20th Feb 2026 13:30
SkinBioTherapeutics PLC - Newcastle Upon Tyne, England-based life sciences - Non-Executive Director Alyson Levett will oversee an independent investigation of the events that led to the departure of Stuart Ashman as chief executive officer. Levett, who chairs the board's audit committee, will work with FRP Advisory, which the board has engaged to undertake a "forensic review".
On Monday, SkinBioTherapeutics said Ashman "misrepresented material information to the board, senior management, auditors and advisors" regarding accrued royalty income reported for the financial year that ended in June last year. The resulting removal of GBP770,000 in accrued royalty income will reduce financial 2025 revenue to GBP3.9 million from the previously reported GBP4.6 million.
On Tuesday, OptiBiotix Health PLC, a fellow AIM listing with a 5.6% stake in SkinBioTherapeutics, said it has no current plans to sell its SkinBioTherapeutics shares. It noted it had a cash position of just over GBP1 million on December 31 and has no requirement to raise new funds at the moment.
Current stock price: 5.39 pence, down 6.3% in London on Friday
12-month change: down 73%
By Tom Waite, Alliance News editor
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