REG - SkinBioTherapeutics - Update on transaction timelines to early 2024

SkinbiotherapeuticsAnnouncement

29/12/2023 08:15

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RNS Number : 1903Y  SkinBioTherapeutics PLC  29 December 2023

SkinBioTherapeutics plc

("SkinBioTherapeutics" or "the Company")

Update on transaction timelines to early 2024

 

29 December 2023 - SkinBioTherapeutics plc, (AIM: SBTX, or the "Company"), the
life science business focused on skin health, provides shareholders with an
update on its transaction strategy, with adjustments to timings into Q1 2024.

 

The Company laid out its strategy in its full year results to find strategic
accretive acquisitions that would provide complementary products and/or an
infrastructure that could provide accelerated routes to market for the
Company's own pipeline. The Company's aim was for at least one transaction to
be completed by the year end.

 

Due diligence has largely been completed on the lead project, which is a
supplier of dermatological products, based in the UK. If finalised, the
acquisition will not only provide a ready revenue stream from product sales
but also enable the Company to further its technology development plans. The
Sale and Purchase Agreement (SPA) is currently being worked on, however legal
work around completion has taken longer than expected (including disruption
due to the holiday period). Therefore, despite management's best efforts, the
target completion date of the first deal is likely to be early 2024.

 

The Company is also in advanced due diligence on another target which is a
manufacturer within the dermatology market in the UK. The management believes
that this acquisition also has the potential to be completed in early 2024.

 

The Company has various funding options available and would prefer to use
combinations of cash, earn out and stock issuance wherever possible, and have
a Convertible Loan Note already agreed in the short term for any cash element
of a transaction.

 

-Ends-

 

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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