The Skinbiotherapeutics PLC (LON: SBTX) share price fell 12.7% after it received regulatory approval to launch its AxisBiotix-Ps™ food supplement in Spain to alleviate the symptoms associated with Psoriasis.
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The food supplement company’s supplement was approved on 3 March 2023 and will be available to Spanish consumers on 13 March 2023. The firm plans to sell the supplement via a Spanish website with all the relevant labels in Spanish as required by the country’s regulators.
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Skinbiotherapeutics intends to expand its Spanish product line, so it has launched a dedicated Spanish website and will market the supplement as a Spanish market product. The AxisBiotix UK team will manage product sales, indicating that the company will not have a significant presence in Spain.
Skinbiotehrapeutics plans to distribute AxisBiotix-Ps™ via its European hub in the Netherlands. The company plans to launch the food supplement in other European countries, with its next targets being Italy and France, where it is currently in discussions with regulators.
I was impressed that the health supplements company had researched the Spanish market. It said that about 60% of people have sensitive skin, with at least 1-3% of sufferers diagnosed with Psoriasis.
The firm’s target clients are those looking to manage the sensitive skin conditions associated with psoriasis using natural methods. Luckily for the firm, the number of people using natural skin remedies is growing globally.
Skinbiotherapeutics added that 7 out of 10 Spanish people are receptive to using food supplements to improve their overall health and wellness.
Stuart J. Ashman, SkinBioTherapeutics CEO, said: “Our aim with AxisBiotix-Ps™ is to offer people a natural way to help them manage their skin health that is self-delivered and fits within their everyday life. AxisBiotix-Ps has seen high customer retention in the UK market. If we receive a similar reception in Spain and other European markets, this would present further validation of the benefits of this product and opens new geographical revenue streams for the Company. A successful launch in this new market also provides additional evidence to support ongoing discussion with potential partners.”
*This is not investment advice.
Skinbiotherapeutics (SBTX) share price.
The Skinbiotherapeutics (SBTX) share price plunged 12.67% to trade at 20.48p, from Monday’s closing price of 23.45p.
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