SkinBioTherapeutics PLC (LON: SBTX) have seen their shares fall on Tuesday afternoon after the firm reported a widening on their annual loss.
SkinBioTherapeutics are a life science company focused on skin health.
The SkinBioTherapeutics’ platform applies research discoveries made on the activities of lysates derived from probiotic bacteria when applied to skin. The Company has shown that the SkinBiotix® platform can improve the barrier effect of skin models, improve repair and reduce bacterial load.
Shares fell 3.87% following the announcement and trade at 16p. 26/11/19 15:02BST.
The firm said it will now focus on five channels for development, encompassing both existing and new technology.
The widened loss for financial 2019 was caused by increased research and development spending, but the firm have reassured shareholders that there will be long term benefits.
The firm focused on skin health said it will develop its core technology SkinBiotix, which has secured an extended agreement with Croda International PLC (LON: CRDA) for use in cosmetic applications.
Other technologies in focus include AxisBiotix, MediBiotix, CleanBiotix and PharmaBiotix.
For the annual financial year ending June 30, the firm made a pretax loss of £1.4 billion widened from the £941,451 figure a year ago.
Additionally, no revenue was generated in either financial period, which may concern shareholders.
Research and development expenditure increased from £416,000 to £708,000 omprising development work with the University of Manchester, ongoing manufacture, scale-up and formulation work as well as the costs for the cosmetic human study.
However, this does show that SkinBioTherapeutics are keen to get the best quality product out and be a market leader.
Stuart Ashman, chief executive of SkinBioTherapeutics, said: “This has been an exciting year for the company.”
“The beginning of the year was about proving the sound scientific foundation of our SkinBiotix technology and the positive effects of it on the barrier function of the skin. The successful results drove commercialisation discussions forward which resulted in our recent agreement with the world leader in skincare actives for the cosmetic industry, Croda International PLC. We will continue to seek further commercial opportunities and build the development pipeline with new programmes in eczema and psoriasis during 2020,” Ashman added.
The pharmaceuticals industry has seen a mixed set of results by firm across financial 2019.
Market leaders such as Pfizer (NYSE: PFE) and GSK (LON: GSK) have reported bullish interim updates, which gives them further foot holding the global pharmaceuticals market.
Additionally, Roche (SWX: ROG) announced the acquisition of US drugmaker Promedior last week.
