The investigation of former SkinBioTherapeutics plc CEO Stuart Ashman has impacted Yorkshire life sciences firm ProBiotix Health plc.
The Wakefield company’s share price is 16% down since Friday, when Ashman suddenly resigned from Newcastle-based SkinBioTherapeutics after it said it was investigating him over ‘matters relating to his conduct’.
ProBiotix – which had dropped further before a recent rebound – said the falling share price was the result of these events, despite them ‘having no bearing whatsoever on us’.
Aquis-listed ProBiotix develops probiotics to support cardiometabolic health.
“The directors of the company know of no fundamental commercial or operational reasons for this movement, which the directors believe may result from mistaken assumptions about recent events at SkinBioTherapeutics plc,” it stated.
“ProBiotix and SkinBioTherapeutics were originally both formed by OptiBiotix Health plc, and OptiBiotix 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.
“Further to the update issued by ProBiotix on 21st January 2026, the board is pleased to confirm that trading momentum remains as strong as previously reported, and we look forward to updating our shareholders on our progress.”
This morning SkinBioTherapeutics said new information had given the board ‘reason to believe that the former CEO has misrepresented material information to the board and senior management, the company’s auditors and advisors’.
Specifically, he is accused of inflating accrued royalty income recorded in the audited accounts for the year ended 30th June 2025.
This amounted to £770,000 and is now expected to be removed from the FY25 accounts, subject to confirmation by auditors, when they are restated.
FY25 revenue will become £3.87 million from the reported figure of £4.64m, while adjusted EBITDA for FY25 will be restated to a loss of £1.17m from the reported loss figure of £410,000, with an operating loss of £1.47m.
The board now anticipates that the results for the year ended 30th June 2026 will be significantly below current market expectations, it added.
However 47% has been wiped off its share price today, leaving it 67% down over the last five days.
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