OKYO Pharma, a preclinical biotech developing a lipidated chemerin peptide for dry eye disease, raised $2.5 million by offering 0.6 million ADSs at $4.00, below the as-converted $4.60 last close of its shares on the LSE (symbol: OKYO). At the offer price, OKYO Pharma commands a market value of $87 million. The company originally filed in April 2022 to raise $10 million, before twice cutting its deal size.
The London, UK-based company plans to use the proceeds of the offering to advance lead candidate OK-101 to the filing of an IND to treat dry eye disease, to fund the initial Phase 2 clinical trial of OK-101 in DED patients, and the remaining proceeds for working capital.
Because the company raised less than $5 million, OKYO Pharma is excluded from Renaissance Capital’s 2022 US IPO stats.
OKYO Pharma plans to list on the Nasdaq under the symbol OKYO. ThinkEquity acted as sole bookrunner on the deal.
