SkinBioTherapeutics
plc
("SkinBioTherapeutics" or "the Company")
Full Year Trading Update -
Revenues boosted by Dermatonics
Acquisition
29
July 2024 - SkinBioTherapeutics plc
(AIM: SBTX), a life
science company focused on skin health, announces an update on the
business for the twelve months ended 30 June 2024.
A presentation to shareholders will
be made today via the Investor Meet Company platform at 10am (BST)
via this link
HERE.
The key points of the presentation
are summarised below.
Management is pleased to report that
trading in the period has been slightly better than expected as
AxisBiotix-Ps revenues continue to grow, supported by its
commercial and geographical expansion, and following the
acquisition of Dermatonics on 26 January. Revenues from
AxisBiotix-Ps were £248k (2023: £132k) following an increase in
subscriber numbers and launch into new territories during 2024.
Dermatonic's sales progress has been especially encouraging
by reaching c.£1.9m for the full year. Shortly after the
acquisition, Dermatonics also commenced a significant marketing and
distribution deal with the Umesh Modi Group
across Asia, the Middle East, and Africa which has
the potential to benefit the whole Company.
Since the year end, the Company has
also reported a positive visit to the Sederma manufacturing site in
Paris and plans for the start of commercialisation are on track for
the end of the year. In addition, the full data set from the acne
consumer study has been reported and the results have been very
positive with 84% of participants reporting that the appearance of
their spots had improved, 77% that the pain caused by their spots
had eased, and 62% that the anxiety they felt due to their spots
had improved.
Finally, in January 2024, management
entered into a £5.0m Convertible Bond Facility for the purposes of
its acquisition strategy, starting with Dermatonics. Upon review,
management decided to close this facility post year end, having
drawn down £1.6m in total. Existing investors and some new
institutional investors agreed to purchase the remaining shares
directly from the holder, Macquarie Bank.
In summary, total revenues for the
year are at £1.2m (2023: £0.1m) reflecting the uplift in sales from
AxisBiotix-Ps and the inclusion of Dermatonics revenues.
Net loss was £2.9m (2023: £2.8m). Cash at 30
June 2024 was £0.8m, factoring in the £0.5m of earn-out payment in
May 2024 on the Dermatonics acquisition. The Board does not have
any short term concerns over cash on the basis of events
anticipated in the next financial year as outlined in the outlook
section below. All figures quoted are unaudited.
The FY results are expected to be
announced in November/December 2024.
Outlook
Looking forward to the year ending
30 June 2025, revenues of AxisBiotix-Ps are forecast to be £400k
(2024: £248k) reflecting the increase in expansion into European
territories, as well as the USA through the Company's partnership
with World Products into Amazon. The acquisition of Dermatonics is
looking to reflect the management's investment thesis into the
business, with revenues forecast to be £2.91m (2024: £1.90m), and
EBITDA at £710k (2024: £420k), with growth across all revenue
streams in the business, as well as the uplift following the Umesh
Modi partnership announcement earlier in 2024.
Cash as at year end was £0.8m, and
following the accretive acquisition of Dermatonics in January 2024,
group monthly cash burn has reduced by 32% and the Company has
enough cash reserves to last into calendar year Q1 2025. In
addition, with the expected further acquisition, the Company will
be recompensated with £0.5m of cash for the earn-out payment, and
thus extending cash runway further.
Total Voting Rights
Following the admission on 26 July
of the 5,848,620 new ordinary shares on conversion of the
Convertible Bonds, the total number of issued shares and the total
number of voting rights in the Company will be
211,210,536.
The above figure of 211,210,536
should be used by shareholders in the Company as the denominator
for the calculations by which they will determine if they are
required to notify their interest in, or a change to their interest
in, the share capital of the Company under the Financial Conduct
Authority's Disclosure Guidance and Transparency Rules.
Stuart Ashman, CEO of
SkinBioTherapeutics, said:
"We are now seeing the early signs
of the transformation we were expecting through both organic growth
and our acquisition strategy.
"Dermatonics is already
demonstrating its worth, with revenues which are exceeding our
original expectations and signing value-creating deals with
international partners such as the Umesh Modi Group. We are very
pleased with its progress and seeing how we can use this commercial
platform for our own home-grown products such as AxisBiotix-Ps
which is growing steadily, and our future products, such as the
Acne product, which reported such positive data
recently.
"Our relationship with Sederma/Croda
continues to be strong, as evidenced by our very positive Paris
meeting in the early summer. We are now in the industrialisation
and commercialisation stages which is exciting. We hope to report
more on this at the FY results.
"Finally, as announced recently, we
are most grateful for the support from investors and welcome new
institutions that enabled us to close the Convertible Bond
Facility. It served its purpose to enable us to acquire Dermatonics
which is already generating significant value however, it was
imperative that we acted in response to shareholder
sentiment.
"We're excited about the prospects
for the business and the momentum building behind our product
pillars."
-Ends-
The information communicated in this announcement contains
inside information for the purposes of Article 7 of the Market
Abuse Regulation (EU) No. 596/2014.
Investor Presentation
There will be presentation by the
SkinBioTherapeutics management team via the Investor Meet
Company platform at 10am today (Monday 29
July 2024).
Questions can be submitted pre-event
via the Investor
Meet Company dashboard up
to the day before the meeting or at any time during the live
presentation. Investors who already follow SkinBioTherapeutics on
the Investor Meet Company platform will automatically be
invited.
Investors can sign up
to Investor Meet Company for free at
this link.
For
more information please contact:
|
SkinBioTherapeutics plc
Stuart J. Ashman, CEO
Manprit Randhawa, CFO
|
+44 (0) 191 495
7325
|
|
Cavendish Capital Markets Limited
(Nominated Adviser & Broker)
Giles Balleny, Dan Hodkinson
(Corporate Finance)
Charlie Combe (Broking)
Dale Bellis, Tamar Cranford-Smith
(Sales)
|
+44 (0) 20 7220
0500
|
|
Vigo
Consulting (financial press)
Rozi Morris
|
+44 (0) 20 7390
0230
SkinBio@vigoconsulting.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
the translational dermatology team at the University of
Manchester.
The Company is targeting a number of
skin healthcare sectors, the most advanced of which are cosmetic
skincare and food supplements to modulate the immune system by
harnessing the gut-skin axis. In each area SkinBioTherapeutics
plans to exemplify its technology through human studies. The
Company's first product, AxisBiotix-Ps™, a food supplement to
address the symptoms of mild to moderate psoriasis.
The Company listed on AIM in April
2017 and is based in Newcastle, UK. For more information,
visit: www.skinbiotherapeutics.com.
