OKYO Pharma, a preclinical biotech developing a lipidated chemerin analog for dry eye disease, announced terms for its IPO on Thursday.
The St. Peter Port, Guernsey-based company plans to raise $10 million by offering 1.9 million ADSs at $5.24, the as-converted last close of its shares on the LSE (OKYO). At the proposed price, OKYO Pharma would command a fully diluted market value of $122 million.
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.
