25th Oct 2018 10:51
LONDON (Alliance News) - SkinBioTherapeutics PLC on Thursday reported a widened annual loss mainly due to costs incurred in preparation of a human study for the company's cosmetic products.
For the year ended June 30, the life science business focused on skin health posted a pretax loss of GBP941,000 compared to GBP688,000 a year prior.
Research & development costs were GBP415,902, up from GBP156,726 a year prior. Operating expenses also increased to GBP525,549 from GBP304,496.
The company did not generate any revenue.
Looking ahead, the company said it initiated a cosmetic human study for which it had prepared during the year.
"On the basis that the results are positive, the validation will strengthen our position as a science-led business and enable further commercial discussions," it concluded.
SkinBioTherapeutics shares were trading down 2.4% at 18.30 pence.
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