Last checked at 29 Dec 2023 08:13
SkinBioTherapeutics plc
("SkinBioTherapeutics" or "the Company")
Update on transaction timelines to early 2024
29 December 2023 - SkinBioTherapeutics plc, (AIM: SBTX, or the "Company"), the life science business focused on skin health, provides shareholders with an update on its transaction strategy, with adjustments to timings into Q1 2024.
The Company laid out its strategy in its full year results to find strategic accretive acquisitions that would provide complementary products and/or an infrastructure that could provide accelerated routes to market for the Company's own pipeline. The Company's aim was for at least one transaction to be completed by the year end.
Due diligence has largely been completed on the lead project, which is a supplier of dermatological products, based in the UK. If finalised, the acquisition will not only provide a ready revenue stream from product sales but also enable the Company to further its technology development plans. The Sale and Purchase Agreement (SPA) is currently being worked on, however legal work around completion has taken longer than expected (including disruption due to the holiday period). Therefore, despite management's best efforts, the target completion date of the first deal is likely to be early 2024.
The Company is also in advanced due diligence on another target which is a manufacturer within the dermatology market in the UK. The management believes that this acquisition also has the potential to be completed in early 2024.
The Company has various funding options available and would prefer to use combinations of cash, earn out and stock issuance wherever possible, and have a Convertible Loan Note already agreed in the short term for any cash element of a transaction.
-Ends-
For more information please contact:
SkinBioTherapeutics plc Stuart J. Ashman, CEO Manprit Randhawa, CFO
| Tel: +44 (0) 191 495 7325
|
Cavendish Capital Markets Limited (Nominated Adviser & Broker) Giles Balleny, Dan Hodkinson(Corporate Finance) Charlie Combe (Broking) Dale Bellis, Tamar Cranford-Smith (Sales)
| Tel: +44 (0) 20 7220 0500
|
Instinctif Partners (financial press) Melanie Toyne-Sewell / Jack Kincade
| 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.skinbiotherapeutics.com and www.axisbiotix.com.