SkinBioTherapeutics plc
("SkinBioTherapeutics" or "the Group")
Integration of new
acquisition started
No reason for share price
movement
· Second acquisition, Bio-Tech
Solutions, bedding in well
· Sufficient cash runway to
support operations through to Summer 2026
· No rationale for share price
movement
23
October 2024, SkinBioTherapeutics
plc (AIM: SBTX), a life science company focused on skin health, is
pleased to report that the integration of Bio-Tech Solutions Ltd
("BTS"), recently acquired for £1.25m, is well advanced, and with
Dermatonics, it is complete.
BTS is a well-established
manufacturer and supplier of health, hygiene and personal care
products based in Driffield, Yorkshire, founded by Ian Moulds. This
is the second acquisition the Company has made this year; the first
being
Dermatonics, a specialist in innovative
topical and dermatological products in the skincare/woundcare space
which has a partnership with the Umesh Modi Group in Asia, the
Middle East and Africa.
As stated in the
Bio-Tech Solutions acquisition and Financial Update
announcement on 11 October 2024, the Group now has
sufficient cash runway to support its operations through to Summer
2026 without any additional income from its partnership Croda or
other joint development agreements.
Prior to the acquisitions, the Group
projected FY24 turnover of c.£250k; subsequently, it is now
forecasting a projected annualised Group turnover for FY25 of
£6.3m.
The Group notes the movement in the
share price, but to the Board's knowledge, there is no reason
behind it.
Stuart Ashman, CEO of SkinBioTherapeutics
plc, said:
"The integration of Bio-Tech Solutions, along with
Dermatonics, has started and we are delighted with how the teams
have integrated. There are synergies between all three businesses;
they bring additional products lines, distribution outlets and
manufacturing abilities, as well as impressive distribution
partnerships with international companies such as the Umesh Modi
Group.
"In the meantime, we have recently updated the market on the
Croda/SkinBiotix partnership which has entered the commercial stage
and is moving apace, and we continue to receive positive feedback
and retention from our AxisBiotix-Ps customers.
"The Group, through acquisition and recent fund raisings, is
on a strong financial footing, and our projected annualised
turnover for FY25 is significantly increased on the previous year.
The Group operational and financial position is completely
different and very much stronger."
-Ends-
For
more information please contact:
|
SkinBioTherapeutics plc
Stuart J. Ashman, CEO
Manprit Randhawa, CFO
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+44 (0)
191 495 7325
|
|
Cavendish Capital Markets Limited
(Nominated Adviser & Broker)
Giles Balleny, Dan Hodkinson
(Corporate Finance)
Charlie Combe (Broking)
Dale Bellis, Tamar Cranford-Smith
(Sales)
|
+44 (0) 20
7397 8900
|
|
Vigo Consulting (financial press)
Rozi Morris
|
+44 (0) 20
7390 0231
+44 (0)
7890 022 814
Skinbio@vigoconsulting.com
|
|
|
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Notes to Editors
About SkinBioTherapeutics plc
SkinBioTherapeutics is a life
science company focused on skin health. The Company's proprietary
platform technology, SkinBiotix®, is based upon discoveries made by
the translational dermatology team at the University of
Manchester.
The Company is targeting a number of
skin healthcare sectors, the most advanced of which are cosmetic
skincare and food supplements to modulate the immune system by
harnessing the gut-skin axis. In each area SkinBioTherapeutics
plans to exemplify its technology through human studies. The
Company's first product, AxisBiotix-Ps™, a food supplement to
address the symptoms of mild to moderate psoriasis.
The Company listed on AIM
in April 2017 and is based in Newcastle, UK. For more
information, visit: www.skinbiotherapeutics.com.