Source - LSE Regulatory
RNS Number : 9797A
SkinBioTherapeutics PLC
26 January 2024
 

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 SkinBioTherapeutics plc

("SkinBioTherapeutics" or "the Company")

Completion of Acquisition of Dermatonics Limited

 

 

26 January 2024 - SkinBioTherapeutics plc (AIM: SBTX, or the "Company"), the life science business focused on skin health, announces that it has completed the acquisition of the issued share capital of Dermatonics Limited, a specialist in innovative topical and dermatological products in the skincare/woundcare space.

The initial consideration is £1.68 million plus £1.25 million earn-out over three years, in a cash-free and debt-free acquisition. Clearance of funds have now been drawn down from the convertible bond facility announced yesterday for the acquisition.

 

Stuart Ashman, CEO of SkinBioTherapeutics, said:

"We are delighted to have completed the transaction with Dermatonics. As we said in the announcement yesterday, this acquisition aligns directly with the inorganic growth strategy we outlined in our FY results last year. This is an accretive deal that provides immediate benefits through synergies and accelerated routes to market. Our focus now is to integrate the two businesses and build value for our shareholders."

 

-Ends-

 

Reminder of Shareholder presentation and Q&A

CEO, Stuart Ashman, and CFO, Manprit Randhawa, will provide a live presentation about the terms and rationale of the acquisition of Dermatonics and the financing details via the Investor Meet platform on Friday 26 January at 10:00 am GMT.

The presentation is open to all existing and potential shareholders. Questions can be submitted pre-event via your Investor Meet Company dashboard at any time during the live presentation.

Investors can sign up to Investor Meet Company for free and add to meet SkinBioTherapeutics at the link HERE.

Investors who already follow SkinBioTherapeutics on the Investor Meet Company platform will automatically be invited.

A recording of the presentation will be available shortly afterwards on the SkinBiotherapeutics investor relations section of the website HERE.

 

The information communicated in this announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No. 596/2014.

 



 

For more information please contact:

SkinBioTherapeutics plc

Stuart J. Ashman, CEO

Manprit Randhawa, CFO

 

Tel: +44 (0) 191 495 7325

Cavendish Capital Markets Limited
(Nominated Adviser & Broker)

Giles Balleny, Dan Hodkinson (Corporate Finance)

Charlie Combe (Broking)

Dale Bellis, Tamar Cranford-Smith (Sales)

 

Tel: +44 (0) 20 7397 8900

Instinctif Partners (financial press)

Melanie Toyne-Sewell / Jack Kincade

Tel: +44 (0) 20 7457 2020

SkinBioTherapeutics @instinctif.com

 

 

Notes to Editors

About SkinBioTherapeutics plc

SkinBioTherapeutics is a life science company focused on skin health. The Company's proprietary platform technology, SkinBiotix®, is based upon discoveries made by Professor Catherine O'Neill and Professor Andrew McBain.

The Company is targeting a number of skin healthcare sectors, the most advanced of which are cosmetic skincare and food supplements to modulate the immune system by harnessing the gut-skin axis. In each area SkinBioTherapeutics plans to exemplify its technology through human studies. The Company's first product, AxisBiotix-Ps™, a food supplement to address the symptoms of mild to moderate psoriasis.

The Company listed on AIM in April 2017 and is based in Newcastle, UK. For more information, visit: www.skinbiotherapeutics.com and www.axisbiotix.com.

 

Caution regarding forward looking statements

Certain statements in this announcement, are, or may be deemed to be, forward looking statements. Forward looking statements are identified by their use of terms and phrases such as ''believe'', ''could'', "should" ''envisage'', ''estimate'', ''intend'', ''may'', ''plan'', ''potentially'', "expect", ''will'' or the negative of those, variations or comparable expressions, including references to assumptions. These forward-looking statements are not based on historical facts but rather on the Directors' current expectations and assumptions regarding the Group's future growth, results of operations, performance, future capital and other expenditures (including the amount, nature and sources of funding thereof), competitive advantages, business prospects and opportunities. Such forward looking statements reflect the Directors' current beliefs and assumptions and are based on information currently available to the Directors.

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