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SkinBioTherapeutics PLC on Wednesday said the sales of its psoriasis food supplement AxisBiotix-PS were lower than expected and said it found a form of bacteria that prevents gum disease.
Shares were down 16% at 18.33 pence each on Wednesday afternoon in London.
The skin health-focused life sciences company said revenue for the eight months to June 30 amounted to £75,000, marginally below market expectations. It did not report revenue for 2021.
It added that sales of AxisBiotix-PS were lower than originally forecast. Current subscriber retention rate, however, was at 85%, up from 80% as at June 13.
Additionally, SkinBioTherapeutics said it has completed the first phase of its oral health programme, identifying a form of bacteria that prevents gum disease.
It said the project supports the use of specific bacterial strains or lysates in the prevention of gum disease. ‘Application of the bacteria and lysates to oral cells showed its efficacy in protecting against the pathogen associated with periodontal disease,’ the company added.
Chief Executive Officer Stuart Ashman said: ‘This latest development is testament to our continued focus on bringing innovative products to market which could benefit countless individuals and the potential they bring for many commercial opportunities.’
The company added that nearly 50% of adults over 30 suffer from this condition, rising to 70% for those aged 65 and older. It noted prevention of gum disease represents a sizeable potential market of $1.6 billion.
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