Conversion notice and alternative financing

SBTX Board seeking alternative financing options for

inorganic acquisition strategy aided by recent positive updates

28 February 2024 - SkinBioTherapeutics plc, (AIM: SBTX, or the "Company"), the life science business focused on skin health, announces that it received a Conversion Notice on 20 February 2024 from Macquarie Bank Limited ("Macquarie") for £80,000 of Convertible Bonds from the £5.0 million convertible bond facility (the 'Facility') announced on 25 January 2024.

The Board also announces that it has decided to seek alternative financing options for its inorganic acquisition strategy, rather than drawing upon the Facility any further.

Admission and Total Voting Rights

Application has been made for the 836,825 new ordinary shares, which will rank pari passu in all respects with the existing ordinary shares of the Company, to be admitted to AIM, which is expected to occur on or around 8.00 a.m. on 29 February 2024 ("Admission").

SkinBioTherapeutics will issue 836,825 ordinary shares of £0.01 per share ("Ordinary Shares") at a conversion price of 9.559935p per Ordinary Share.

Upon Admission, the total number of issued shares and the total number of voting rights in the Company will be 191,687,425.

The above figure of 191,687,425 should be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the Financial Conduct Authority's Disclosure Guidance and Transparency Rules.

Alternative financing options

To date, the Company has drawn a total of £1,600,000 under the Facility. The Board of SkinBioTherapeutics has today provided formal notice to CLG Capital LLC (CLG) (and by proxy Macquarie) that it will not utilise the reminder of the £5m Facility. The Board is in negotiations with the noteholders to discuss timing and rate of conversion and subsequent selling of stock.

Stuart Ashman, CEO of SkinBioTherapeutics said: "We met the CLG team today and have come to an amicable agreement around the Facility and next steps. We believe this is the right decision for the Company. In the meantime, we are very busy integrating the recently acquired Dermatonics, the accelerated Modi/Dermatonics product launch in the Asia, Middle East and Africa regions, and completing the participant study for the acne programme which has generated very positive interim results. We anticipate further updates in the coming weeks in the lead up to the HY results in March."

596/2014.