Stuart Ashman had been CEO of SkinBioTherapeutics since 2019, leading it through a period of growth including deals with high street retailers

The CEO of Newcastle healthcare innovator SkinBioTherapeutics has resigned as an investigation into his conduct was about to be launched.

Stuart Ashman, an experienced life sciences executive, was suspended by the Helix-based firm’s board as the company has brought in advisers to carry out an investigation into “matters relating to his conduct”. The move was announced to investors on the London Stock Exchange, though few details were given.

Non executive chairman Martin Hunt has become executive chairman temporarily. The company said: “He will be supported by the rest of the board and leadership team to provide business leadership and continuity. The company has instigated a search to find an interim CEO to appoint as soon as possible, and to find a new, permanent CEO for the longer term.”

Mr Ashman had been at the helm of SkinBioTherapeutics since 2019. He has led a period of significant growth, including partnerships with pharmaceuticals giant Croda and deals with major retailer Superdrug, which have seen the Newcastle firm’s products hit high street shelves.

At full year results published in December, Mr Ashman said he expected 2026 to bring further revenue growth having seen revenue rise from £1.2m to £4.6m and a narrowing of operating losses from £2.9m to £1.1m in the year to the end of June 2025.

SkinBioTherapeutics’ offer is based around its SkinBiotix technology which uses the microbiome – the range of microorganisms living within the human body – to promote wound healing and reduce the risk of infection. The business has also been acquisitive with Mr Ashman leading.

In early 2024 it bought Cambridgeshire’s Dermatonics Limited in a deal that was said to provide cost synergies as well as the potential for a future development platform for advanced topical creams and capsules. Later that year, it also acquired Yorkshire-based Bio-Tech Solutions Ltd (BTS) – a manufacturer and supplier of health, hygiene and personal care products – for £1.25m.

Mr Ashman was previously CEO at Finnish medical device company Onbone, and before that president and CEO of Andover Healthcare Inc, a US-based wound management manufacturer. He was also president and CEO of UK medical engineering business TI Group and has held roles at BSN Medical and Smith & Nephew.