OKYO Pharma confirms stability of drug candidate

OKYO Pharma Ltd (NASDAQ:OKYO), a biopharmaceutical company with a market capitalization of $45.81 million, announced today that its drug candidate, urcosimod, has remained stable for over two and a half years in single-use ampoules. This stability is crucial for the drug’s administration to patients. The company’s stock has shown strong momentum, gaining over 32% in the past six months, according to InvestingPro data.

The company’s statement, based on a press release, revealed that urcosimod, previously known as OK-101, is currently undergoing a Phase 2b clinical trial. The randomized, placebo-controlled, double-masked trial involves 48 patients and aims to treat Non-Cancer Pain (NCP) patients. While the company’s overall financial health is rated as FAIR by InvestingPro, it currently operates with a challenging current ratio of 0.28, indicating potential liquidity constraints.

This development is significant for OKYO Pharma as it demonstrates the drug’s potential for long-term storage and viability, a key aspect for logistics and distribution once it is approved for market release.

The company has not filed the information contained in the announcement as part of its continuous disclosure obligations under U.S. securities laws. Therefore, the announcement is not to be considered "filed" for purposes of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities of that section. It also should not be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, except as expressly set forth by specific reference in such a filing.

OKYO Pharma’s focus on biological products, specifically in the area of pain management, positions it within a critical segment of the pharmaceutical industry. The stability of urcosimod could potentially streamline the drug’s path to market and ensure its efficacy upon patient receipt. Notably, analysts have set an ambitious price target of $7 for the stock, significantly above its current trading price of $1.35. InvestingPro subscribers can access additional insights, including 7 more key tips about OKYO’s financial performance and market position.

The announcement is a formality that the company is required to make as a foreign private issuer engaged in clinical trials of pharmaceutical products. OKYO Pharma’s business address is in London, and the company is listed on the NASDAQ stock exchange under the ticker OKYO.

In other recent news, OKYO Pharma Limited has announced the submission of its drug candidate, urcosimod, for Fast Track designation with the U.S. Food and Drug Administration (FDA). This move aims to expedite the review process for urcosimod, which targets neuropathic corneal pain, a condition currently without FDA-approved treatments. The drug, previously known as OK-101, has shown promising results in Phase 2 trials for dry eye disease, demonstrating significant improvements in symptoms. OKYO Pharma’s CEO, Gary S. Jacob, highlighted the potential of urcosimod to address the unmet medical needs of patients suffering from severe eye pain.

In other developments, the United States Adopted Name (USAN) Council has officially named the drug urcosimod, marking a significant milestone in its clinical advancement. Analyst firm H.C. Wainwright has maintained a Buy rating for OKYO Pharma, reflecting confidence in urcosimod’s potential and the company’s progress. The Fast Track designation, if granted, could lead to more frequent FDA meetings and a streamlined approval process. Investors are closely monitoring these developments as they could pave the way for new treatment options in the ocular disease space.

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