SkinBioTherapeutics PLC Integration update and share price movement

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

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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, 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 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 Stuart J. Ashman, CEO Manprit Randhawa, CFO	[phone]
Cavendish Capital Markets Limited (Nominated Adviser & Broker) Giles Balleny, Dan Hodkinson (Corporate Finance) Charlie Combe (Broking) Dale Bellis, Tamar Cranford-Smith (Sales)	[phone]
Vigo Consulting (financial press) Rozi Morris	[phone] [phone] [e-mail]

 

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.

 

 

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