Last checked at 16 Aug 2018 07:00
SkinBioTherapeutics plc
Business update
Manchester, UK - 16 August 2018 - SkinBioTherapeutics plc (AIM: SBTX, the "Company"), a life science company focused on skin health, is pleased to provide the following update:
Manufacturing
The Company, with its third party manufacturer, has now achieved significant manufacturing scale up, with no detrimental impact upon the active properties of the SkinBiotix® technology.
In addition the material, which to date has been manufactured and supplied in a liquid form, has now been successfully freeze dried. The ability to freeze dry the material is an important steps towards commercialisation as it enables mass production, storage and transportation.
The SkinBiotix® technology has been shown to be stable and effective within the cream formulation for 24 hours. The human study, which is due to commence in September, is subject to the Company's ongoing work to confirm stability of the current formulation over an extended timeframe. The Company expects to provide an update on this in the coming weeks.
Financial Position
The Company ended the 12 months to 30 June 2018 with a cash balance of £3.2m (31 December 2017: £3.6m).
The Company will publish its full year results in October.
Dr Cath O'Neill, CEO of SkinBioTherapeutics, commented:
"The progress we've made so far in manufacturing and freeze-drying the lysate is very encouraging. The current formulation is undergoing extended stability studies in preparation for the human study."
The information communicated within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 and has been arranged for release by Doug Quinn, CFO of the Company. Upon the publication of this announcement, this inside information is now considered to be in the public domain.
For more information, please contact:
SkinBioTherapeutics plc Dr. Cath O'Neill, CEO Doug Quinn, CFO
| Tel: +44 (0) 161 468 2760 |
Cairn Financial Advisers LLP (Nominated Adviser) Tony Rawlinson / Sandy Jamieson / Richard Nash
| Tel: +44 (0) 20 7213 0880 |
Turner Pope Investments (Joint Broker) Ben Turner / James Pope
Northland Capital Partners (Joint Broker) Tom Price
| Tel: +44 (0) 20 3621 4120
Tel: +44 (0) 20 3861 6625 |
Instinctif Partners (Media Relations) Melanie Toyne-Sewell / Deborah Bell | Tel: +44 (0) 20 7457 2020 SkinBio@instinctif.com |
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 CEO Dr. Catherine O'Neill and Professor Andrew McBain.
SkinBioTherapeutics' platform applies research discoveries made on the activities of lysates derived from probiotic bacteria when applied to the skin. The Company has shown that the SkinBiotix® platform can improve the barrier effect of skin models, protect skin models from infection and repair skin models. Proof of principle studies have shown that the SkinBiotix® platform has beneficial attributes applicable to each of these areas.
SkinBioTherapeutics received seed funding from the Tech Transfer office of the University of Manchester for the discovery of SkinBiotix®. The platform was subsequently spun out of the University of Manchester in March 2016 and was funded by OptiBiotix (AIM: OPTI).
The Company joined AIM in April 2017 concurrent with raising £4.5 million from a placing of new ordinary shares.
The Company is based in Manchester, UK. For more information, visit www.skinbiotherapeutics.com.