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Skin Elements closes action packed half year marked by solid developments

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Highlights

  • SKN received Therapeutic Goods Administration (TGA) approval for SuprCuvr and also formally launched its SuprCuvr hospital grade disinfectant
  • SKN has procured manufacturing and ingredients supply chain facilities which can produce 100,000 litres per day of SuprCuvr hospital grade disinfectant on an ongoing and increasing basis.
  • The Company raised AU$2.1 million cash from the placement of 26.25 million ordinary fully paid shares at AU$0.08 each. T

ASX listed natural skin care company, Skin Elements Limited (ASX: SKN) has announced interim report 2022 for the half-year ended 31 December 2021. The report highlights strategic developments during the period, driven by the Company’s unwavering commitment to developing healthy plant-based offerings.

The Company appointed Mr Lee Christensen to the Board as a Non-Executive Director. Mr Christensen holds broad experience and skills and is expected to assist the Company develop its corporate strategy and governance as it transitions from research & development to commercial operations.

GOOD WATCH: Skin Elements (ASX:SKN)making a dent amidst growing demand for natural health and wellness products

Let us look us key development during the half year.

SKN delivers SuprCuvr Hospital Grade Disinfectant with TGA Listing and Production Commenced

Skin Elements ticked off several critical milestones concerning SuprCuvr Hospital Grade Disinfectant. The Company’s research indicates that this is the first and only approved disinfectant globally with such a high efficacy rating against COVID 19.

SKN received Therapeutic Goods Administration (TGA) approval for SuprCuvr, with the independent laboratory testing highlighting 99.99999% (7 log reduction) effectiveness against COVID 19. Following the TGA registration, SKN also formally launched its SuprCuvr hospital grade disinfectant.

ALSO READ: Skin Elements reports December Quarter, SuprCuvr natural disinfectant launch a key milestone

Source: SKN Update, 1 February 2022

The TGA registration allows the Company to make detailed and specific product and label claims concerning Invisi Shield SuprCuvr and thus gives a firm head start to Skin Elements’ commercialisation and growth strategy.

To leverage SuprCuvr exciting potential, SKN has procured manufacturing and ingredients supply chain facilities which can produce 100,000 litres per day of SuprCuvr hospital grade disinfectant in intermediate bulk containers on an ongoing and increasing basis. Meanwhile, additional batching facilities are also being assessed to ensure availability of SuprCuvr products through Pacific Health Care and for sale through the Company’s online store.

READ MORE: Skin Elements (ASX:SKN) commences SuprCuvr production; launches its portal targeting high sales

Exclusive SuprCuvr Distribution Agreement

Subsequent to the December Quarter, Skin Elements executed a binding Agreement with Pacific Health Care Pty Ltd (Pacific Health) for the exclusive distribution of Skin Elements’ TGA registered SuprCuvr hospital grade disinfectant in Australia and New Zealand

The Agreement marks a major step forward in the commercialisation strategy for SuprCuvr and will allow the Company to leverage off Pacific Health’s existing health distribution networks and immediately drive sales into the Australian and New Zealand markets. Moreover, the agreement would also underpin the Company’s operations to further execute its global commercialisation strategy.

RELATED ARTICLE: Skin Elements inks SuprCuvr’s sales and distribution agreement with Pacific Health Care

SKN commitment to maintaining firm financial footing

SKN remains focussed on developing its natural antimicrobial technologies. As a boost to its ongoing endeavours, SKN received approval and payment from AusIndustry for the 2021 R&D Rebate of AU$989k. The Company highlighted that it has accrued AU$466k R&D Rebate for the R&D expenditure invested in the half year to 31 December 2021.

During the period, the Company also raised AU$2.1 million cash from the placement of 26.25 million ordinary fully paid shares at AU$0.08 each. The Company intends to use funds for its business plans including the launch of its new TGA registered SuprCuvr hospital grade disinfectant and working capital.

The Company entered into an equity funding facility agreement in early April 2021. Under the agreement, LDA Capital has agreed to provide SKN with up to AU$20 million in committed equity capital over the next 36 months.

ALSO READ: What are the key factors powering Skin Elements’ (ASX: SKN) impeccable progress?


 


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