Skinbiotherapeutics brings in new audit chair, launches forensic review

(Sharecast News) - Life science business SkinBioTherapeutics said on Friday that it has appointed Alyson Levett as a new non‑executive director and chair of the audit committee, with responsibility for overseeing the ongoing investigation into the conduct of its former chief executive and the validity of royalty income booked in its FY25 accounts. SkinBioTherapeutics said information received on 10 February had cast "significant doubt" over the £770,000 of accrued royalty income recognised in the year ended 30 June 2025, with the board now expecting this revenue to be removed entirely from the audited FY25 results, subject to confirmation from the auditors.

The AIM-listed company also announced that chief executive Stuart Ashman had resigned, having been suspended by the board pending an investigation into matters relating to his conduct.

SkinBioTherapeutics has since engaged FRP Advisory to carry out an independent forensic review into the matters and added that its existing external legal and professional advisers will support the process where required.

Levett said: "The board's aim has always been to act quickly - undertaking an investigation whilst maintaining business continuity and minimising disruption. FRP Advisory can help us expedite our investigation and enable us to issue the HY results as soon as possible in the confidence that all issues have been identified. The senior leadership team can then return their focus to running and growing the business."

As of 1100 GMT, SkinBioTherapeutics shares were down 6.09% at 5.40p.

Reporting by Iain Gilbert at Sharecast.com