The corporate team at Penningtons Manches Cooper has advised SkinBioTherapeutics plc (AIM: SBTX) on a £3 million placing and a separate retail offer to existing shareholders through the Bookbuild platform, raising an additional £250,000. This is the third fundraising on AIM that Penningtons Manches Cooper has advised SkinBioTherapeutics on, raising in aggregate £10.4 million.
Cavendish Securities acted as nominated adviser and broker to SkinBioTherapeutics. The transaction closed in November 2023.
SkinBioTherapeutics is a life science company focused on skin health. The net proceeds of the fundraising will enable the company to advance its oral and inflammation programmes, continue roll-out of AxisBiotix-PS, and fund its study and subsequent commercialisation of acne treatment, as well as general working capital. The fundraise will also provide SkinBioTherapeutics with a strengthened balance sheet for negotiations with potential acquisition targets.
London-based corporate partner, Seb Orton, led on this transaction with assistance from associate Jenny Wright.