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In a remarkable display of market confidence, OKYO Pharma stock has surged to a 52-week high of $1.74, with the current price at $1.71. According to InvestingPro data, the company’s stock shows strong momentum with a notable 49.25% gain over the past six months. This peak represents a significant milestone for the small-cap company, currently valued at $57.35 million. With a beta of -4.39, the stock typically moves counter to market trends, offering potential diversification benefits. Investors have shown increasing enthusiasm for OKYO Pharma’s prospects, driving the stock to outperform with a 38.88% year-to-date gain. The achievement of this 52-week high is a testament to the company’s strategic initiatives and the positive sentiment surrounding its future potential. InvestingPro subscribers can access 11 additional investment tips and detailed financial metrics for OKYO Pharma.
In other recent news, OKYO Pharma Ltd has received Fast Track designation from the U.S. Food and Drug Administration (FDA) for its drug candidate, urcosimod, aimed at treating neuropathic corneal pain (NCP). This designation is intended to expedite the review of drugs that address serious conditions with unmet medical needs. OKYO Pharma has also completed an early Phase 2 trial for urcosimod at Tufts Medical (TASE:BLWV) Center, involving 17 patients, to accelerate the drug’s development. The company plans to analyze the trial data within six weeks and discuss the next steps with the FDA.
Additionally, OKYO Pharma has announced the successful long-term stability of urcosimod in refrigerated single-use ampoules, a crucial step for meeting the FDA’s New Drug Application requirements. This stability supports the drug’s logistics and distribution once approved. The Phase 2b trial for NCP, currently underway, involves a 12-week treatment period with 48 patients. Urcosimod has demonstrated anti-inflammatory and pain-reducing effects in previous trials, bolstering its potential as a treatment for NCP.
OKYO Pharma’s application for Fast Track designation reflects its commitment to addressing the urgent needs of patients with neuropathic corneal pain. The company is considering a larger multicenter trial due to significant patient interest and plans to continue developing urcosimod in collaboration with Tufts Medical Center. These developments highlight OKYO Pharma’s progress in advancing treatments for ocular conditions.
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