SkinBioTherapeutics PLC – Business Update and Board Changes
SkinBioTherapeutics plc (AIM: SBTX), a life sciences company focused on skin health, announces changes to its Board and executive team and provides a business update.
Over the course of the last 12 months, SkinBioTherapeutics has made significant progress with its core technology, achieved a number of important product development milestones and begun to position itself for the commercialisation phase of its development. In addition, the Company has strengthened its financial position through a placing raising £1.5m (RNS: 18 February 2019) and ended the 12 months to 30 June 2019 with a cash balance of £3.1m (30 June 2018 £3.2m).
The Company’s first human study which focused on skin irritancy, moisturisation and impact on skin barrier, has been completed (RNS: 7 November 2018, 8 April 2019). The results demonstrated both safety and efficacy, providing the Company the data required to move forward with scope to further optimise the SkinBiotix® technology.
The Company is continuing its advanced engagement with a number of potential partners interested in the SkinBiotix® technology and the data generated through the human efficacy study.
Further to the Company’s announcement of 29 March 2019 the Board is pleased to announce that following a successful handover, Stuart Ashman and Dr. Cath O’Neill will, with immediate effect, transition to the roles of Chief Executive Officer and Chief Scientific Officer respectively. Dr O’Neill’s primary focus will be on the scientific development of the Company, whilst Mr Ashman looks to the future strategic direction of the Company and extended commercial opportunities.
In addition, the Board is to establish a Scientific Advisory Board (SAB), of which Dr O’Neill will be a member. The SAB will be chaired by Dr Cathy Prescott, a Non-Executive Director of the Company. In conjunction with the transition to the CSO role and as a member of the SAB, Dr O’Neill is stepping down from the Board of the Company with immediate effect.
Given the continuing positive progress of the Company and his increasing commitments at OptiBiotix Health Plc, Stephen O’Hara is today stepping down from his position as Non-Executive Director of the Company.
Martin Hunt, Non-Executive Chairman of SkinBioTherapeutics, commented:
“On behalf of the Board of SkinBioTherapeutics, I would like to reiterate my previous thanks to Cath for the pivotal role she has played as CEO in founding the Company and leading it through the IPO and its early life as a listed company. As a technology-driven company we will continue to benefit from her substantial knowledge and expertise in her new role as CSO. We also thank Stephen for his contribution as a Board member and wish him continuing success at OptiBiotix.
“Following a recent strategic planning session with the executive team, it is clear that the Company is now driving towards commercialisation with the skin product and has a broad and wide range of other opportunities available to it. The Board is confident that, with Stuart as the new CEO and Cath as CSO, the Company is in good hands for its next phase of development.”
Stuart Ashman, Chief Executive Officer of SkinBioTherapeutics, said:
“SkinBioTherapeutics’ development and growth is based on a solid scientific foundation which has been driven by Cath. The Company’s technology, SkinBiotix®, is now well placed in an increasingly active market segment and I am very happy to continue working closely with Cath and the team to grow the business further. My immediate focus for the Company will be to advance the ongoing commercial discussions whilst continuing the clinical development of the SkinBiotix® technology.”
Stephen O’Hara, Non-Executive Director of SkinBioTherapeutics, said:
“SkinBioTherapeutics has made strong progress since its admission to AIM under Cath’s stewardship. As the Company becomes more commercially orientated with the appointment of Stuart as CEO, it is an appropriate time for me to step down from the Board. I’d like to thank Cath for her contribution to date and as a major shareholder in the Company I will continue to remain engaged with the team and support the Company’s future progress where I am able.”