SkinBioTherapeutics raises £1.5 million to widen potential applications for their ground-breaking skin biome technology
SkinBiotix®, which is already in human studies with its scientifically validated treatments for a variety of skin conditions, has raised £1.5 million from its original investor Seneca to further explore opportunities for its existing technology and support new areas of development. Derived from probiotic bacteria, SkinBioTherapeutics technology is being developed for use in cosmetics, infection control products and in the treatment of a variety of skin conditions.
The skin, the body’s largest organ, is colonised by a diverse range of microorganisms which has to be managed for long term good health. SkinBioTherapeutics patented technology is developing a range of products based on lysates - extracts of probiotic bacteria - which will help keep the skin healthier and treat certain conditions.
Seneca has followed its original investment in SkinBioTherapeutics by taking an additional investment of £1,500,000 via a placing of 9,375,000 new ordinary shares (“Placing Shares”) at a price of 16 pence per share (the “Placing”). This takes Seneca’s holding from 14.6 per cent to 20.9 per cent of the Company’s issued share capital.
Dr Cath O’Neill, CEO of SkinBioTherapeutics, commented "Seneca has been a substantial shareholder in SkinBioTherapeutics since the IPO, therefore we see this additional investment as a strong signal of continuing support of our business and strategy. The funding provides additional working capital and headroom to consider some of the other potential applications for the SkinBiotix® technology as well as other skin conditions, such as psoriasis.”
The company is due to report on the results of a double-blinded, efficacy study in the next few weeks which will be shared with interested commercial partners. This follows successful safety studies that ensure the treatments do not irritate and that that they are effective moisturisers.
The company’s technology platform is based on probiotic bacteria lysates which work by increasing the skins barrier integrity through enhancing the formation of multi-protein complexes called 'tight junctions'. Tight junctions seal the space between adjacent cells to prevent the passage of toxins, molecules and ions through these spaces. They also help to protect the skin from infection by outcompeting harmful pathogens and increase the rate of skin healing in response to injury.
For further information on the Seneca transaction go to https://www.skinbiotherapeutics.com
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 CEO Dr. Cath O'Neill and Professor Andrew McBain.
SkinBioTherapeutics' platform applies research discoveries made on the activities of lysates derived from probiotic bacteria when applied to the skin. The Company has shown that the SkinBiotix® platform can improve the barrier effect of skin models, protect skin models from infection and repair skin models. Proof of principle studies have shown that the SkinBiotix® platform has beneficial attributes applicable to each of these areas.
SkinBioTherapeutics received seed funding from the Tech Transfer office of the University of Manchester for the discovery of SkinBiotix®. The platform was subsequently spun out of the University of Manchester in March 2016 and was funded by OptiBiotix PLC (AIM: OPTI).
The Company joined AIM in April 2017 concurrent with raising £4.5 million from a placing of new ordinary shares.
The Company is based in Manchester, UK. For more information, visit www.skinbiotherapeutics.com.