month ago, obviously due to the price rise and especially since the last RNS and chat from SA. If you were a new buyer into this company right now I wouldn’t think you could believe what you are getting on the plate for the price. I’m annoyed at myself for not getting more when the rise started last week and hovered over the buy button about 5o times. The wife has already warned me no more and would go mad even if I came out with a profit?
I'm happy to pay for Elric's analysis and have also added during the last few days but I'm also entitled to my view that the jury is still out on SA.
BOL
Hi Pompey,
I am still looking for concrete evidence from the company. I love the products, but so far sales to 500 or so retendered customers , 100 plus of which stayed from the "trial" is terrible. Perhaps we should start a new 20,000 customer trial as well, to really get sales moving.
forget how tasty the "jam", is, just see the hard numbers and couple it with the amount of times we have seen prices shoot up then retreat stunningly. Why I believe taking some profit on any gains a shrewd move. it then gives you options later on.
Really glad to see some investors up, but its only a very small percentage.
Bazzman, it is precisely comments like this that stop listed CEOs from communicating with the market at all. Why would anyone give a timeline to a bunch of baying wolves? SA said that "if I can get the lawyers pens to move fast enough, I hope to get a deal done by year end" He missed this by three weeks and the market called him worse than muck for that. There's no way he's going to give you another hard timeline. Why should he? He gave a solid account of progress to date in his presentation on Friday last week. The share price has doubled since that day. He has admitted that the CLN was not well received by the market. You also have to look at the external influences to all of this. Why are you not blaming Tom Winnifrith and the rest of the trolls for the drop? I've used the drop in SP to lower my average. That strategy has worked extremely well over the last five trading days. A market gets the CEOs that they deserve, we had a very open and honest strategic thinker that conversed openly with the market in the past, if he makes one slight error he is torn apart for it. He's also been directly instructed not to give external interviews behind pay walls. You reap what you sow.