SkinBioTherapeutics PLC shares rose Monday after it posted a narrowed pretax loss for the first half of fiscal 2021 and said that it hopes to launch a product by the end of the calendar year.
Shares at 0819 GMT were up 5.5 pence, or 11%, at 54.0 pence.
The life-sciences company posted a pretax loss for the six months ended Dec. 31 of 628,241 pounds ($874,448) compared with a loss of GBP889,002 a year earlier. The company said that operating expenses in the period were lower than it expected, due to a pivot to a self-managed consumer study and reduced activity at the University of Manchester.
The London-listed company said that it expects to complete and report a consumer study on its AxisBiotix product by May 2021, and subject to a positive outcome, will target a product launch by the end of the calendar year.
“Our placing and open offer completed in October 2020 has given us resource to materially explore the use of our technology in other areas and expand our virtual [research and development] operations into true in-house capability. Coupled with our robust cash control, the company is well-positioned to unlock the commercial potential of our world-class technology,” Chief Executive Stuart Ashman said.