SkinBioTherapeutics reports good start to new financial year

SkinBioTherapeutics, a life sciences outfit focused on skin health, reported progress on its business development in its maiden full-year results as an AIM-listed company, adding that it had made a good start to the new financial year.

During the year to 30 June 2017, the company secured a research agreement with the University of Manchester for "development of a bacterial lysate as a novel agent to combat infections".

It also "sucessfully" demonstrated the three modes of action concerning SkinBiotix technology, which passed a cytotoxicity test post-year end representing the first key milestone post IPO.

In parallel, SkinBio said it had brought together a strong management team for the development and commercial phase of the company.

From a purely financial standpoint, the AIM-listed company announced its admission to AIM in April 2017 which netted it £4.5m, allowing it initiate scale up of lysate manufacture with third parties.

At period end, its cash position stood at £3.9m versus £0.3m in 2016.

CEO of SkinBioTherapeutics Cath O'Neill said the company was "making good scientific headway" and now starting initial discussions with partners, while stating it had made a good start to the new financial year.

"During the year, we have demonstrated three significant properties - barrier improvement, anti-infection and repair - which form the foundations of our three development programmes. We are making good scientific headway and are starting initial discussions with partners.

"Operationally, we have made a good start to the new financial year, especially with the recent news around the third party cytotoxicity testing, and we look forward to reporting on the next phase of the company's journey."