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LONDON - OKYO Pharma Limited (NASDAQ: OKYO), a biopharmaceutical company engaged in developing treatments for ocular diseases, announced today that Gabriele Cerrone, the Executive Chairman, has increased his stake in the company. Through Panetta Partners Limited, Cerrone purchased 80,000 ordinary shares at $1.15 each, elevating his total ownership to 9,801,570 shares, or 28.97% of the issued share capital.
The company, which focuses on inflammatory dry eye disease (DED) and anterior ocular segment diseases such as neuropathic corneal pain (NCP), is currently in the clinical stage of developing its key drug candidate, OK-101. This drug leverages a lipid conjugated chemerin peptide agonist to target the ChemR23 G-protein coupled receptor, commonly found on ocular immune cells. OK-101 aims to reduce inflammation and pain associated with DED and NCP using a novel approach that enhances the drug's residence time within the ocular environment.
OKYO Pharma recently completed a Phase 2, multi-center, double-blind, placebo-controlled trial for OK-101 in treating DED, achieving statistical significance in multiple endpoints. The company is also preparing to launch a Phase 2 trial for OK-101 to address NCP, a condition that currently lacks FDA-approved therapies.
OKYO continues to prioritize the discovery and development of new molecules to address the unmet needs in the treatment of inflammatory DED and ocular pain. The recent share purchase by the Executive Chairman underscores the leadership's commitment to the company's growth and therapeutic advancements.
The information in this article is based on a press release statement from OKYO Pharma Limited.
In other recent news, OKYO Pharma has made significant strides in its operations. The company has achieved a key milestone with the completion of the final participant visit for the Phase 2b ODYSSEY trial of its wet Age-related Macular Degeneration (AMD (NASDAQ:AMD)) treatment, CLS-AX, as announced by Clearside Biomedical (NASDAQ:CLSD). The trial's data is currently undergoing a cleaning and verification process, with topline data expected to be reported soon. This is a crucial event for stakeholders, as the data will inform the design of a future Phase 3 pivotal program. H.C. Wainwright continues to maintain a positive outlook on OKYO Pharma, reiterating a Buy rating for the company.
In addition, OKYO Pharma has secured a key U.S. patent for its dry eye disease (DED) treatment, OK-101, further strengthening its intellectual property portfolio. The company is also preparing for a Phase 2 trial of OK-101 to treat neuropathic corneal pain (NCP), a condition currently lacking an FDA-approved therapy. These are part of OKYO Pharma's ongoing efforts to address unmet medical needs in ocular diseases.
Gabriele Cerrone, the company's Executive Chairman, has increased his stake in OKYO Pharma, demonstrating confidence in the company's direction. CEO, Dr. Gary S. Jacob, is scheduled to appear on Bloomberg TV, providing insights into the company's business strategy and ongoing projects. These recent developments highlight OKYO Pharma's commitment to advancing its pipeline of therapeutics and addressing unmet medical needs in ophthalmology.
InvestingPro Insights
As OKYO Pharma Limited (NASDAQ: OKYO) strengthens its position in the biopharmaceutical landscape with the development of its key drug candidate, OK-101, investors are closely monitoring the company's financial health and stock performance. According to the latest data from InvestingPro, OKYO Pharma's market capitalization stands at $37.22 million, a figure that reflects the company's current valuation in the market.
Despite the company's promising clinical advancements, InvestingPro Tips indicate that OKYO Pharma has not been profitable over the last twelve months, which is a critical consideration for investors. Additionally, the stock has experienced a significant decline over the past week, with a price total return of -17.29%. However, it's worth noting that there was a strong return over the last month, with a price total return of 15.79%, showcasing a degree of volatility and potential for rebound in the stock's performance.
Another key metric to consider is the company's gross profit margin, which has been weak, with a gross profit of -$7.51 million for the last twelve months as of Q4 2024. This, paired with the fact that OKYO Pharma's short-term obligations exceed its liquid assets, presents a challenge that the company must navigate carefully.
For investors looking for more in-depth analysis and additional InvestingPro Tips related to OKYO Pharma, there are currently 6 more tips available at InvestingPro, which provide further insights into the company's financials and stock performance.
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