TIDMSBTX
RNS Number : 3831U
SkinBioTherapeutics PLC
28 March 2023
SkinBioTherapeutics plc
Half year consolidated results
Newcastle, UK - 28 March 2023 - SkinBioTherapeutics plc (AIM:
SBTX or the "Group") a life sciences company focused on skin
health, announces its unaudited half year consolidated results for
the six months to 31 December 2022.
Operational and financial highlights
-- Good progress with the ongoing commercialisation of probiotic
food supplement, AxisBiotix-Ps(TM) in the UK
o Revenues increased consistently month on month and at period
end, totalled GBP77k (H1 FY22: GBP22k)
o Retention rates at 80%+ of month end subscribers
o Post year end, health authority approval received for launch
in Spain from 13 March; entry into other European markets, Italy
and France, is anticipated during 2023
-- Croda/Sederma project continues to progress with further
potential claims being investigated
o Exploring in-human studies to further validate potential
additional claims
o Successful scale-up of manufacturing to 600 litres and testing
of scale-up to 20,000 litres as previously announced
o Further formal discussions to commence regarding applications
of other areas of SkinBioTherapeutics' technology
-- Currently developing a stabilised bacterial blend for acne
and working with formulation partners to develop an end product for
consumer study in H2 2023
-- Research programmes with the University of Manchester are progressing
o Skin health and disease research programme - feasibility study
outcome expected during 2023
o Oral health and wellbeing - positive early indications;
programme extended into next phase (formulation) with data
anticipated in 2024 as previously announced
-- Inorganic growth strategy: management remains actively engaged with due diligence ongoing.
-- Cash as of 31 December 2022 GBP766k (30 June 2022: GBP3,154k)
o Post period end, Placing and Open Offer raised GBP2.6m
Stuart Ashman, CEO of SkinBioTherapeutics, said:
"Our priority focus for the first half of FY23 to drive forward
new product development and sales in AxisBiotix, with the ultimate
goal being a partnership opportunity with a multinational, along
with the continued progression of work with Croda and the research
programmes with Manchester University and the pursuit of an
accretive acquisition opportunity that could bring solid sales
revenue. We are pleased to report advancements in all areas.
"For AxisBiotix-Ps(TM), we have grown our customer base in the
UK consistently month on month. The sales in the UK are still at a
relatively early stage; however, the customers who have adopted
AxisBiotix-Ps(TM) into their daily regimes have shown fierce
loyalty to the product, as demonstrated by their very positive
feedback and the 80%+ retention rate. With continued targeted
marketing in the UK and entry into new European geographical
markets during 2023, the aim is to further expand sales.
"The next programme in the AxisBiotix pillar is in acne which
has been progressing well with the consumer study anticipated to
commence during H2 2023. The focus for the SkinBiotix programme
with Croda/Sederma has been on manufacturing scale-up, and the
development programmes in oral care and skin health are showing
promise.
"As stated in the FY22 results, we are investigating external
opportunities that provide synergies and accelerated routes to
market, to run alongside our own product commercialisation. We
continue to actively engage in discussions. However, we will only
pursue such opportunities if they make sense for the business and
create immediate value for our shareholders."
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 Manprit Randhawa, CFO of the Group. Upon the publication
of this announcement, this inside information is now considered to
be in the public domain.
-Ends-
For more information, please contact:
SkinBioTherapeutics plc Tel: +44 (0) 191
Stuart J . Ashman, CEO 495 7325
Manprit Randhawa, CFO
Cenkos Securities Plc (Nominated Adviser Tel: +44 (0) 20
& Broker) 7397 8900
Giles Balleny, Max Gould (Corporate Finance)
Dale Bellis, Tamar Cranford-Smith (Sales)
Instinctif Partners Tel: +44 (0) 20
Melanie Toyne-Sewell / Tim Field / Adam 7457 2020
Loudon SkinBioTherapeutics@instinctif.com
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 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(TM), 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.skinbiotix.com http://www.axisbiotix.com .
Chairman and Chief Executive's Statement
The focus for the first half of FY23 was to drive forward new
product development and sales in AxisBiotix, with the ultimate goal
being a partnership opportunity with a multinational, along with
the continued progression of work with Croda and the research
programmes with Manchester University and the pursuit of an
accretive acquisition opportunity that could bring solid sales
revenue. The Board is pleased to report advancements in all
areas.
