York Pharma acquires Molecular SkinCare
York Pharma, a UK Alternative Investment Market-listed acquirer, developer and marketer of dermatology products, has purchased Molecular SkinCare, which develops dermatologicals for the prevention and management of skin diseases. York Pharma has issued 5,039,837 new ordinary shares at 98.2 pence each (nominal value 5 pence) as a consideration for 100% of the Sheffield-based firm, and Molecular contributes present cash funds of around L2.0 million ($3.8 million), totaling a combined cash reserve of some L5.0 million. One of the products that Molecular will bring to York Pharma is currently under development for the treatment of psoriasis and a Phase IIb clinical trial is now underway. The firm will also acquire platform technology relating to the repair of the skin barrier (SBT Technology).
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