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LONDON/NEW YORK - OKYO Pharma Limited (NASDAQ:OKYO), a $111 million market cap biotech company whose stock has surged 185% over the past six months, has received $1.9 million in non-dilutive funding to support the clinical development of its lead drug candidate urcosimod, the company announced Thursday.
The biopharmaceutical firm is developing urcosimod to treat neuropathic corneal pain (NCP), a condition characterized by severe nerve-related pain in the eye that currently has no FDA-approved treatments.
According to the company, the funds will be used to advance clinical milestones, expand research and development efforts, and build momentum behind urcosimod’s regulatory pathway without impacting existing shareholder equity.
"Neuropathic Corneal Pain is a devastating and underdiagnosed condition with no approved therapies," said Gary S. Jacob, CEO of OKYO Pharma, in a press release statement.
NCP is described as a condition causing severe pain and sensitivity of the eyes, face, or head, thought to result from nerve damage to the cornea combined with inflammation. Current treatments are used in an off-label fashion.
Urcosimod, formerly called OK-101, is a lipid conjugated chemerin peptide agonist that has shown anti-inflammatory and pain-reducing activities in mouse models. The drug recently completed a Phase 2 trial for NCP treatment, following a previous 240-patient Phase 2 trial for dry eye disease where the company reported statistical significance in multiple endpoints.
OKYO Pharma is focused on ophthalmology-related treatments and has its ordinary shares listed for trading on the NASDAQ Capital Market. The stock is currently trading near its 52-week high of $3.11, with investors anticipating the company’s next earnings report due on August 5. InvestingPro subscribers can access 12 additional key insights about OKYO’s financial performance and market position.
In other recent news, OKYO Pharma Ltd has reported positive outcomes from its Phase 2 clinical trial of urcosimod for treating neuropathic corneal pain (NCP). The trial, which enrolled 18 patients at Tufts Medical Center, demonstrated a statistically significant reduction in mean pain scores, with the 0.05% urcosimod group showing a reduction of 5.5 compared to 2.75 in the placebo group. Additionally, the U.S. Food and Drug Administration has granted Fast Track designation to urcosimod, facilitating its development and review process for this condition with limited treatment options. H.C. Wainwright has maintained a Buy rating on OKYO Pharma, highlighting the encouraging trial results and setting a price target of $7.00. The company completed the trial earlier than planned to expedite the drug’s development and is arranging continued access to urcosimod for some trial participants under compassionate use, pending FDA approvals. OKYO Pharma is planning a larger multicenter trial and aims to meet with the FDA to discuss further steps for urcosimod’s clinical development. The drug has previously shown favorable safety and tolerability in a trial for dry eye disease. These developments underscore OKYO Pharma’s commitment to addressing the unmet medical needs of NCP sufferers.
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