4th Dec 2020 18:13
SkinBioTherapeutics PLC - life science company focused on skin health - Hails SkinBiotix product, a cosmetic additive being developed under deal with FTSE 100 speciality chemicals firm Croda International PLC. Subsidiary AxisBiotix Ltd also has development agreement with Winclove Probiotics BV.
For financial year ended June 30, pretax loss widens to GBP1.6 million from GBP1.4 million. Continues to manage cash and resources well and ended the year with a cash balance of GBP2.2 million, down from GBP3.1 million in financial 2019. Says it has finalised formulation for food supplement to target psoriasis ready for human study and potential commercialisation. Operating expenses were GBP984,816 compared to GBP652,400 in financial 2019.
"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," says Chief Executive Stuart Ashman.
Current stock price: 17.35 pence
Year-to-date change: up 18%
By Arvind Bhunjun; [email protected]
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