For FY23, the main pillar of the corporate strategy has been
focused around the Company's first product, AxisBiotix-Ps(TM)
probiotic food supplement. Sales and marketing have continued in
the first half of the year, with a focus on the UK market, where we
continue to see excellent retention rates at 80%+ (being the number
of subscribers remaining at the end of each monthly period,
compared to those at the start of month period) and total
subscriptions overall growing on a month by month basis. Revenues
have increased at a higher rate than in the year ending 30 June
2022, despite lower marketing spend as the business has adapted and
focused its marketing strategy.
As previously announced to the market, AxisBiotix-Ps(TM) will be
released for sale into Europe in the first half of 2023, with Spain
and Italy the first countries to be targeted, followed by France.
The business expects to see a gradual uplift in sales following the
launches in these countries through the second half of 2023.
The oral programme, the use of probiotic-derived, screened, and
selected actives has progressed into development. A lead complex
has been selected with research progressing in collaboration with
Professor Andrew McBain at the University of Manchester.
Part of the strategy of the Company is to investigate inorganic
opportunities that would provide synergies and accelerated routes
to market. We continue to pursue such deals and remain actively
engaged with the previously announced accretive and synergistic
opportunity, where due diligence and negotiations are continuing.
However, there is no certainty of timing or execution, as the
Company would need to agree additional funding using debt and/or
equity and any acquisition would be conditional on satisfactory
diligence and agreement on terms.
Financial review
Revenue and gross margins
The Company reported revenues of GBP77k (H1 FY22: GBP22k) during
the first half of FY23, which reflects an increase on the revenues
achieved in FY22 from launch date of October 2021 through to June
2022. 90% of the revenues achieved were derived from the UK market,
with subscribers accounting for 39% of overall revenues. Gross
margins for the period increased to 67% (H1 FY22: 61%) which
reflects less discounting from the initial launch phase of
AxisBiotix-Ps(TM) which ran from October 2021 through to February
2022.
Research and development
Research and development costs for the first half of FY23
amounted to GBP445k (H1 FY22: GBP397k), with the increase in
expenditure relating to the Company entering into the next phase of
the Oral research programme with the University of Manchester,
which began in 2021.
Administrative expenses
Administrative expenses for the first half of FY23 were GBP958k
(H1 FY22: GBP775k), highlighting the increase in the operational
footprint of the Company. These expenses include GBP40k (H1 FY22:
GBP10k) of shipping and distribution costs; during H1 FY23, the
Company decided to service the UK customer base from a dedicated
warehouse in the UK, thus decreasing shipping costs and customs
charges as well as improving the time and efficiency of deliveries
in the UK. The warehouse in the Netherlands currently serves the US
customers and will also be the distribution hub for all European
(non-UK) country shipping.
Other increases in expenses largely related to an increase in
headcount (H1 FY22: 8 to H1 FY23: 12) from the prior period, as the
business had to bring in commercial and operational support for
AxisBiotix-Ps(TM), as well as the recruitment of a full time CFO.
The operational footprint also increased with the use of offices
and labs in Newcastle in 2022.
Cash
Net cash decrease for the period was GBP1,039k (H1 FY22:
GBP1,456k). Cash as at the end of the period at 31 December 2022
was GBP766k (H1 FY22: GBP3,154k). Post period end on 4 January
2023, the Company successfully raised gross proceeds of GBP2.6m to
fund future operations.
Operational review
During the first half of the financial year, the Company's
strategy was driven by ongoing developments within
AxisBiotix-Ps(TM), as well as research and development activities
within the Acne and Oral health areas.
SkinBiotix Pillar (skincare/cosmetics)
SkinBiotix is the Company's core technology and since late
November 2019 has been subject to an agreement with Croda
International Plc (Croda) and its specialist cosmetic division
Sederma, whereby Sederma is responsible for the development,
manufacture and commercialisation of the technology.
Sederma has successfully scaled-up manufacture to 600 litres and
is testing the scale-up to 20,000 litres in a custom built vessel
in Widnes. The project with Sederma continues to progress with
further potential claims as previously communicated. Sederma is
exploring in-human studies to further validate this additional
activity and potential additional claims. It should be noted that
the Company is subject to strict confidentiality agreements with
Croda and as such is limited in what information it can
publish.
