Life sciences firm to raise £2m in AIM float for anti-infection and eczema battle
Macclesfield-based skin health life science company SkinBioTherapeutics plans to list on the AIM market to raise around £2m for pipeline development.
The company wants to accelerate the development its SkinBiotix pipeline in cosmetics, anti-infection and eczema.
It will use the cash raised to bring its programmes through proof of concept (human) trials and then seek early stage partnering, with lead cosmetic applications expected to be ready for commercialisation in 2018.
Dr Catherine O’Neill, chief executive of SkinBioTherapeutics, said: “We believe there is a readily exploitable and critical gap in the skin care market for microbiome-based applications; the skincare market has received a fraction of attention compared to the gut.
“The team at SkinBio has developed a proprietary technology platform in SkinBiotix which is founded on scientific research for which a number of patent applications have been made. Our platform has multiple applications in skin care and we are developing products for markets where partnering takes place at an early stage.
“As a team, we have good connections within the industry for future commercialisation purposes and we have an opportunity to establish early mover advantage.”
Martin Hunt, chairman added: “In becoming a listed company, we are looking to raise our profile not only with investors, but also with the major players we would look to partner with.
“The additional funding will enable us to drive the progress of our three development programmes, specifically bringing our lead candidate, being our cosmetic application, through human studies with a view to commercialisation in 2018.”
The listing is part of plans announced in July 2016 by York-based OptiBiotix to form separate divisions.
The plan was to give each its own technology platforms, IP portfolio and specialised teams – all autonomous with the potential for separate public listings.
A separate vehicle was incorporated in 2015, formerly called SkinBiotix, and last month changed its registered address from the OptiBiotix headquarters in York to Macclesfield.
In October 2016, OptiBiotix announced that it had invested a further £400,000 into SkinBiotherapeutics to enable it to progress towards an IPO. OptiBiotix’s convertible loan will be converted into ordinary shares in SkinBioTherapeutics on admission.
Stephen O’Hara, chief executive of OptiBiotix, said: “OptiBiotix’s skin division has built its own IP, team, and development programmes to a point where the board believe the scale of the opportunities offered by its SkinBiotix’s technology in the biotherapeutic space may be best realised by separate listing.
“As a majority shareholder in SkinBioTherapeutics, OptiBiotix’s Board believe this provides the necessary resources to grow SkinBiotherapeutics and create the potential for substantial future value enhancement.”
Major shareholders include OptiBiotix, the University of Manchester and the company’s two founders.
Cairn Financial Advisers is acting as nominated adviser and Turner Pope Investments is acting as broker.
