Skinbiotherapeutics PLC (LON: SBTX) share price plunged 7.47% despite launching a food supplement targeted at treating the symptoms associated with psoriasis.
Today’s launch coincided with World Psoriasis Day, yet the company’s share price fell for unknown reasons.
The life science company launched its AxisBiotix-Ps probiotic food supplement in the UK, and the US and each sachet will cost £1.50 in the UK and $2.00 in the US.
Stuart Ashman, SkinBioTherapeutics’ CEO, said: “The launch of our first commercial product is a momentous occasion for SkinBioTherapeutics. The interest in AxisBiotix-Ps™, and the overwhelmingly positive response from participants, has been hugely encouraging. We're delighted to introduce our product to the market on the most important of days for the global psoriasis community, as planned.”
The CEO added that the company had witnessed growing interest from customers after announcing positive results from a consumer study back in May this year. He clarified that the company had been busy creating a supply chain to ensure that the supplement was constantly available to its customers after launch.
The company plans to sell the new supplement on a subscription basis, with clients able to subscribe on a four week or eight-week basis. The supplement is sold in boxes containing 28 sachets, given that it takes at least four weeks (28 days) for clients to see results when using the product.
It is not yet clear why Skinbiotherapeutics share price fell, but it could have been driven by the company’s offer of 28 free sachets for new customers upon their first purchase or by the subscription-based pricing structure.
From a technical perspective, Skinbio shares just pulled back to a crucial support level, which has held, indicating the potential for future gains. Investors may find the current price quite attractive due to the support level.
*This is not investment advice. Always do your due diligence when making investment decisions.
Skinbiotherapeutics share price.
Skinbiotherapeutics share price plunged 7.47% to trade at 69.40p, falling from Thursday’s closing price of 75.00p.
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