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LONDON and NEW YORK - OKYO Pharma Limited (NASDAQ: OKYO), a $36.54 million market cap biotechnology company currently trading at $1.04 per share, engaged in the development of treatments for ocular diseases, has announced the receipt of $1.4 million in non-dilutive funding. According to InvestingPro data, the company faces some financial challenges, with short-term obligations exceeding liquid assets. This financial support is aimed at bolstering the company's research and development, particularly its lead program, OK-101, which targets neuropathic corneal pain (NCP), a condition currently without an FDA-approved therapy.
The company's CEO, Dr. Gary S. Jacob, expressed that this milestone is a significant boost to their mission to develop treatments for eye diseases and to create value for shareholders without diluting their investment. This funding comes at a crucial time, as InvestingPro analysis shows the company has not been profitable over the last twelve months, with an EBITDA of -$15.75 million. The funding will further enable the continuation of clinical programs designed to improve patient outcomes.
OKYO Pharma's commitment to fiscal responsibility and innovation is underscored by this latest funding. The company is currently evaluating OK-101 in a Phase 2 trial for patients with NCP. OK-101 is a lipid conjugated chemerin peptide agonist designed to provide long-lasting effects in the ocular environment. It has shown promise in a Phase 2 trial for treating dry eye disease (DED), which represents a multi-billion-dollar market.
NCP, characterized by eye, face, or head pain and sensitivity, is believed to result from nerve damage and inflammation of the cornea. Patients currently rely on off-label treatments for relief. OK-101's development leverages membrane-anchored-peptide technology to potentially enhance its residence time in the eye, offering a novel approach to treating both DED and NCP.
OKYO Pharma, with its shares traded on the NASDAQ Capital Market, continues to focus on discovering and developing novel molecules to address NCP and inflammatory DED. The recent financial injection is a testament to the company's strategy to advance its innovative pipeline while maintaining shareholder value. Despite current challenges, analysts maintain a $7 price target for the stock, suggesting significant potential upside. For more detailed financial analysis and additional insights, investors can access comprehensive metrics through InvestingPro, which offers over 30 additional financial metrics and insights.
This report is based on a press release statement from OKYO Pharma Limited.
In other recent news, OKYO Pharma Ltd, a biotechnology firm, secured $1.4 million in non-dilutive funding, aiming to bolster its research and development, specifically for its leading drug candidate, OK-101. This funding is vital given the company's last reported EBITDA of -$15.75 million. OKYO Pharma also initiated a Phase 2 clinical trial for OK-101, targeting the treatment of Neuropathic Corneal Pain (NCP), and secured a U.S. patent for the drug. H.C. Wainwright analysts maintained a Buy rating for OKYO Pharma, indicating the potential of OK-101 to become the first FDA-approved therapy for NCP. Executive Chairman, Gabriele Cerrone, increased his stake in the company, now owning a total of 9,851,570 shares. These recent developments reflect the company's commitment to addressing unmet medical needs and preserving shareholder value.
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