SkinBioTherapeutics reports positive results from testing with Croda

19th Sep 2024 13:13

(Sharecast News) - SkinBioTherapeutics announced on Thursday that final testing of its 'SkinBiotix' technology by Croda Beauty Care had yielded positive results, paving the way for commercialisation.

The AIM-traded company said the testing, conducted in collaboration with Croda's Sederma team, validated the efficacy and marketing claims of SkinBiotix, bolstering its potential as a valuable active ingredient for the cosmetics industry.

It said the positive study outcomes were confirmed during a meeting between SkinBioTherapeutics and Croda's Beauty Care division.

The results would now be incorporated into updated marketing and technical dossiers, which would be shared with Croda's cosmetics customers as part of the next steps towards product launch.

At the same time, the manufacturing process was being refined to produce sample batches for key clients, with pilot-scale production currently underway at a 600-litre scale.

SkinBioTherapeutics and Croda had been collaborating under a commercial and manufacturing agreement signed in November 2019.

The partnership was extended in October 2023 to allow for additional studies aimed at exploring new beneficial properties of SkinBiotix, enhancing its market appeal.

SkinBioTherapeutics said the commercialisation process would culminate in the formal launch of SkinBiotix at the In-Cosmetics Global exhibition, the world's largest cosmetics ingredients event, to be held in Amsterdam next April.

Full-scale production was expected to commence shortly thereafter.

As part of the original agreement, SkinBioTherapeutics was set to receive tiered royalties based on global sales revenues from any licensed products incorporating SkinBiotix.

The two companies were now working to finalise additional terms for commercialisation and licensing agreements before the end of the year, which would define the framework for the partnership's next phase.

While Croda would focus on the cosmetics market, SkinBioTherapeutics retained the rights to explore and develop its technology in other sectors, potentially expanding its applications beyond skincare and beauty.

"The meeting with the Croda team was very positive in my view," said chief executive officer Stuart Ashman.

"The extension to the original process has proven to be worthwhile with respect to the results from the further studies.

"The next step will be to finalise any additional points to the original commercial agreement based on these new data - we will relay to shareholders any updates from these negotiations as soon as possible."

At 1224 BST, shares in SkinBioTherapeutics were down 0.71% at 10.55p.

Reporting by Josh White for Sharecast.com.