Highlights

• Eco Nurture entered phase 2 of the product development program.
• SKN raised AU$1.022 million in an oversubscribed entitlement issue to fund product development and commercialisation.
• The Soleo Organics sunscreen product progressed to phase 3 of the product development.
• The company continued discussions around commercial sales and distribution opportunities during the latest quarter.
• SKN received R&D rebate for investments made during March and June quarters.

Skin Elements Limited (ASX: SKN), an Australian natural skincare company, reported significant progress towards potential large-scale commercial sales and distribution opportunities for its SE Formula biotechnology during the June quarter.

SKN has been engaged in developing its proprietary plant-based, high-performance biotechnology over the last two decades by investing more than AU$36 million and devoting over 18,000 hours of research.

Skin Elements says that the products based on the SE Formula last longer, are more effective, do not need chemical preservatives and have gained consumer trust in its test marketing.

Image source: Company update

The period saw the completion of oversubscribed fully underwritten non renounceable entitlement issue, raising AU$1.022 million to help fund product development and commercialisation. The company ended the quarter with cash on hand of AU$358k.

Soléo Organics advances to phase 3

Soléo Organics, an organic and natural sunscreen, entered the third phase of the product development with the second phase completion during the latest quarter.

During the June quarter, the key focus was to advance large-scale distribution opportunities for this product.

SKN is currently undertaking preliminary discussions with a UK-based health and wellbeing retail chain. Also, investigations into scale manufacturing of white label ranges are ongoing.

Eco Nurture enters phase 2 testing

Eco Nurture is the latest product developed by the company using the SE Formula biotechnology R&D program. SKN intends to develop Eco Nurture as an alternative to chemical-based fungicides and bactericides in crop protection, presenting a global opportunity in the agriscience market.

The company reported positive outcomes from the phase 1 investigations as results showed improved stress tolerance, natural resilience levels and wellness in the kiwi fruit crop.

Under the phase 2 investigation, the Eco Nurture is planned to be sprayed onto the crop and compared to a ‘control’ component. The control component would use a chemical-based fungicide spray on the crop.

Post encouraging results, the company intends to file commercial application of Eco Nuture for approval from the NZ Ministry of Primary Industry.

Also, SKN plans to evaluate potential in other sectors.

SuprCuvr product range developed in the June quarter

SuprCuvr, a hospital-grade disinfectant, delivered superior results in independent laboratory tests, highlights the company update.

During the June quarter, SKN developed the SuprCuvr product range, including biodegradable and compostable wipes.

PapayaActivs Therapeutics formulation improved

PapayaActivs is a non-steroidal therapeutic cream that helps in relieving multiple skin conditions such as rashes, eczema, and psoriasis.

The quarter saw phase 2, wherein formulations were improved and the product range was expanded.

Skin Elements received AU$166k and AU$195k in R&D Rebate for expenditure undertaken during the March and June quarter, respectively.

SKN shares traded at AU$0.007 on 8 August 2023.