SkinBioTherapeutics PLC Business Update (1793S)

TIDMSBTX

RNS Number : 1793S

SkinBioTherapeutics PLC

07 July 2020

7 July 2020

SkinBioTherapeutics plc

("SkinBioTherapeutics" or "the Company" or "the Group")

Business Update

-- Finalised stable formulation for AxisBiotix (TM) food supplement to treat symptoms of psoriasis; development significantly ahead of schedule

   --    Croda partnership to develop active skincare ingredient progressing to plan 

-- Important patent grant received for SkinBiotix(R) in medical, cosmetic and woundcare indications in the US and Japan

   --    Cash as at 30 June 2020 GBP2.1m  (31 December 2019: GBP2.5m) 

SkinBioTherapeutics plc (AIM: SBTX), a life science company focused on skin health, is pleased to provide a business update.

Financially, the Company ended the 12 months to 30 June 2020 with a solid cash balance of GBP2.1m

(31 December 2019: GBP2.5m).

Operationally, the Company has made significant progress with its collaborative partners, Winclove Probiotics B.V. (Winclove) and Croda plc (Croda), as well as having an important patent granted in key geographical regions.

Winclove - Development of Psoriasis supplement significantly ahead of schedule

In February 2020, the Company signed a development agreement with Winclove for a probiotic food supplement to help manage the symptoms associated with the skin condition, psoriasis.

A proprietary blend of 'good' bacterial strains had already been identified by SkinBioTherapeutics, and the Company is pleased to report that several months ahead of schedule, Winclove has now been able to successfully combine and formulate the blend as a probiotic food supplement, to be known as AxisBiotix (TM)Ps.

As a pre-requisite to commercialisation, AxisBiotix (TM)Ps will undergo a human study with patients suffering from mild to moderate psoriasis. The Company has confirmed with the necessary regulatory bodies that the study will be conducted as a food supplement study. Such studies have much reduced requirements in terms of endpoints and the time required compared to a therapeutic trial.

Recognising the constraint that the COVID-19 pandemic is having on non-COVID related human studies, the Company is investigating opportunities and protocols for accelerating the testing programme. One way to do this would be to ask patients to report any change of their symptoms virtually rather than attending a clinic in person. This method could potentially see an earlier readout than a conventional study and, as a result, if supportive, an earlier commercial launch.

Croda - progressing well to create a bioactive for cosmetics skincare

SkinBioTherapeutics' development team is working well with Sederma, the arm of Croda that specialises in the manufacture of bioactive ingredients for the cosmetic industry, towards the use of SkinBiotix (R) as the foundation for an active skincare ingredient. Whilst activities have been impacted by COVID-19, these are not considered material against the original development timelines.

Patent grant - expanding the IP portfolio into key geographies

A key part of the ongoing strategy is to grow and maintain the intellectual property (IP) portfolio around SkinBioTherapeutics' technology.

In June 2020, the Company received notification that its SkinBiotix (R) patent application 'anti-bacterial lysate of probiotic bacteria' had been granted in the United States (US) and Japan. The Company has also received notification of grant of the same patent application in Europe. The patent granted covers the use of material to inhibit pathogen colonisation. This important anti-infective quality has potential applications in medical, cosmetic and woundcare indications.

Minimised COVID-19 impact on Manchester University research agreement

SkinBioTherapeutics has a long term research agreement with Manchester University. The University closed its campus operations on 18 March 2020, in line with UK Government advice around COVID-19, however the impact on the Company has been significantly minimised, given its primary strategic focus has recently switched from research to development.

Stuart Ashman, CEO of SkinBioTherapeutics, said:

"We are very pleased with the progress that the Company has been able to make during these most exceptional times. Our development projects are making great progress, as evidenced by our AxisBiotix formulation with Winclove being completed significantly ahead of schedule. Work with Croda's Sederma team is progressing well and to plan and we are extending our IP portfolio, with the new patent being granted in multiple geographies.

"The next milestones for us are establishing a new rapid trial protocol for AxisBiotix(TM)Ps that is resistant to the pressures of the ongoing COVID-19 restrictions and continuing to advance our MediBiotix and CleanBiotix programmes."

-Ends-

The information communicated within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 and has been arranged for release by Doug Quinn, CFO of the Company. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

For more information please contact:

 
 SkinBioTherapeutics plc                         Tel: +44 (0) 161 
  Stuart J . Ashman, CEO                          468 2760 
  Doug Quinn, CFO 
 Cenkos Securities Plc (Nominated Adviser        Tel: [phone] 
  & Broker)                                       8900 
  Giles Balleny, Max Gould (Corporate Finance) 
  Michael Johnson (Sales) 
 Instinctif Partners                             Tel: [phone] 
  Melanie Toyne-Sewell / Philip Marriage          2020 
  / Nathan Billis                                 [e-mail] 
 

About SkinBioTherapeutics plc

SkinBioTherapeutics is a life science company focused on skin health. The Company's proprietary platform technology, SkinBiotix(R), is based upon discoveries made by Prof. Catherine O'Neill and Professor Andrew McBain.

The Company has demonstrated, through scientific testing, that the SkinBiotix(R) platform can improve the barrier effect of skin models, protect from infection and repair wounds. Proof of principle studies have also shown that the SkinBiotix(R) platform has beneficial attributes applicable to each of these areas. The technology achieved positive results in clinical studies in human volunteers in early 2019.

The Company listed on AIM in April 2017 and is based in Manchester, UK. For more information, visit: www.skinbiotix.com .

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [e-mail] or visit www.rns.com.

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July 07, 2020 02:00 ET (06:00 GMT)