26th Nov 2019 12:24
(Alliance News) - SkinBioTherapeutics PLC on Tuesday said it will now focus on five channels for development, encompassing both existing and new technology, as it reported a widened loss for financial 2019 on increased research and development spending.
Shares in SkinBioTherapeutics were down 7.4% at 16.20 pence each in London.
The life sciences company focused on skin health said it will focus on developing its core technology SkinBiotix, which has secured an extended agreement with Croda International PLC for use in cosmetic applications. Other technologies in focus include AxisBiotix, MediBiotix, CleanBiotix and PharmaBiotix.
For the year ended June 30, SkinBioTherapeutics made a pretax loss of GBP1.4 million, widened from GBP941,451 loss in the comparative period. No revenue was generated in either financial periods.
Research & development expenditure increased to GBP708,000 from GBP416,000 comprising development work with the University of Manchester, ongoing manufacture, scale-up and formulation work as well as the costs for the cosmetic human study.
Ongoing operating costs also increased in the period to GBP652,000 from GBP526,000, covering employment, consultancy, stock listing support costs and marketing.
Stuart Ashman, chief executive of SkinBioTherapeutics, said: "This has been an exciting year for the company."
"The beginning of the year was about proving the sound scientific foundation of our SkinBiotix technology and the positive effects of it on the barrier function of the skin. The successful results drove commercialisation discussions forward which resulted in our recent agreement with the world leader in skincare actives for the cosmetic industry, Croda International PLC. We will continue to seek further commercial opportunities and build the development pipeline with new programmes in eczema and psoriasis during 2020," Ashman added.
By Tapan Panchal; [email protected]
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