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(Alliance News) - SkinBioTherapeutics PLC shares were down on Thursday, after soaring in recent days, as it gave an update on its skincare portfolio.
Following a "soft launch" of its AxisBiotix-Ps supplement for psoriasis, the Macclesfield, England-based life science company launched a direct-to-consumer strategy in February. The skincare-focused company expects that market expectations of sales around GBP1.2 million for the product by its year-end at June 30 "remain achievable".
SkinBioTherapeutics notes that its partner Sederma is continuing the development of Skinbiotix, and the project is running to date. Sederma is a specialist active ingredient manufacturer within Croda International PLC.
SkinBioTherapeutics' search for a full-time chief financial officer to start in the second quarter is "progressing well", it said, following its announcement last month. Doug Quinn has been acting as a part-time CFO since 2017, but as the role has become "increasingly demanding following this period of rapid growth", the company said a full-time CFO was needed.
SkinBioTherapeutics' shares were down 4.0% to 48.94 pence each in London on Thursday morning, having risen by 28% over the past five days.
"Having worked through many logistical challenges during the 'soft launch' phase of AxisBiotix-Ps commercialisation, we are now looking to accelerate the product's roll-out in the US and UK. We have enlisted a number of high-profile psoriasis 'influencers' to use and promote the product as part of a wider multi-media marketing campaign which we believe should generate significant interest in the product," said Chief Executive Officer Stuart Ashman.
By Elizabeth Winter; elizabethwinter@alliancenews.com
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