1HFY24 Roundup: Skin Elements (ASX: SKN) progresses plant-based and organic products range - Kalkine Media

Highlights

• Skin Elements focused on advancing the ECO-Nurture spray program in 10 different kiwi orchards in New Zealand.
• Approval was received from the New Zealand Ministry for Primary Industries (MPI) for the use of SuprCuvr.
• Negotiations for large-scale manufacturing and distribution opportunities in the UK continued for Soléo Organics.
• In 1HFY24, the company raised AU$200,000 through a private placement.

Skin Elements Limited (ASX: SKN), an ASX-listed player in the biotechnology space, is dedicated to advancing the research & development of its innovative SE Formula^TM biotechnology. This proprietary technology serves as the foundation for a range of the company’s flagship plant-based and organic products, including the SuprCuvr disinfectant, ECO-Nurture plant bio-stimulant, Invisi Shield natural sanitiser, Soléo Organics sunscreen, PapayaActivs skincare, and Elizabeth Jane Natural Cosmetics brand.

In the first half of the financial year 2024 (1HFY24), the company reported progress across its product range.

Development of ECO-Nurture Plant Bio-Stimulant

Skin Elements has introduced ECO-Nurture, a horticultural-specific plant bio-stimulant developed from the SE Formula^TM.

During the reported period, the company focused on supporting the ongoing trial in New Zealand, specifically in kiwifruit orchards. The ECO-Nurture spray program is underway on 10 different kiwifruit orchards during the current season. The trial is being monitored by Zespri.  

Initial independent laboratory testing outcomes have shown promising results against the PSA bacteria. This venture into agriscience presents a substantial market opportunity in the growing horticulture bio-stimulant market, according to the company.

SuprCuvr - Development Phase 2 Market Testing

SuprCuvr, a TGA-registered hospital-grade disinfectant, distinguishes itself with a 100% plant-based formula. The product has gained approval for use in premises processing animal products for human consumption. This approval opens new avenues in the food processing industry. Test marketing in the public health and transport sectors, particularly suburban train carriages and stations in Australia, is currently underway.

During the six-month period, the company received approval from the New Zealand Ministry for Primary Industries (MPI) for the use of SuprCuvr as a sanitiser, cleanser and disinfectant in premises processing all animal products for human consumption, excluding dairy products. SKN highlights that this development creates new market opportunities in the food processing industry, where specialist cleaning is necessary.

Soléo Organics

Soléo Organics is an award-winning sunscreen developed through the SE Formula research. In 1HFY24, negotiations for large-scale manufacturing and distribution opportunities in the UK continued. The product is currently under independent laboratory testing, aligning with Skin Elements' commitment to quality.

PapayaActivs

PapayaActivs, listed on the TGA's Australian Register of Therapeutic Goods, continues to evolve with phase 2 improvements and an expanded product range. The company aims for a Phase 3 test market launch in the September quarter.

Financial boost

The company’s dedication to research & development has been recognised through an R&D Rebate of AU$1.13 million for the 2023 financial year. Furthermore, the company has secured an advance of AU$467k for eligible R&D expenditure in FY2024.

In October 2023, Skin Elements successfully raised AU$200,000 through a private placement to sophisticated investors, issuing 20 million fully paid ordinary shares at AU$0.01 each with additional SKNOD options.

A strategic partnership with LDA Capital provides the company with up to AU$20 million in committed equity capital until March 2024.  

SKN shares last traded at AU$0.005 apiece on 4 March 2024.