20th Oct 2016 08:15
LONDON (Alliance News) - OptiBiotix Health PLC on Thursday said it has increased its investment into its majority-owned subsidiary SkinBiotix Ltd by a further GBP400,000.
The additional funds were provided to SkinBiotix through a convertible loan agreement and will be used by SkinBiotix to complete the development and human studies for its first product application.
SkinBiotix also will use the funds to support an initial public offering, in line with OptiBiotix's announcement in July.
SkinBiotix is dedicated to the development of skin biotherapeutics using natural components of the skin microbiome to protect, manage and restore skin health.
"OptiBiotix has made strong progress with the development of SkinBiotix. We have built the team, added significant intellectual property and put in place development programmes and plans for human studies with the objective of translating the science into commercial products with large potential global markets," said Chief Executive Stephen O'Hara.
OptiBiotix didn't state its shareholding in SkinBiotix following its latest investment. In August, it said it owned 52%.
Shares in OptiBiotix were down 1.2% at 68.70 pence on Thursday.
By Hannah Boland; [email protected]; @Hannaheboland
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