LONDON (ShareCast) - (Sharecast News) - SkinBioTherapeutics on Thursday announced that it is seeking a "commercially experienced" replacement for Cath O'Neill, as she transitions away from the chief executive role during the current year.
The company's chairman, Martin Hunt, said the search for a new chief executive reflected the changing nature of the business, with partnership discussions and potential commercialisation looming after a sustained period of product development.

"The past six months has continued to be busy, as we put the scientific and manufacturing foundations in place to support SkinBiotix through human safety studies and onto commercialisation. The next half of the financial year will be focused on progressing partnerships around the technology on the back of the human study data. We expect the next six months to be as equally busy," said Hunt.

Based on discoveries made by biochemist O'Neill and Professor Andrew McBain at Manchester University, the cream product being developed by the company is intended to protect and repair skin, and has passed through safety and irritancy studies, while a 60-person efficacy trial is due before the end of March.

"Our ambition to enter the skin health market with a microbiome-based technology founded on a credible science, is progressing well. As a member of the board, I am determined to find a suitable individual for the CEO role with the same passion for the science, as well as commercial acumen. Until someone is appointed, my priority is to continue to guide the company through its first major human study and talks with potential partners," said O'Neill.

The AIM-traded company also reported its financial results from the six month period ended 31 December, with a 212.8% increase in research & development costs to £0.39m resulting in a 63.6% increase in loss before tax to £0.63m.

Cash and cash equivalents stood at £2.52m at the end of the period, down from £3.65m at the same point the year before.

As it remains at the product development stage, SkinBioTherapeutics is yet to report revenue.

SkinBioTherapeutics' shares were up 5.71% at 18.50p at 1005 GMT.

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