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SkinBioTherapeutics expects significant progress in lead projects this year

SkinBioTherapeutics PLC (LON:SBTX) said it expects significant progress in both its food supplement and its cosmetic programmes during 2021.

The life sciences company had a comfortable cash position of £5.5mln as of December 31, after raising £4.45mln in a placing and open offer in October.

READ: SkinBioTherapeutics starts food supplement consumer study with more participants than planned

It started the consumer study on AxisBiotix, designed to balance the gut microbiome to address the overproduction of new skin cells often seen in aggressive skin conditions, earlier this year.

The results are expected in May, with a launch of a product anticipated before the end of the year.

The AIM-listed firm is also working with chemicals specialist Croda to include its SkinBiotix technology in cosmetic ingredients.

It also expects to initiate two programmes of work with the University of Manchester and move into its own lab facilities at the Biosphere in Newcastle upon Tyne.

In the six months to December 31, SkinBioTherapeutics – which is at the pre-commercial stage – made a £628,241 loss before tax, from £889,002 the year before.

It spent £205,027 on research and development and £423,214 on operating costs.

“The company has made strong progress over the first half of the year, which given the continued impact that the COVID-19 pandemic has had across the UK and internationally, has been an outstanding achievement by the team,” said chief executive Stuart Ashman in a release.

“Our placing and open offer completed in October 2020 has given us resource to materially explore the use of our technology in other areas and expand our virtual R&D operations into true in-house capability. Coupled with our robust cash control, the company is well-positioned to unlock the commercial potential of our world-class technology.”

Shares jumped 10% to 53.15p early on Monday.

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