SkinBioTherapeutics PLC Issue of Equity (2862Q)
18 February 2019 - 6:00PM
UK Regulatory
TIDMSBTX
RNS Number : 2862Q
SkinBioTherapeutics PLC
18 February 2019
SkinBioTherapeutics plc
Issue of Equity and Related Party Transaction
SkinBioTherapeutics plc (AIM: SBTX) ("SkinBioTherapeutics" or
the "Company"), a life sciences company focused on skin health,
announces that it has raised a total of GBP1,500,000 via a placing
of 9,375,000 new ordinary shares ("Placing Shares") at a price of
16 pence per share (the "Placing").
The Placing Shares have been issued to funds managed by Seneca
Partners Limited ("Seneca"), an investment manager and existing
substantial shareholder in SkinBioTherapeutics.
The proceeds of the Placing will be used by the Company to
explore new opportunities for its existing SkinBiotix(R)
technology, support new areas of development and in doing so,
explore the commercial opportunity in the broader microbiome
arena.
Application will be made for the Placing Shares to be admitted
to trading on AIM ("Admission") and it is expected that Admission
will become effective on or around 21 February 2019. The Placing
Shares will rank pari passu with the existing ordinary shares of 1
pence each.
Related party transactions
Seneca had an existing interest over 17,388,889 ordinary shares
in the Company, representing 14.6 per cent. of the Company's issued
share capital. Following the Placing, Seneca's beneficial
shareholding in the Company will increase to 26,763,889 ordinary
shares, representing 20.9 per cent. of the Company's issued share
capital.
As such, Seneca is deemed to be a related party as defined in
Rule 13 of the AIM Rules for Companies.
The directors of the Company, all of whom are independent of the
Placing, having consulted with the Company's nominated adviser,
Cairn Financial Advisers LLP, consider the terms of the Placing to
be fair and reasonable insofar as the Company's shareholders are
concerned.
Total voting rights
Following the issue of the Placing Shares, the Company will have
128,083,494 Ordinary Shares in issue, each share carrying the right
to one vote. The Company does not hold any Ordinary Shares in
treasury. The above figure of 128,708,494 Ordinary Shares may be
used by shareholders in the Company as the denominator for the
calculations by which they will determine if they are required to
notify their interest in, or a change to their interest in, the
share capital of the Company under the Financial Conduct
Authority's Disclosure Guidance and Transparency Rules.
Dr Cath O'Neill, CEO of SkinBioTherapeutics, commented:
"Seneca has been a substantial shareholder in
SkinBioTherapeutics since the IPO, therefore we see this additional
investment as a strong signal of continuing support of our business
and strategy. The funding provides additional working capital and
headroom to consider some of the other potential applications for
the SkinBiotix(R) technology as well as other skin conditions, such
as psoriasis."
The information communicated within this announcement is deemed
to constitute inside information as stipulated under the Market
Abuse Regulations (EU) No. 596/2014 and has been arranged for
release by Doug Quinn, CFO of the Company. Upon the publication of
this announcement, this inside information is now considered to be
in the public domain.
For more information please contact:
SkinBioTherapeutics plc Tel: +44 (0) 161 468 2760
Dr. Cath O'Neill, CEO
Doug Quinn, CFO
Cairn Financial Advisers LLP (Nominated Tel: +44 (0) 20 7213 0880
Adviser)
Tony Rawlinson / Sandy Jamieson
/ Richard Nash
Turner Pope Investments (Joint Tel: +44 (0) 20 3621 4120
Broker)
Ben Turner / James Pope
Tel: +44 (0) 20 3470 0470
SP Angel Corporate Finance (Joint
Broker)
Vadim Alexandre / Abigail Wayne
Instinctif Partners Tel: +44 (0) 20 7457 2020
Melanie Toyne-Sewell / Deborah SkinBio@instinctif.com
Bell / Phil Marriage
Notes to Editors
About SkinBioTherapeutics plc
SkinBioTherapeutics is a life science company focused on skin
health. The Company's proprietary platform technology,
SkinBiotix(R), is based upon discoveries made by CEO Dr. Cath
O'Neill and Professor Andrew McBain.
SkinBioTherapeutics' platform applies research discoveries made
on the activities of lysates derived from probiotic bacteria when
applied to the skin. The Company has shown that the SkinBiotix(R)
platform can improve the barrier effect of skin models, protect
skin models from infection and repair skin models. Proof of
principle studies have shown that the SkinBiotix(R) platform has
beneficial attributes applicable to each of these areas.
SkinBioTherapeutics received seed funding from the Tech Transfer
office of the University of Manchester for the discovery of
SkinBiotix(R). The platform was subsequently spun out of the
University of Manchester in March 2016 and was funded by OptiBiotix
PLC (AIM: OPTI).
The Company joined AIM in April 2017 concurrent with raising
GBP4.5 million from a placing of new ordinary shares.
The Company is based in Manchester, UK. For more information,
visit www.skinbiotherapeutics.com.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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