Update on transaction timelines to early 2024

29 December 2023 - SkinBioTherapeutics plc, (AIM: SBTX, or the "Company"), the life science business focused on skin health, provides shareholders with an update on its transaction strategy, with adjustments to timings into Q1 2024.

The Company laid out its strategy in its full year results to find strategic accretive acquisitions that would provide complementary products and/or an infrastructure that could provide accelerated routes to market for the Company's own pipeline. The Company's aim was for at least one transaction to be completed by the year end.

Due diligence has largely been completed on the lead project, which is a supplier of dermatological products, based in the UK. If finalised, the acquisition will not only provide a ready revenue stream from product sales but also enable the Company to further its technology development plans. The Sale and Purchase Agreement (SPA) is currently being worked on, however legal work around completion has taken longer than expected (including disruption due to the holiday period). Therefore, despite management's best efforts, the target completion date of the first deal is likely to be early 2024.

The Company is also in advanced due diligence on another target which is a manufacturer within the dermatology market in the UK. The management believes that this acquisition also has the potential to be completed in early 2024.

The Company has various funding options available and would prefer to use combinations of cash, earn out and stock issuance wherever possible, and have a Convertible Loan Note already agreed in the short term for any cash element of a transaction.