Dermatonics to launch Once Heel Balm in AMEA

20 February 2024 - SkinBioTherapeutics plc, (AIM: SBTX, or the "Company"), the life science business focused on skin health, announces that its newly acquired company Dermatonics is set to launch Pheet and Dermatonics Once Heel Balm in Asia, Middle East and Africa (AMEA) in partnership with the Umesh Modi Group (the Group) following the signing of a manufacturing and distribution agreement on 30 June 2023.

Pheet and Dermatonics products are used for the treatment of dry foot skin and are sold under the Dermatonics brand in the rest of the world. The Once Heel Balm product will be manufactured by the Umesh Modi Group and sold directly by its sales team of over 1,200 people across six countries including India, Bangladesh Sri Lanka and Nigeria. The total addressable market in these regions for dermatology and diabetes management is in excess of £5bn. This collaboration is currently at an early stage, therefore, the management does not expect any changes to current market expectations at this stage.

Umesh Modi Group is a well-known privately-held Indian business conglomerate based in New Delhi, India. It has a strong presence in many sectors including pharmaceuticals, Fast Moving Consumer Goods (FMCG), colour cosmetics, alcoholic drinks, sugar, engineering, power generation, retail and real estate. Umesh Modi Group is supported by an extensive manufacturing campus producing products to international standards including UK MHRA for pharmaceutical products.

The Group has a series of long-standing partnerships with international companies in Europe and the US, including, pharma and healthcare companies, Mundipharma (Switzerland), Merz Pharma (Germany), Zambon (Italy), Pierre Fabre (France), Norgine (UK) and Perrigo (Ireland); drinks company, William Grant (UK); nutrition and biosciences, IFF/Dupont (US) and the cosmetics, skin care, perfume, and personal care group, Revlon Inc (US).

Greg Andrell, founder of Dermatonics, said, "We have been working on this project for several months now and the launch of our brands is the end result of a lot of detailed preparation. We are excited by the potential opportunity of building sales in these rapidly growing regions."

Will Pugh, Vice President of International Development for the Umesh Modi Group said:

"We are delighted to be ready to launch the Pheet and Dermatonics products. They will be manufactured in-house to our exacting standards and distributed across a geographic region that we know extremely well. With number one positions in the antiseptic (Betadine) and scar management (Mederma/Contractubex) categories, we have the capability and expertise to make the Pheet and Dermatonics brands a big success."

He added: "We have also been delighted to meet the SkinBioTherapeutics management team to discuss additional opportunities brought about by the joining of SkinBioTherapeutics and Dermatonics. We look forward to a long and prosperous relationship."

Stuart Ashman, CEO of SkinBioTherapeutics added: "Agreements of this nature are part of the reason why we acquired Dermatonics. Given this collaboration is currently at an early stage, we do not expect any changes to current market expectations. However, the association with the Umesh Modi Group and the potential to leverage other opportunities for our other products is an added advantage that we are most keen to explore."

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