In the spirit of the "smart partnership" that the Company has
with Croda, it is now preparing for further, formal discussions
with Croda regarding applications of other areas of the Company's
technology.
AxisBiotix Pillar (gut-skin axis)
AxisBiotix-Ps(TM)
During the full year results announcement on 23 December 2022,
the Company announced that the strategy for AxisBiotix-Ps(TM) had
evolved, with a shift away from long ranging regional
distribution-related deals to exclusive deals with multi-national
partners being the better long-term strategy to enhance shareholder
value. As such, the Company has continued to market for sale its
AxisBiotix-Ps(TM) food supplement with a reduction in marketing
expenditure.
Retention rates remain high for subscribers at 80%+ ( being the
number of subscribers who are remaining as a subscriber at the end
of each monthly period, compared to the same cohort that were in
existence at the start of a month period). The positive impact is
also evident in the effect the product has on the lives of
psoriasis sufferers through customer testimonials.
Post period end, the Company commenced its Spanish launch
following regulatory clearance in February 2023. The Spanish market
for psoriasis incidence rates is similar to the UK in that between
1%-3% of people suffer from psoriasis. The Company will initiate
marketing activities to target this group of people specifically in
its first rollout across the country.
Following the launch in Spain, the Company will target Italy and
France as its next territories. The Company awaits Italian
regulatory clearance for launch, whilst activities to operate in
France are at an early stage.
In addition, the Company is working with its formulation
partner, Winclove, to investigate other vehicles for
AxisBiotix-Ps(TM) product delivery such as capsules, tablets etc
following feedback from consumers. This work is on-going and
testing will take place in H2 2023 to identify the optimum delivery
method for the food supplement.
Acne
The next product in the AxisBiotix pillar will be a food
supplement for alleviating the symptoms associated with acne.
As announced in December 2022, the Company is working on a
stabilised bacterial blend, and is now engaged both internally and
externally (with formulation partners) on an end product which is
expected to be tested in a consumer study in H2 2023. Assuming a
positive outcome from the study, the Company will then seek to
commercialise the product.
MediBiotix Pillar (medtech applications e.g. woundcare)
The MediBiotix Pillar is focusing on applying SkinBiotix
technology in topical medical device applications, looking at
targeting eczema in the first instance. This development route is
still being explored by management.
As announced in December 2022, the other areas for this pillar
involve advanced wound management, which has the potential to be a
significant opportunity for the Company. Early discussions with
several potential global partners in the woundcare space are
ongoing, and a positioning paper is currently being scoped into a
partnered project plan.
CleanBiotix Pillar (anti-infection)
With the impact of the pandemic coupled with the increasing
incidence of healthcare acquired infections, such as MRSA,
preventing infection is of paramount concern to healthcare
practitioners. From early studies of SkinBiotix, there is data
demonstrating its effectiveness in preventing the most common skin
pathogen, Staphylococcus aureus (SA), from adhering to and growing
on skin surfaces. The potential for SkinBiotix technology in this
area is exciting, but is also challenging, therefore, this would be
another area where management is investigating opportunities to out
license the programme.
Other Research Programmes
The Company has two additional programmes of work underway at
the University of Manchester - the first, running until the end of
2023 is focusing on how the microbiome can influence and rebalance
the body's response to inflammation in skin health and skin
disease. This programme is progressing in line with expectations
and management expects to see an outcome of the feasibility study
during 2023.
The second programme is exploring the use of different bacteria,
including SkinBioTherapeutics' proprietary lysate SkinBiotix along
with other strains of bacteria and lysates, for oral health and
wellbeing. This programme looks to identify methods to assist in
the prevention of gum disease, tooth decay and halitosis that could
ultimately be commercialised in a toothpaste or mouthwash. This
programme has progressed into development and a lead complex has
been selected with research progressing in collaboration with
Professor Andrew McBain at the University of Manchester.
Working in collaboration with a UK-based formulation, material,
and manufacturing provider, prototype formulation formats have been
generated. Laboratory performance of the specialist formats,
selected to maximize the oral epithelia contact time are underway,
using established biological performance assay platforms. The
format has been selected to address consumer needs that can be
tuned to specific market segments. In parallel product features and
consumer prototyping work is progressing at the Company's
formulation suite at its Newcastle-Upon-Tyne facilities.
