SkinBioTherapeutics Reports Strong Fiscal 2023 Results and Initiates Consumer Study

SkinBioTherapeutics, a leading life-sciences company, has announced that its fiscal 2023 performance is in line with market expectations. In addition, the company has commenced a new consumer study to evaluate the efficacy of a new acne formula.

Impressive Fiscal Performance

SkinBioTherapeutics revealed that its trading results for the year ended in June align with the projected market views. Although exact figures were not disclosed, the company disclosed that its cash position at the end of the year stood at £1.3 million ($1.6 million). This surpasses the estimated amount of GBP1.1 million, demonstrating the company's financial strength.

New Consumer Study

In a progressive move, SkinBioTherapeutics has initiated a consumer study to compare the effectiveness of two distinct blends developed by Winclove Probiotics, a prominent Dutch food supplement provider. The study aims to determine which blend exhibits superior efficacy.

The research will involve 300 participants in the U.K. who have acne-prone skin. The study is expected to conclude by the end of 2023, with results set to be reported in the first quarter of 2024.

Stuart Ashman, Chief Executive of SkinBioTherapeutics, expressed enthusiasm about the study's potential impact on the market. He stated, "This study is potentially a major step towards the commercialization of a new probiotic treatment that could address the root causes of conditions like acne."

Exploring Merger and Acquisition Opportunities

SkinBioTherapeutics remains actively engaged in evaluating potential merger and acquisition targets that could enhance its growth trajectory. The company has already begun preliminary discussions with several prospects and remains optimistic about completing at least one transformative acquisition in the near future.

Shares of SkinBioTherapeutics were trading at 25.5 pence, reflecting a decrease of 0.7 pence or 2.7%, as of 0801 GMT.