14th Oct 2020 20:56
SkinBioTherapeutics PLC - life science company focused on skin health - Has raised GBP4.0 million via a placing of 25.0 million shares to new and existing institutional investors at 16 pence each. Is also looking to raise additional GBP500,000 through an open offer. The net proceeds of the placing of about GBP3.7 million will be used to explore the use of the SkinBiotix technology in areas such as, oral and hair indications. "Work has already been initiated in these areas but a greater commitment of resource is required to make material progress," company added. SkinBioTherapeutics will also use the proceeds to expand its research and development capability.
CEO Stuart Ashman said: "The company has consistently delivered on its strategy for shareholders. We have signed two commercial agreements - one with the multinational ingredients company, Croda, to develop an active skin care ingredient and the other with Winclove, to develop a food supplement to treat the symptoms of psoriasis. Both development tracks are making great progress."
Current stock price: 17.35 pence
Year-to-date change: up 18%
By Paul McGowan; [email protected]
Copyright 2020 Alliance News Limited. All Rights Reserved.
Related Shares:
Skinbiotherap.