SkinBioTherapeutics plc (AIM: SBTX), a life science company focused on skin health, announces its full year audited results for the year to 30 June 2020.
· First commercial deals signed across two technology channels - skin care and food supplement
· Finalised formulation for food supplement to target psoriasis ready for human study and potential commercialisation
· Active skin care ingredient development on track with partner, Croda plc, with commercialisation expected in 2022
· Cash as at 30 June 2020 of £2.2m (2019: £3.1m)
· Post year end: successful placing and open offer raising £4.45m
Stuart Ashman, CEO of SkinBioTherapeutics, said:
"This has been a year of considerable progress for SkinBioTherapeutics. At the beginning of the financial year, we identified and established the five strategic channels that we were going to advance, pivoting from a research focus into a commercial focus. We have been able to make considerable headway during the year, despite the COVID-19 pandemic.
"Our first two commercial deals with Croda and Winclove have hit important milestones either on or ahead of schedule. Our Croda partnership in skincare is going well and the food supplement formulation has been finalised and is ready for a human study, which we are aiming to commence in early 2021. With our post year end placing along with robust cash controls, we are well placed to advance in a number of areas over the coming year."
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.