There can be no guarantees that any of these formats will meet
the strict criteria set by the Company for advancing into scale-up
and consumer testing, but management remains encouraged by the
progress made in demonstrating the technology in commercially
acceptable formats.
Outlook
The Company has made significant strides over the past year with
developments in three out of the five pillars of strategy, with
what is still a small but growing team. Management continues to
progress the partnership with Croda and anticipates that 2023 will
see the commercial launch of the cosmetic ingredient. The launch of
AxisBiotix-Ps(TM) has shown some traction with a relatively modest
marketing budget, and management expects to increase sales at a
steady pace following the launch into Europe over the coming
months. Work continues with the University of Manchester on a range
of programmes, including feasibility of the technology in
inflammation and oral applications.
The focus of 2023 and beyond is to reach commercial traction
with Croda, launch AxisBiotix-Ps(TM) into Europe, develop a product
for acne, continue engagement with potential multi-national
commercial partners for the AxisBiotix pillar, and strike a deal
with a large global partner within the MediBiotix pillar. In
addition, the Company will continue to pursue inorganic accretive
opportunities, specifically with one such target which management
has been in discussions with since the end of 2022. This target has
the potential to be transformative for the Company from both
financial as well as operational perspectives.
This year has started well and Management looks forward to
updating shareholders on the Company's progress.
Martin Hunt (Non-executive Chairman)
Stuart J. Ashman (Chief Executive Officer)
27 March 2023
Consolidated Statement of Comprehensive Income
For the 6 months ended 31 December 2022
Notes 6 months 6 months 12 months
to to to
31 Dec 31 Dec 30 Jun
2022 2021 2022
Unaudited Unaudited Audited
GBP GBP GBP
Continuing operations
Revenue 76,985 21,949 74,761
Cost of sales (25,248) (8,560) (29,424)
------------------------------ ------ ------------ ------------ ------------
Gross profit 51,737 13,389 45,337
Selling and distribution (40,136) (10,408) (43,804)
Research and development (444,588) (396,695) (861,383)
Operating expenses (918,103) (764,750) (2,122,238)
------------------------------ ------ ------------ ------------ ------------
Loss from operations (1,351,090) (1,158,464) (2,982,088)
Finance costs (4,739) (5,274) (10,135)
------------------------------ ------ ------------ ------------ ------------
Loss before taxation (1,355,829) (1,163,738) (2,992,223)
Taxation 4 70,826 88,812 199,622
------------------------------ ------ ------------ ------------ ------------
Loss for the period (1,285,003) (1,074,926) (2,792,601)
Total comprehensive loss
for the period (1,285,003) (1,074,926) (2,792,601)
------------------------------ ------ ------------ ------------ ------------
Basic and diluted loss per
share (pence) 5 (0.82) (0.69) (1.78)
------------------------------ ------ ------------ ------------ ------------
Consolidated Statement of Financial Position
As at 31 December 2022
As at As at As at
Note 31 Dec 31 Dec 30 Jun
2022 2021 2022
Unaudited Unaudited Audited
GBP GBP GBP
ASSETS
Non-current assets
Right-of-use assets 110,702 128,752 126,903
Intangible assets 652,548 570,478 625,504
--------------------------------- ------------- ------------ ------------ ------------
Total non-current assets 763,250 699,230 752,407
--------------------------------- ------------- ------------ ------------ ------------
Current assets
Inventories 88,257 412,064 122,571
Trade and other receivables 126,274 191,893 138,150
Corporation tax receivable 244,555 156,106 266,916
Cash and cash equivalents 765,976 3,153,631 1,804,923
--------------------------------- ------------- ------------ ------------ ------------
Total current assets 1,225,062 3,913,694 2,332,560
--------------------------------- ------------- ------------ ------------ ------------
Total assets 1,988,312 4,612,924 3,084,967
--------------------------------- ------------- ------------ ------------ ------------
EQUITY AND LIABILITIES
Equity
Capital and reserves
Called up share capital 6 1,567,802 1,567,802 1,567,802
Share premium 8,758,037 8,758,037 8,758,037
Other reserves 459,471 405,914 437,316
Accumulated deficit (9,572,797) (6,570,119) (8,287,794)
