TIDMSBTX
RNS Number : 5481W
SkinBioTherapeutics PLC
18 April 2019
SkinBioTherapeutics plc
("SkinBioTherapeutics" or the "Company")
Director Appointment
Manchester, UK - 18 April 2019 - SkinBioTherapeutics plc (AIM:
SBTX or the "Company"), a life sciences company focused on skin
health, announces the appointment of Stuart John Ashman to the
Board as an Executive Director with effect from 18 April 2019. As
previously stated in the Company's announcement dated 29 March
2019, the intention is for Mr Ashman to succeed Dr Cath O'Neill as
Chief Executive Officer following a period of transition, which
will enable him to gain an understanding of the business and allow
for an orderly handover. This will also enable Dr O'Neill to focus
on the scientific development of the Company and the ongoing
commercial discussions she has initiated.
Prior to joining the Company, Mr Ashman served as CEO of Onbone
Oy ("Onbone"), a Finnish private equity-backed medical device
company. In this role, he successfully established a global sales
force and distribution network and led the growth of a
multi-million pound business.
Prior to Onbone, Mr Ashman was President/CEO of Andover
Healthcare Inc., a US-based wound management manufacturer, and
before then, was President/CEO of TI Group, a UK-based
medical/engineering company. Stuart also served as Senior VP,
Global Sales & Strategic Marketing, BSN Medical (Biersdorf,
Smith and Nephew) and was Director of Sales & Marketing at
Smith & Nephew Plc, in its Woundcare, Casting & Bandaging
division.
Martin Hunt, Non-Executive Chairman of SkinBioTherapeutics,
commented:
"Stuart's appointment as a director adds further commercial
capability to the board. He has a considerable network within the
medtech and life science industries and he has the experience and
drive to take us forward on the next stage of the Company's
development".
Other than as set out below, there are no other matters required
to be disclosed under Schedule 2 paragraph (g) of the AIM Rules in
relation to the appointment of Stuart John Ashman, aged 52.
Current Directorships Former Directorships within
the last five years
Afterall Ltd Ashman Industries Ltd(1)
Hero Healthcare Limited Lupton-Smallshaw Limited(2)
Onbone Ltd
Onbone Oy
Onbone Sports Limited
Onbone UK Branch
1. Ashman Industries Ltd was a company of which Stuart Ashman
was a director until it ceased to trade and entered into a
compulsory liquidation. The company was subsequently dissolved on
22 December 2017.
2. Lupton-Smallshaw Limited was a company of which Stuart Ashman
was a director until the company ceased to trade and entered into a
creditors' voluntary liquidation on 7 September 2010. The company
was subsequently dissolved on 16 February 2018.
Additionally, Turkington Europe Ltd, a company of which Stuart
Ashman was a director until 25 January 2013, entered into in a
creditors' voluntary liquidation on 19 February 2013.
Stuart Ashman does not hold any ordinary shares in the Company.
On 18 April 2019 Mr Ashman was granted options over 3,892,083
ordinary shares, representing 3% of the current issued share
capital of the Company. The options, which have a life of ten
years, are exercisable in three equal tranches at a price of 18p
per share. The first two tranches can be exercised no earlier than
24 months from the date of grant, and the third tranche no earlier
than 36 months from the date of grant. Exercise is subject to
achieving performance milestones set by the Company's board which
are aligned to growth in shareholder value and commercialisation of
the Company's SkinBiotix(R) technology.
The grant of options to Stuart Ashman is considered to be a
related party transaction for the purposes of AIM Rule 13.
Accordingly the board, having consulted with Cairn Financial
Advisers, the Company's nominated adviser, considers the terms of
the transaction to be fair and reasonable insofar as the Company's
shareholders are concerned.
The information communicated within this announcement is deemed
to constitute inside information as stipulated under the Market
Abuse Regulations (EU) No. 596/2014 and has been arranged for
release by Doug Quinn, CFO of the Company. Upon the publication of
this announcement, this inside information is now considered to be
in the public domain.
For more information please contact:
SkinBioTherapeutics plc Tel: +44 (0) 161 468 2760
Dr. Cath O'Neill, CEO
Doug Quinn, CFO
Cairn Financial Advisers LLP (Nominated Tel: +44 (0) 20 7213 0880
Adviser)
Tony Rawlinson / Sandy Jamieson
/ Richard Nash
Turner Pope Investments (Joint Tel: +44 (0) 20 3621 4120
Broker)
Ben Turner / James Pope
Tel: +44 (0) 20 3470 0470
SP Angel Corporate Finance (Joint
Broker)
Vadim Alexandre / Abigail Wayne
Instinctif Partners Tel: +44 (0) 20 7457 2020
Melanie Toyne-Sewell / Deborah SkinBio@instinctif.com
Bell
About SkinBioTherapeutics plc
SkinBioTherapeutics is a life science company focused on skin
health. The Company's proprietary platform technology,
SkinBiotix(R), is based upon discoveries made by Dr. Catherine
O'Neill and Professor Andrew McBain.
SkinBioTherapeutics' platform applies research discoveries made
on the activities of lysates derived from probiotic bacteria when
applied to the skin. The Company has shown that the SkinBiotix(R)
platform can improve the barrier effect of skin models, protect
skin models from infection and repair skin models. Proof of
principle studies have shown that the SkinBiotix(R) platform has
beneficial attributes applicable to each of these areas.
SkinBioTherapeutics received seed funding from the Tech Transfer
office of the University of Manchester for the discovery of
SkinBiotix(R). The platform was subsequently spun out of the
University of Manchester in March 2016 and was funded by OptiBiotix
(AIM: OPTI).
The Company joined AIM in April 2017, concurrent with raising
GBP4.5 million from a placing of new ordinary shares.
The Company is based in Manchester, UK. For more information,
visit www.skinbiotherapeutics.com.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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