YORK life sciences company OptiBiotix Health plc has increased its investment in its majority owned subsidiary SkinBiotix Limited.
OptiBiotix has used a convertible loan agreement, with an investment of £400,000, to provide funding to complete the development and human studies for the first product application, plus funding activities to support an initial public offering.
The increased investment will provide SkinBiotix with resources to progress towards an independent listing. SkinBiotix is dedicated to the development of skin biotherapeutics using natural components of the skin microbiome to protect, manage and restore skin health problems.
Stephen O’Hara, chief executive of OptiBiotix, said the company had made strong progress with the development of SkinBiotix, having built the team and put in place development programmes and plans for human studies with the aim of turning the science “into commercial products with large potential global markets.
“Our belief in the potential of SkinBiotix is demonstrated by this additional investment, which will enable SkinBiotix to accelerate its corporate and technical development plans,” he said.
“OptiBiotix believes the scale of the opportunities offered by SkinBiotix’s technology in the biotherapeutic space creates the potential for substantial future value enhancement.”
If SkinBiotix was successfully floated shareholders might have shares in both companies, he said.
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