LONDON (ShareCast) - (Sharecast News) - The past year has seen SkinBioTherapeutics make "significant progress" with the development of its moisturising cream and efforts to begin human trials, the company said on Thursday.
Over the 12 months ended 30 June, SkinBio made a loss before tax of £0.9m, up from £0.7m the year before, as the company has not yet commercialised its products and does not generate revenue at present.

The company's first in-human trials of its SkinBiotix skincare technology began last month, with different concentrations of the cream being analysed for skin irritation, skin barrier function and moisturisation potential.

Chief executive Cath O'Neill said: "This year, our focus has been on preparing the SkinBiotix technology for its first human study and longer-term preparations for commercialisation. On both fronts, we have made good progress.

Potential applications for the technology include cosmetics, the reduction in the incidence of eczema flares and for the prevention of infection.

SkinBio said it has already a material transfer agreement for the technology with a global consumer goods company, while a "range" of other firms have taken a keen interest in the cream.

The board's long-term strategy is to license out the technology to other companies for them to use in their lotions and products once human-proof-of-principle has been achieved.

"Post year end, we initiated the cosmetic human studies which was a major milestone for the company. On the basis that the results are positive, the validation will strengthen our position as a science-led business and enable further commercial discussions," said O'Neill.

At 30 June the AIM traded company had a cash balance of £3.2m, down from £3.9m at the same point last year, which is line with management's expectations.

SkinBio's shares were up 1.35% at 18.75p at 0842 BST.

Email this article to a friend

or share it with one of these popular networks:

• DIGG
• FACEBOOK
• STUMBLEUPON
• MIXX
• YAHOO BUZZ
• DELICIOUS
• REDDIT
• NEWSVINE