SkinBioTherapeutics losses widen as it spends more on R&D

Life sciences company SkinBioTherapeutics announced its half year results for the six months ended 31 December on Wednesday, reporting “significant progress” in developing the SkinBiotix technology, and a successful initial scale-up of lysate manufacture.

The AIM-traded firm’s loss before tax widened to £0.39m from £0.25m in the first half of the prior year, as it spent more on research and development and was still pre-revenue.

Its basic and diluted losses per share narrowed, however, to 0.29p from 0.58p.

SkinBioTherapeutics said at the moment, three different formulation options for its cosmetic application were being assessed ahead of the human study scheduled in the third quarter.

Its anti-infection and eczema programmes were progressing, with application frequency and safe dosing levels determined.

Early stage commercial discussions with “significant industry players” was also said to be continuing, with respect to its cosmetic application

Cash at period end stood at £3.6m, up from £0.4m a year earlier.

“We have made significant progress in the past six months around our SkinBiotix® technology and we are on track with the advancement of all three indications in cosmetics, anti-infection and eczema,” said CEO Dr Cath O'Neill.

“Our primary focus has been on developing the cosmetic application. Manufacturing scale-up and formulation is progressing to plan.

“As laid out at IPO, we intend to carry out the human safety study later this year.”

Dr O’Neill said there was a “growing awareness” of the company’s SkinBiotix platform technology from the skin healthcare industry, based on the reputation of its team and its science-led business approach.

“With continued work on our technology and the start of human studies in Q3, we are building further value for shareholders and a strong position from which to hold potential commercial discussions.”