SkinBioTherapeutics losses widen as it works towards commercialisation

The AIM-traded firm, which is still pre-revenue, said the first commercial deals were signed across two technology channels during the year ended 30 June, in skincare and food supplements.

It said it had finalised its formulation for a food supplement to target psoriasis, ready for human study and potential commercialisation/

The development of an active skin care ingredient was on track with its partner Croda, with commercialisation expected in 2022.

Cash at year-end totalled £2.2m, down from £3.1m year-on-year, while since year-endit raised £4.45m in a placing and open offer.

“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,” said chief executive officer Stuart Ashman.

“We have been able to make considerable headway during the year, despite the Covod-19 pandemic.”

Ashman said the company’s first two commercial deals, with Croda and Winclove, had 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.”

At 1038 GMT, shares in SkinBioTherapeutics were down 2.82% at 16.52p.