--------------------------------- ------------- ------------ ------------ ------------
Total equity 1,212,513 4,161,634 2,475,361
--------------------------------- ------------- ------------ ------------ ------------
Liabilities
Non-current liabilities
Lease liabilities 82,823 101,473 100,647
Total non-current liabilities 82,823 101,473 100,647
--------------------------------- ------------- ------------ ------------ ------------
Current liabilities
Trade and other payables 666,290 323,723 481,742
Lease liabilities 26,686 26,094 27,217
--------------------------------- ------------- ------------ ------------ ------------
Total current liabilities 692,976 349,817 508,959
--------------------------------- ------------- ------------ ------------ ------------
Total liabilities 775,799 451,290 609,606
--------------------------------- ------------- ------------ ------------ ------------
Total equity and liabilities 1,988,312 4,612,924 3,084,967
--------------------------------- ------------- ------------ ------------ ------------
Consolidated Statement of Cash Flows
For the 6 months ended 31 December 2022
6 months 6 months 12 months
to to to
31 Dec 2022 31 Dec 30 Jun
2021 2022
Unaudited Unaudited Audited
GBP GBP GBP
Cash flows from operating activities
Loss before tax for the period (1,355,828) (1,163,738) (2,992,223)
Right-of-use assets depreciation and
interest 20,938 19,850 39,557
Amortisation of IP 150 - 250
Share based payments charge 22,155 21,302 52,704
(1,312,585) (1,122,586) (2,899,712)
--------------------------------------------- ------------- ------------ ---------------
Changes in working capital
Decrease/(Increase) in inventories 34,314 (412,064) (122,571)
Decrease/(Increase) in trade and other
receivables 7,138 71,779 130,796
Increase/(decrease) in trade and other
payables 184,016 (56,097) 101,922
--------------------------------------------- ------------- ------------ ---------------
Cash used in operations 225,468 (396,382) 110,147
--------------------------------------------- ------------- ------------ ---------------
Taxation received 93,188 116,534 116,534
Net cash used in operating activities (993,929) (1,402,434) (2,673,031)
--------------------------------------------- ------------- ------------ ---------------
Cash flows from investing activities
Purchase of IP (27,194) (41,537) (96,813)
Net cash used in investing activities (27,194) (41,537) (96,813)
--------------------------------------------- ------------- ------------ ---------------
Cash flows from financing activities
Lease payments made (17,824) (12,287) (35,122)
Net cash used by financing activities (17,824) (12,287) (35,122)
--------------------------------------------- ------------- ------------ ---------------
Net decrease in cash and cash equivalents (1,038,947) (1,456,258) (2,804,966)
Cash and cash equivalents at the
beginning of the period 1,804,923 4,609,889 4,609,889
--------------------------------------------- ------------- ------------ ---------------
Cash and cash equivalents at the
end of the period 765,976 3,153,631 1,804,923
--------------------------------------------- ------------- ------------ ---------------
Consolidated Statement of Changes in Equity
For the 6 months ended 31 December 2022
Share Share Other Retained
capital premium reserves earnings Total
GBP GBP GBP GBP GBP
As at 1 Jul 2021 1,567,802 8,758,037 384,612 (5,495,193) 5,215,258
Loss for the period - - - (1,074,926) (1,074,926)
Share-based payments - - 21,302 - 21,302
As at 31 Dec 2021 1,567,802 8,758,037 405,914 (6,570,119) 4,161,634
------------------------ ---------- ---------- ---------- ------------ ------------
As at 1 Jan 2022 1,567,802 8,758,037 405,914 (6,570,119) 4,161,634
Loss for the period - - - (1,717,675) (1,717,675)
Share-based payments - - 31,402 - 31,402
As at 30 Jun 2022 1,567,802 8,758,037 437,316 (8,287,794) 2,475,361
------------------------ ---------- ---------- ---------- ------------ ------------
As at 1 Jul 2022 1,567,802 8,758,037 437,316 (8,287,794) 2,475,361
Loss for the period - - - (1,285,003) (1,285,003)
Share-based payments - - 22,155 - 22,155
------------------------ ---------- ---------- ---------- ------------ ------------
As at 31 Dec 2022 1,567,802 8,758,037 459,471 (9,572,797) 1,212,513
------------------------ ---------- ---------- ---------- ------------ ------------
Share capital is the amount subscribed for shares at nominal
value.
