18th Feb 2019 09:34
LONDON (Alliance News) - SkinBioTherapeutics PLC said on Monday it has raised GBP1.5 million through a share placing, for exploring new opportunities for its SkinBiotix technology and supporting new areas of development.
Shares in the skin health-focused life sciences company were trading up 2.6% at 19.50 pence on Monday.
In the placing, SkinBio issued 9.4 million shares at a price of 16 pence per share, to funds managed by Seneca Partners Ltd, which holds a 15% stake in the company.
Following the placing, Seneca will hold 26.8 million shares in SkinBio, a 21% interest.
"Seneca has been a substantial shareholder in SkinBioTherapeutics since the IPO, therefore we see this additional investment as a strong signal of continuing support of our business and strategy. The funding provides additional working capital and headroom to consider some of the other potential applications for the SkinBiotix technology as well as other skin conditions, such as psoriasis," said Chief Executive Officer Cath O'Neill.
SkinBioTherapeutics will have 128.1 million shares issued overall.
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