SkinBioTherapeutics launching psoriasis supplement in Italy

The AIM-traded firm said the approval came on the heels of the product's successful launch in Spain, following authorisation there in March.

It said the expansion into Italy was part of its commercialisation strategy, following the initial launch in the UK where customer retention rates were consistently exceeding 80%.

The company said its next target market for launch was France.

Ongoing discussions with French regulators were currently in progress, with plans for commercialisation expected in the second half of the year.

“In line with our strategic plan, we are delighted that AxisBiotix-Ps is now approved for sale into another European market, after the initial success in the UK and then Spain,” said chief executive officer Stuart Ashman.

“We have seen high customer retention rates and we anticipate that Italian consumers will follow this trend due to their positive attitude to food supplements.

“We are now awaiting the decision from the regulatory authorities in France, which is on track for later in 2023.”

At 1612 BST, shares in SkinBioTherapeutics were up 3.03% at 12.75p.

Reporting by Josh White for Sharecast.com.