ProBiotix Health PLC on Monday said it believes a fall in its share price may result from ‘mistaken assumptions’ about events at SkinBioTherapeutics PLC.
Shares in Wakefield, England-based life sciences firm ProBiotix closed down 9.7% at 7.00 pence on London’s Aquis Exchange on Monday.
The company said it does not know of any ‘fundamental commercial or operational reasons’ for the movement.
ProBiotix noted that both it and SkinBioTherapeutics were originally formed by OptiBiotix Health PLC, which remains a significant shareholder in both companies.
‘Beyond that, there are no commercial or operational links between ProBiotix and [SkinBioTherapeutics], and recent events at [SkinBioTherapeutics] have no bearing whatsoever on the business of the company,’ ProBiotix said.
Shares in SkinBioTherapeutics plunged on Monday after the company said its probe into the conduct of its former boss will result in a reduction of revenue and profit.
SkinBioTherapeutics shares closed down 52% at 6.00p on Monday in London.
The stock had already dropped 37% on Friday, after it said Stuart Ashman had resigned immediately as chief executive officer after being suspended by the board over ‘matters relating to his conduct’.
The Newcastle Upon Tyne, England-based life science firm on Monday said it has been ‘urgently conducting an investigation’ into Ashman’s conduct and said it now has reason to believe that he ‘misrepresented material information to the board, senior management, auditors and advisors’.
This ‘has cast significant doubt on the validity of the accrued royalty income’ reported in its results for the year ended June 30, 2025, SkinBioTherapeutics said.
SkinBioTherapeutics expects this to reduce revenue for financial 2025 to £3.9 million from the previously reported £4.6 million, due to the removal of £770,000 in accrued royalty income. This will widen the company’s adjusted loss before interest, tax, depreciation and amortisation to £1.2 million from the previously reported £410,000. The operating loss will be £1.5 million.
SkinBioTherapeutics ‘now anticipates that the results for the [current financial year] will be significantly below current market expectations’. These were for £700,000 in adjusted Ebitda on £6.2 million in revenue.
ProBiotix Health on Monday confirmed that its own trading momentum ‘remains as strong as previously reported’.
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