The corporate team at Penningtons Manches Cooper is advising SkinBioTherapeutics plc (AIM: SBTX) on a £4 million conditional placing and an associated open offer to raise up to £500,000. Cenkos Securities is acting as nominated adviser and broker to SkinBioTherapeutics. The transaction is subject to shareholder approval with admission of the new shares expected on 2 November 2020.
SkinBioTherapeutics is a life science company focused on skin health and its proprietary platform technology, SkinBiotix®, is based upon discoveries made by Professor Catherine O'Neill and Professor Andrew McBain. Use of the proceeds includes the exploration of SkinBiotix® technology in areas such as oral and hair indications.
SkinBioTherapeutics will also expand the company’s research and development capabilities by setting up its own lab facilities and extending the resource capability at the University of Manchester. The proceeds will also enable SkinBioTherapeutics to explore the launch of an own-label cosmetic product and partnering opportunities for cosmeceutical product lines.
London-based corporate partner, Seb Orton, is leading on this deal with assistance from associate Hannah Shamsolmaali and trainee William Azuh.