REG - SkinBioTherapeutics - Conversion notice and alternative financing

SkinbiotherapeuticsAnnouncement

28/02/2024 12:45

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RNS Number : 8180E  SkinBioTherapeutics PLC  28 February 2024

 

SkinBioTherapeutics plc

("SkinBioTherapeutics" or "the Company")

 

Conversion Notice and Total Voting Rights

SBTX Board seeking alternative financing options for

inorganic acquisition strategy aided by recent positive updates

 

28 February 2024 - SkinBioTherapeutics plc, (AIM: SBTX, or the "Company"), the
life science business focused on skin health, announces that it received a
Conversion Notice on 20 February 2024 from Macquarie Bank Limited
("Macquarie") for £80,000 of Convertible Bonds from the £5.0 million
convertible bond facility (the 'Facility') announced on 25 January 2024.

 

The Board also announces that it has decided to seek alternative financing
options for its inorganic acquisition strategy, rather than drawing upon the
Facility any further.

 

Admission and Total Voting Rights

 

Application has been made for the 836,825 new ordinary shares, which will
rank pari passu in all respects with the existing ordinary shares of the
Company, to be admitted to AIM, which is expected to occur on or around 8.00
a.m. on 29 February 2024 ("Admission").

 

SkinBioTherapeutics will issue 836,825 ordinary shares of £0.01 per share
("Ordinary Shares") at a conversion price of 9.559935p per Ordinary Share.

 

Upon Admission, the total number of issued shares and the total number of
voting rights in the Company will be 191,687,425.

 

The above figure of 191,687,425 should be used by shareholders in the Company
as the denominator for the calculations by which they will determine if they
are required to notify their interest in, or a change to their interest in,
the share capital of the Company under the Financial Conduct Authority's
Disclosure Guidance and Transparency Rules.

 

Alternative financing options

 

To date, the Company has drawn a total of £1,600,000 under the Facility. The
Board of SkinBioTherapeutics has today provided formal notice to CLG Capital
LLC (CLG) (and by proxy Macquarie) that it will not utilise the reminder of
the £5m Facility. The Board is in negotiations with the noteholders to
discuss timing and rate of conversion and subsequent selling of stock.

 

 

Stuart Ashman, CEO of SkinBioTherapeutics said: "We met the CLG team today and
have come to an amicable agreement around the Facility and next steps. We
believe this is the right decision for the Company. In the meantime, we are
very busy integrating the recently acquired Dermatonics, the accelerated
Modi/Dermatonics product launch in the Asia, Middle East and Africa regions,
and completing the participant study for the acne programme which has
generated very positive interim results. We anticipate further updates in the
coming weeks in the lead up to the HY results in March."

 

-Ends-

The information communicated in this announcement contains inside information
for the purposes of Article 7 of the Market Abuse Regulation (EU) No.
596/2014.

 

 

For more information please contact:

 

 SkinBioTherapeutics plc                            Tel: +44 (0) 191 495 7325

 Stuart J. Ashman, CEO

 Manprit Randhawa, CFO

 Cavendish Capital Markets Limited                  Tel: +44 (0) 20 7220 0500

 (Nominated Adviser & Broker)

 Giles Balleny, Dan Hodkinson (Corporate Finance)

 Charlie Combe (Broking)

 Dale Bellis, Tamar Cranford-Smith (Sales)

 Instinctif Partners (financial press)              Tel: +44 (0) 20 7457 2020

 Melanie Toyne-Sewell / Jack Kincade                SkinBioTherapeutics@instinctif.com

 

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 Professor Catherine O'Neill and Professor Andrew McBain.

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 and www.axisbiotix.com.

 

 

 

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