Share premium is the amount subscribed for share capital in
excess of nominal value.
Other reserves arise from share options granted and
exercised.
Retained earnings represents accumulated profit or losses to
date.
Notes to the Consolidated Financial Statements
1. General information
SkinBioTherapeutics plc is a public limited company incorporated
in England under the Companies Act and quoted on the AIM market of
the London Stock Exchange (AIM: SBTX). The address of its
registered office is The Core Bath Lane, Newcastle Helix, Newcastle
Upon Tyne, England, NE4 5TF.
The principal activity of the Group is the identification and
development of technology that harnesses the human microbiome to
improve health.
The financial information set out in this half yearly report
does not constitute statutory accounts as defined in Section 434 of
the Companies Act 2006. The statutory financial statements for the
year ended 30 June 2022, prepared under International Financial
Reporting Standards ("IFRS"), have been filed with the Registrar of
Companies. The auditor's report on those financial statements was
unqualified but included a reference to the material uncertainty
related to going concern in respect of the outcome of the fundraise
which completed in January 2023 and did not contain statements
under Sections 498(2) and 498 (3) of the Companies Act 2006.
Copies of the annual statutory accounts and the Interim Report
can be found on the Company's website at
www.skinbiotherapeutics.com.
2. Significant accounting policies and basis of preparation
2.1 Statement of compliance
This Interim Report has been prepared using the historical cost
convention, on a going concern basis and in accordance with
International Financial Reporting Standards ("IFRS") as adopted by
the United Kingdom, IFRS Interpretations Committee (IFRIC) and the
Companies Act 2006 applicable to companies reporting under IFRS,
using accounting policies which are consistent with those set out
in the financial statements for the year ended 30 June 2022.
2.2 Application of new and revised International Financial Reporting Standards (IFRSs)
There are no IFRSs or IFRIC interpretations that are effective
for the first time in this financial period that would be expected
to have a material impact on the Group.
3. Segmental reporting
In the opinion of the Directors, the Group has one class of
business, in three geographical areas, namely that of the
identification and development of technology that harnesses the
human microbiome to improve health.
6 months 6 months 12 months
Revenue analysed by to to to
geographical 31 Dec 2022 31 Dec 30 Jun
market 2021 2022
GBP GBP GBP
UK 70,328 16,860 57,687
Europe 560 - -
US 6,097 5,089 17,074
------------------------- ------------------------- ----------------------- ----------------------
76,985 21,949 74,761
------------------------- ------------------------- ----------------------- ----------------------
4. Taxation
6 months 6 months 12 months
to to to
Income taxes recognised in 31 Dec 31 Dec 30 Jun
profit or loss 2022 2021 2022
GBP GBP GBP
Current tax
R&D tax credit 70,826 88,812 173,729
R&D tax credit - prior
year - - 25,893
---------------------------------- ------ ---- ------------ ---------------- -------------
Tax credit for the period 70,826 88,812 199,622
---------------------------------- ------ ---- ------------ ---------------- -------------
5. Loss per share
6 months 6 months 12 months
to to to
31 Dec 31 Dec 30 Jun
2022 2021 2022
GBP GBP GBP
Basic and diluted loss
per share
Loss after tax (GBP) (1,285,002) (1,074,926) (2,792,601)
Weighted average number
of shares 156,780,236 156,780,236 156,780,236
Basic and diluted loss per
share (pence) (0.82) (0.69) (1.78)
-------------------------------------------- ------ ---- ------------ ---------------- -------------
As the Group is reporting a loss from continuing operations for
the period then, in accordance with IAS 33, the share options
are not considered dilutive because the exercise of the share
options would have an anti-dilutive effect. The basic and diluted
earnings per share as presented on the face of the income statement
are therefore identical.
6. Share capital
Issued share capital 31 Dec 31 Dec 30 Jun
comprises 2022 2021 2022
GBP GBP GBP
156,780,236 ordinary shares
of GBP0.01 each 1,567,802 1,567,802 1,567,802
7. Events after the reporting date
The Group has evaluated all events and transactions that occurred
after 31 December 2022 up to the date of signing of the financial
statements.
On 4 January 2023 the Group raised GBP2.6m of gross proceeds following
a placing of ordinary shares which were admitted onto AIM on 5
January 2023.
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