SkinBioTherapeutics PLC on Tuesday said it received Spanish health authority authorisation for AxisBioTix-Ps, its food supplement to treat symptoms associated with psoriasis.
The Newcastle-upon-Tyne, England-based skin health-focused life sciences company said this paved the way to a market launch in Spain from Monday next week.
Shares in SkinBioTherapeutics were down 9.3% to 21.28 pence each in London on Tuesday after midday.
Sales will be managed directly by the AxisBioTix team based in the UK, with products being distributed via the company’s EU hub in the Netherlands.
SkinBioTherapeutics said the Spanish market presented an exciting opportunity for its product, claiming around 60% of people in Spain having sensitive skin, while of these, similar to the UK, around 1% to 3% suffer from psoriasis.
It said it believes primary users will be those ‘seeking natural methods to manage sensitive skin conditions associated with psoriatic skin’.
Data about Spain’s population demonstrated people are ‘receptive to food supplements to improve health and wellness’, claiming around seven in 10 Spanish people currently use food supplements, SkinBioTherapeutics said.
It also said products will be sold via a country-specific website, with names and requisite labelling appropriate for the Spanish market, while it will allow opportunities for an expanded product range in the future.
Looking ahead, SkinBioTherapeutics said launching into new European markets is the next milestone in its commercialisation strategies, targeting Italy followed by France.
Talks with individual country regulators in Italy and France are currently underway, expecting commercialisation to begin during the year.
‘Our aim with AxisBioTix-Ps is to offer people a natural way to help them manage their skin health that is self-delivered and fits within their everyday life. AxisBioTix-Ps has seen high customer retention in the UK market,’ said Chief Executive Officer Stuart Ashman, referring to customer retention rates rising to 80% after AxisBioTix-Ps’ initial launch in the UK.
‘If we receive a similar reception in Spain and other European markets, this would present further validation of the benefits of this product and opens new geographical revenue streams for the company. A successful launch in this new market also provides additional evidence to support ongoing discussion with potential partners.’
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