OKYO Pharma, a preclinical biotech developing a lipidated chemerin analog for dry eye disease, lowered the proposed deal size for its upcoming IPO on Tuesday.
The St. Peter Port, Guernsey-based company now plans to raise $5 million by offering 1 million ADSs at $5.20, the as-converted April 22 close of its shares on the LSE (OKYO). The company had previously filed to offer 1.9 million ADSs at $5.24. At the revised terms, OKYO Pharma will raise -50% less in proceeds than previously anticipated.
OKYO Pharma is developing next-generation therapies for inflammatory eye diseases and ocular pain. Its lead candidate is OK-101, a lipidated-chemerin analogue initially being developed for keratoconjunctivitis sicca, or dry eye disease (DED). The company plans to file an IND in the 2H22, followed by the commencement of a Phase 2 trial in DED patients in the 4Q22. OKYO also plans to evaluate OK-101 in patients with ocular neuropathic pain, uveitis, and allergic conjunctivitis.
OKYO Pharma was founded in 2007 and plans to list on the Nasdaq under the symbol OKYO. ThinkEquity is the sole bookrunner on the deal.
