OKYO Pharma Ltd (the "Company"), a biotechnology firm specializing in biological products with a current market capitalization of $36.54 million, announced today that it has obtained $1.4 million in non-dilutive funding.
This capital infusion is aimed at bolstering the Company's research and development efforts, particularly accelerating the progress of its leading drug candidate, OK-101, which addresses the treatment of Neuropathic Corneal Pain (NCP), a condition with a significant unmet medical need. According to InvestingPro data, the company reported an EBITDA of -$15.75 million in the last twelve months, highlighting the importance of this funding for its development programs.
The funding is a strategic move to enhance OKYO Pharma's financial position while preserving shareholder value by avoiding equity dilution. With a current ratio of 0.21, InvestingPro analysis indicates that short-term obligations exceed liquid assets, making this non-dilutive funding particularly crucial. The Company plans to direct the funds toward advancing its research initiatives, ensuring continued innovation in its pipeline.
The announcement, made in a report to the Securities and Exchange Commission (SEC) on January 22, 2025, specifies that the information provided in the press release is for informational purposes and is not to be considered "filed" under SEC regulations, nor is it to be incorporated by reference into any future filings under the Securities Act of 1933 or the Securities Exchange Act of 1934.
OKYO Pharma's commitment to addressing NCP through its lead program, OK-101, reflects the Company's focus on developing treatments for diseases with limited therapeutic options. The additional funding is expected to play a crucial role in the Company's efforts to bring innovative solutions to market and meet the needs of patients suffering from NCP.
This financial development is based on a press release statement and reflects the Company's current strategy to support its ongoing research and development without compromising the interests of its shareholders. For deeper insights into OKYO Pharma's financial health and additional key metrics, investors can access comprehensive analysis through InvestingPro, which offers exclusive financial indicators and real-time analytics.
In other recent news, OKYO Pharma has announced significant progress in its clinical trials and business engagements. The company initiated a Phase 2 clinical trial for its investigational drug, OK-101, aimed at treating Neuropathic Corneal Pain (NCP).
This double-masked, randomized, placebo-controlled study is expected to enroll 48 patients diagnosed with NCP. Moreover, OKYO Pharma has secured a U.S. patent for OK-101, enhancing its intellectual property portfolio.
The company's CEO, Dr. Gary S. Jacob, is set to participate in several industry events, including the 4th Annual Virtual BTIG Ophthalmology Day and a scheduled appearance on Bloomberg TV. These engagements are part of OKYO Pharma's ongoing efforts to maintain visibility within the investment community and share insights into its strategic direction and operational progress.
Analysts from H.C. Wainwright have maintained a Buy rating for OKYO Pharma, indicating the potential of OK-101 to become the first FDA-approved therapy for NCP. Meanwhile, Executive Chairman, Gabriele Cerrone, has demonstrated his confidence in the company by increasing his stake through Panetta Partners Limited, now owning a total of 9,851,570 shares.
These recent developments underscore OKYO Pharma's commitment to addressing unmet medical needs in the realm of ocular diseases.
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