SkinBioTherapeutics PLC (LON:SBTX) have reported a mixed first half update on Tuesday, however shares have jumped.
Shares in SkinBioTherapeutics trade at 9p (+2.53%). 3/3/20 13:22BST.
The firm reported that its loss had widened across the first half of its financial year – as research and development costs tied in with operating expenses surged.
“During the first half of the financial year, the Company began its transition from one of scientific focus to progressing opportunities to commercialize its technology. SkinBioTherapeutics seeks to harness the microbiome for human health and has identified five channels in which it intends to develop its focus, encompassing both existing and new technology.”
The life sciences firm told shareholders that it had seen a pretax loss of £889,002 within the six month period which ended on December 31.
Notably, looking at an annualized metric – this was widened from the £632,279 loss recorded one year ago.
Looking at operating expenses, SkinBioTherapeutics noted that these costs rose 81% to £433,950 from £240,372.
Additionally, research and development costs also contributed to the widened loss – where these rose 16% from £391,907 to £455,052.
SkinBioTherapeutics added that no revenue had been generated across the half year, as the firm is still looking to commercialize its product range.
Stuart Ashman, CEO of SkinBioTherapeutics, said:
“The first half of the year has been focused on refining and starting to deliver on our strategy to commercialise the SkinBiotix® technology. The five pillars of the strategy comprise SkinBiotix®, AxisBiotix™, MediBiotix™, CleanBiotix™ and PharmaBiotix™ demonstrating our belief in the applicability of our technology.
“From talks initiated by Prof. Cath O’Neill, we have concluded agreements around two of the pillars already – SkinBiotix® and AxisBiotix™ – with Croda and Winclove respectively. Both companies are specialists in their fields and we believe both deals offer good growth and value opportunities to the Company, whilst aligning with our current cash position and timeline.
“As we integrate these initial agreements into our day to day working practices, we continue to seek other commercial partners as well as furthering the scientific base behind our technology.”
SkinBioTherapeutics agree deal with Winclove Probiotics
A couple weeks back, SkinBioTherapeutics told the market that they had agreed a treatment deal with Winclove Probiotics BV for development of a product.
The company said that its subsidiary AxisBiotix Ltd has signed a development agreement with Winclove Probiotics BV, which would involve the treatment of psoriasis.
SkinBioTherapeutics said that the companies had collaborated to help manage the symptoms of skin condition, psoriasis.
Both firms will look to combine their knowledge and expertise to develop a probiotic blend of bacterial strains, based on the modifying properties of specific bacterial species on known psoriasis disease pathways.
The blend will then be developed into a probiotic food supplement which will be named AxisBiotix.
The life sciences and medicinal firm also said that it will take responsibility for the identification and selection of the bacterial strains and patient testing.
Winclove, the other pattern will take control for the formation and manufacturing of AxisBiotix.
