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SkinBioTherapeutics posts pre-tax loss of £1.6 million
StockMarketWire.com
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SkinBioTherapeutics posted a pre-tax loss of £1.6 million for the year ending 30 June 2020.
The life sciences firm ended the year with a cash balance of £2.2 million, down from £3.1 million in 2019.
In October, the company raised £4 million from existing and new institutions to fund work on new product applications.
Stuart Ashman, chief executive of SkinBioTherapeutics, said: "This has been a year of considerable progress for SkinBioTherapeutics. At the beginning of the financial year, we identified and established the five strategic channels that we were going to advance, pivoting from a research focus into a commercial focus. We have been able to make considerable headway during the year, despite the Covid-19 pandemic.
"Our first two commercial deals with Croda and Winclove have hit important milestones either on or ahead of schedule. Our Croda partnership in skincare is going well and the food supplement formulation has been finalised and is ready for a human study, which we are aiming to commence in early 2021. With our post year end placing along with robust cash controls, we are well placed to advance in a number of areas over the coming year."
Story provided by StockMarketWire.com
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