LONDON (ShareCast) - (Sharecast News) - Skin health-focussed life sciences company SkinBioTherapeutics updated the market on its operations and announced some changes to its board and executive team on Thursday.
The AIM-traded firm noted that, over the last 12 months, it had made "significant" progress with its core technology, achieved a number of product development milestones and had begun to position itself for the commercialisation phase of its development.

In addition, it said it had strengthened its financial position through a placing raising £1.5m and ended the 12 months to 30 June with a cash balance of £3.1m.

The company's first human study, which focussed on skin irritancy, moisturisation and impact on skin barrier, had been completed.

SkinBioTherapeutics said the results demonstrated both safety and efficacy, providing the firm with the data required to move forward with scope to further optimise the 'SkinBiotix' technology.

The company said it was continuing its advanced engagement with a number of potential partners interested in the SkinBiotix technology, and the data generated through the human efficacy study.

Its board also announced that, following a successful handover, Stuart Ashman and Dr Cath O'Neill would, with immediate effect, transition to the roles of chief executive officer and chief scientific officer respectively.

Dr O'Neill's primary focus would be on the scientific development of the company, while Ashman was looking to the future strategic direction of the firm, and extended commercial opportunities.

In addition, the board was to establish a scientific advisory board (SAB), of which Dr O'Neill would be a member.

The SAB would be chaired by Dr Cathy Prescott, a non-executive director of the company.

In conjunction with the transition to the CSO role and as a member of the SAB, Dr O'Neill was stepping down from the board of the company with immediate effect.

Given the continuing positive progress of the company, and his increasing commitments at OptiBiotix Health, the board also said that Stephen O'Hara was stepping down from his position as non-executive director of the company.

"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," said non-executive chairman Martin Hunt.

"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."

Hunt said that, following a recent strategic planning session with the executive team, it was "clear" that the firm was now driving towards commercialisation with the skin product, and had 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."

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