REG - SkinBioTherapeutics - Integration update and share price movement

SkinbiotherapeuticsAnnouncement

23/10/2024 14:45

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RNS Number : 3458J  SkinBioTherapeutics PLC  23 October 2024

 

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
(https://irs.nbtrader.co.uk/ir/SkinBiotix/newsArticle.php?id=31142824620767832&ST=SBTX)
, 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
(https://irs.nbtrader.co.uk/ir/SkinBiotix/newsArticle.php?id=311428241062423234&ST=SBTX)
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                            +44 (0) 191 495 7325

 Stuart J. Ashman, CEO

 Manprit Randhawa, CFO

 Cavendish Capital Markets Limited                  +44 (0) 20 7397 8900

(Nominated Adviser & Broker)

 Giles Balleny, Dan Hodkinson (Corporate Finance)

 Charlie Combe (Broking)

 Dale Bellis, Tamar Cranford-Smith (Sales)

 Vigo Consulting (financial press)                  +44 (0) 20 7390 0231

 Rozi Morris                                        +44 (0) 7890 022 814

                                                    Skinbio@vigoconsulting.com (mailto:Skinbio@vigoconsulting.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 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
(http://www.skinbiotherapeutics.com/) .

 

 

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