The corporate team at Penningtons Manches Cooper has advised SkinBioTherapeutics plc (AIM: SBTX) on a £2.5 million placing, and a separate retail offer to existing shareholders through the REX platform, raising an additional £117,378. This is the second fundraising on AIM that Penningtons Manches Cooper has advised SkinBioTherapeutics on, raising in aggregate £7.1 million.
Cenkos Securities has acted as nominated adviser and broker to SkinBioTherapeutics. The transaction was subject to shareholder approval with admission taking place today, 5 January 2023.
SkinBioTherapeutics is a life science company focused on skin health. The primary purpose of the fundraising is to fund the continued roll-out of Axis-PS into Europe and the rest of the world, accelerate development and commercialisation of acne treatment, and build out in-house formulation and scientific capabilities, as well as general working capital. The fundraising will also provide the company a strengthened balance sheet for negotiations with potential acquisition targets.
London-based corporate partner, Seb Orton, led on this transaction with assistance from associates Emily MacDonald and Jenny Wright.