23rd Oct 2024 16:34
SkinBioTherapeutics PLC - Newcastle, England-based skin health-focused life sciences company - Says the integration of its GBP1.3 million acquisition, Bio-Tech Solutions Ltd, is "well-advanced". It was the company's second acquisition this year, the first being Dermatonics, and the group now has sufficient cash runway to support its operations through to the summer of 2026 without any additional income from its Croda partnership or other joint development agreements. Before the acquisitions, the group projected financial 2024 turnover of around GBP250,000. It now forecasts annualised turnover of GBP6.3 million for financial 2025.
Chief Executive Officer Stuart Ashman says: "We have recently updated the market on the Croda/SkinBiotix partnership which has entered the commercial stage and is moving apace, and we continue to receive positive feedback and retention from our AxisBiotix-Ps customers. The group, through acquisition and recent fundraisings, is on a strong financial footing, and our projected annualised turnover for financial 2025 is significantly increased on the previous year. The group operational and financial position is completely different and very much stronger."
Current stock price: 13.65 pence, up 0.2% in London on Wednesday afternoon
12-month change: down 45%
By Emily Parsons, Alliance News reporter
Comments and questions to [email protected]
Copyright 2024 Alliance News Ltd. All Rights Reserved.