Life sciences firm makes series of leadership changes
A new chief executive has been installed at life sciences firm SkinBioTherapeutics.
The Manchester based company which focusses on skin health has announced changes to its board and executive team.
Stuart Ashman is to take over from Dr Cath O’Neill as chief executive with immediate effect.
Dr O’Neill will become chief scientific officer with a focus on the scientific development of the company.
Dr O’Neill is also stepping down from the Board of the Company with immediate effect.
Stephen O’Hara is also stepping down from his position as Non-Executive Director of the Company.
The firm said over the course of the last 12 months it has made significant progress with its core technology, achieved a number of important product development milestones and begun to position itself for the commercialisation phase of its development.
The company also strengthened its financial position through a placing raising £1.5m and ended the 12 months to 30 June 2019 with a cash balance of £3.1m.
The company’s first human study which focused on skin irritancy, moisturisation and impact on skin barrier, has been completed.
The results mean the firm can now move forward with scope to further optimise its SkinBiotix technology.
Martin Hunt, non-executive chairman of SkinBioTherapeutics, said: “On behalf of the Board of SkinBioTherapeutics, I would like to reiterate my previous thanks to Cath for the pivotal role she has played as CEO in founding the Company and leading it through the IPO and its early life as a listed company.
“As a technology-driven company we will continue to benefit from her substantial knowledge and expertise in her new role as CSO. We also thank Stephen for his contribution as a Board member and wish him continuing success at OptiBiotix.
“Following a recent strategic planning session with the executive team, it is clear that the Company is now driving towards commercialisation with the skin product and has a broad and wide range of other opportunities available to it.
“The board is confident that, with Stuart as the new CEO and Cath as CSO, the Company is in good hands for its next phase of development.”
Stuart Ashman said: “SkinBioTherapeutics’ development and growth is based on a solid scientific foundation which has been driven by Cath.
“The company’s technology, SkinBiotix, is now well placed in an increasingly active market segment and I am very happy to continue working closely with Cath and the team to grow the business further. My immediate focus for the Company will be to advance the ongoing commercial discussions whilst continuing the clinical development of the SkinBiotix® technology.”
Stephen O’Hara said: “SkinBioTherapeutics has made strong progress since its admission to AIM under Cath’s stewardship. As the Company becomes more commercially orientated with the appointment of Stuart as CEO, it is an appropriate time for me to step down from the board.
“I’d like to thank Cath for her contribution to date and as a major shareholder in the company I will continue to remain engaged with the team and support the Company’s future progress where I am able.”
