OKYO Pharma, a preclinical biotech developing a lipidated chemerin analog for dry eye disease, lowered the proposed deal size for its upcoming IPO on Friday.
The St. Peter Port, Guernsey-based company now plans to raise $3 million by offering 0.5 million ADSs at a price of $4.92, the as-converted last close of its shares on the LSE (OKYO). The company had most recently filed in April to offer 1 million ADSs at $5.20, and originally planned to offer 1.9 million ADSs at $5.24. At the revised terms, OKYO Pharma will raise -50% less in proceeds than previously anticipated and command a fully diluted market value of $107 million.
Because the company now plans to raise less than $5 million, OKYO Pharma will be excluded from Renaissance Capital’s IPO stats.
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.
