SkinBioTherapeutics plc
("SkinBioTherapeutics" or "the Company")
Extension of Croda contract for SkinBiotix™
Extension of existing contract to enable completion and assessment of SkinBiotix™ skincare studies
19 October 2023 - SkinBioTherapeutics plc (AIM: SBTX, or the Company), the life science business focused on skin health, has agreed an extension to the collaboration contract with Sederma, S.A.S. ("Sederma"), the cosmetics division of Croda International Plc ("Croda"), for an additional twelve months. This is to enable Sederma to complete and assess additional studies on SkinBiotix™ to investigate previously unseen beneficial properties, which have the potential to significantly enhance commercial opportunities.
Sederma has been investigating how SkinBiotix™ can be applied and has been undertaking additional formal studies and formulations to establish potential added benefits of the technology. These studies are due to run from late 2023 into early 2024.
Sederma/SkinBioTherapeutics contract extension
The contract with Sederma was set to run to November 2023. As a result of findings, Sederma requested a formal extension to the contract with SkinBioTherapeutics to ensure that the additional studies can be undertaken. Under the original contract, Sederma is responsible for the development, manufacturing, and commercialisation of the SkinBiotix™ technology.
However, the contract ensures any costs to SkinBioTherapeutics of supplying SkinBiotix™ for the studies are covered by Sederma. Any material additional benefits identified from the studies could be expected to strengthen Sederma's commercial story for SkinBiotix™ as an active ingredient and it therefore may command a higher price point with future customers.
Croda/Sederma
Croda's Consumer Care division, which includes Sederma, has the largest active ingredients portfolio in the industry across over 15,000 customer/product combinations. The Group's strategy is to drive it's market leadership by adding innovative technologies and reinforcing the substantiation of its ingredient claims.
Sederma is part of Croda's Beauty Active's business unit and is a specialist in bioactive ingredients for the cosmetic industry. According to Croda's HY results to 30 June 2023, the Group reported that Sederma's premium active ingredients business grew by over 30% through a mix of geographical expansion and the launch of new customer products e.g. the new Boots no7 Future Renew range.
Croda has a global portfolio of personal care customers which comprise many of the major international cosmetics and FMCG brands. Revenues from any licensed products derived from the partnership will generate royalties based on global sales revenues for SkinBioTherapeutics.
Dr Damian Kelly, Vice President Innovation & Technology Development at Croda Europe Ltd, responsible for the project previously said:
"This [SkinBiotix™ programme] continues to be a fascinating project that is heading towards commercialisation and will break new scientific ground in the use of lysated bacteria in the cosmetic industry as a skin care active ingredient. We have recently observed some additional unexpected technical benefits during our projected scale-up activities which, if shown to be efficacious through further in-vitro and in-vivo clinical trials, would then offer significant supplementary applications and greater product valorisation as a skin care cosmetic active. We are excited by the findings we have seen thus far and look forward to a long and prosperous relationship with SkinBioTherapeutics."
On today's news, he added:
"This exciting project continues to move forward along the roadmap to commercialisation, offering a totally unique ingredient as a skin active for the cosmetic industry. In-vitro and ex-vivo studies are complete, and clinical (in-vivo) trials are planned to conclude in early 2024. Four pilot-scale semi-industrial fermentation batches, including down-stream processing, have been completed, and commercial-scale batches are planned for 2024 at Croda's UK facility. Premium quality formulations have also been developed. We remain excited about this innovative product and are appreciative of the working relationship we have with SkinBioTherapeutics."
The Global Cosmetics Market
The global skincare market size was valued at USD 135.83 billion in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 4.7% from 2023 to 2030. Skincare products represent the largest segment within the cosmetics market, fuelled by the increasing focus on skincare routines and anti-aging products.
With the increased awareness of the importance of a balanced skin microbiome, there has been a growing demand for microbiome-friendly cosmetic products on the basis that they do not disrupt the natural microbial balance.
As SkinBioTherapeutics' own participant research data has indicated, products that seek to rebalance the gut and skin microbiome can contribute to alleviating the symptoms of various skin conditions, such as acne, rosacea and psoriasis. Cosmetic companies are developing products specifically designed to address these conditions by supporting a healthier microbial environment on the skin.
Stuart J. Ashman, CEO of SkinBioTherapeutics, said:
"We are happy to extend our contract with Croda in order to continue the most promising work that has been undertaken thus far. Sederma is a leading organisation in the skincare market and we have long believed that partnering with them will be mutually beneficial. We are confident that this can lead to a wider commercialisation of our SkinbiotixTM technology into new products, which can make a great difference to consumers with a wide array of skincare needs."
-Ends-
The information communicated in this announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No. 596/2014.
For more information please contact:
| SkinBioTherapeutics plc Stuart J. Ashman, CEO Manprit Randhawa, CFO
| Tel: +44 (0) 191 495 7325 |
| Cavendish Securities Plc (Nominated Adviser & Broker) Giles Balleny, Dan Hodkinson (Corporate Finance), Charlie Combe (Broking), Dale Bellis, Tamar Cranford-Smith (Sales)
| Tel: +44 (0) 20 7397 8900 |
| Instinctif Partners (financial press) Melanie Toyne-Sewell / Tim Field / Adam Loudon | Tel: +44 (0) 20 7457 2020 |
Notes to Editors
About SkinBioTherapeutics plc
SkinBioTherapeutics is a life science company focused on skin health. The Company's proprietary platform technology, SkinBiotix®, 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™, 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 and www.axisbiotix.com.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
