Last checked at 14 Jun 2023 16:46
SkinBioTherapeutics plc
("SkinBioTherapeutics" or "the Company")
Business update
14 June 2023 - SkinBioTherapeutics plc (AIM: SBTX, or the Company), a life science business focused on skin health, notes the change in the share price, but is not aware of any rationale for the movement.
As noted in the recent SkinBiotix-PS™ and AxisBiotix update in May 2023, the business continues to make progress across all its pillars. An updated summary of such activities is described below.
SkinBiotix™
As outlined in the Company's May 2023 update, Croda Plc have extended the commercial agreement in order to undertake additional studies on SkinBiotix™ based on the discovery of significant additional bacterial activity which are expected to enhance the commercial opportunity when sales commence in 2024. The studies are expected to take an additional three to four months from November 2023 and we will update the Market on progress as soon as possible.
AxisBiotix-PS™
The Company is now selling AxisBiotix-PS™ in the UK and Europe, having launched in Spain earlier this year.
In the UK, the team recently launched a successful 60-day campaign aimed at Psoriasis sufferers through the Daily Mail newspaper and social media, which resulted in a record daily order total.
New customers are important but also knowing that customers continue to like and order the product. We are pleased to report that retention rates remain at 80%+ for subscribers of AxisBiotix-PS™, with net subscriber numbers increasing month on month.
Sales of AxisBiotix-PS™ have started to commence in Spain following regulatory clearance in March 2023. In other European countries, we anticipate clearance to launch in Italy later this month followed by France in Q3 2023.
Discussions with potential multinational partners are on-going and our current activities underpin these discussions. As noted before, due to the complex nature of the science, partnering discussions can take time and difficult to predict.
MediBiotix™
The MediBiotix Pillar is focusing on applying SkinBiotix technology in topical medical device applications, looking at accelerated wound closure and barrier enhancement around a wound.
The introduction of bacterial elements into open wounds or around an infected wound is significantly complex in medical regulatory terms as well as scientific execution. Discussions continue with multinational companies in the wound care space, but again, due to the complexity of the subject matter, the outcome or timing of such a deal is always difficult to predict.
Other research programmes
The two programmes underway at the University of Manchester are focused on inflammation in skin health and skin disease, and in oral health and wellbeing. They are progressing well and are on track.
Acquisition opportunities
At Half Year results, the Company disclosed that it was investigating inorganic opportunities that could provide synergies and accelerated routes to market. This work is continuing. One opportunity is progressing through diligence but has not yet been completed.
The Management are carrying out much of the work internally based on the significant amount of experience in-house, and are focused on keeping costs related to legal, financial or tax due diligence to an absolute minimum. The team is also taking a cautious approach to any acquisition; they are committed to ensuring acquisitions do not exceed market price and that all diligence items are properly reviewed.
Stuart J. Ashman, CEO of SkinBioTherapeutics, said:
"Since our last announcement in May, the team has been extremely busy across all pillars, driving both commercial and development programmes forward. Our partnership with Croda is also moving forward, and it is extremely positive that they wish to explore the additional properties in SkinBiotix™. The response to Axis-Biotix-PS™ following the marketing push in May plus the >80% retention rate, continues to build sales and awareness. We have a number of news events expected through to the end of the year which we will share with shareholders as soon as we can."
-Ends-
The information communicated in this announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No. 596/2014.
For more information please contact:
SkinBioTherapeutics plc Stuart J. Ashman, CEO Manprit Randhawa, CFO
| Tel: +44 (0) 191 495 7325 |
Cenkos Securities Plc (Nominated Adviser & Broker) Giles Balleny, Max Gould (Corporate Finance) Dale Bellis, Tamar Cranford-Smith (Sales)
| Tel: +44 (0) 20 7397 8900 |
Instinctif Partners (financial press) Melanie Toyne-Sewell / Tim Field / Adam Loudon | Tel: +44 (0) 20 7457 2020 SkinBioTherapeutics @instinctif.com |
Notes to Editors
About SkinBioTherapeutics plc
SkinBioTherapeutics is a life science company focused on skin health. The Company's proprietary platform technology, SkinBiotix®, is based upon discoveries made by Professor Catherine O'Neill and Professor Andrew McBain.
The Company is targeting a number of skin healthcare sectors, the most advanced of which are cosmetic skincare and food supplements to modulate the immune system by harnessing the gut-skin axis. In each area SkinBioTherapeutics plans to exemplify its technology through human studies. The Company's first product, AxisBiotix-Ps™, a food supplement to address the symptoms of mild to moderate psoriasis.
The Company listed on AIM in April 2017 and is based in Newcastle, UK. For more information, visit: www.skinbiotix.com and www.axisbiotix.com.