Shares of London-listed pharmaceutical company OKYO Pharma Ltd (LON: OKYO) surged 9.48% after announcing that it had received a US patent for a new non-opioid pain medication class.
The life sciences and biotech company clarified that it received patent protection for a class of bovine adrenal medulla (BAM) peptides that could treat neuropathic pain, ocular pain, ocular inflammation and dry eye disease.
OKYO Pharma’s application provides an alternative to opioid medications for treating severe pain. It is a non-opioid analgesic that can treat ocular pain without the side effects and potential abuse associated with opioid medications.
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The drug could transform how physicians manage chronic pain and provide significant revenues for Okyo if the drug is finally commercialised.
Okyo Pharma started the year on a high note after appointing Gabriele Cerrone as non-executive chair and Gary Jacob as chief executive officer on January 7, 2021.
Dr Gary S. Jacob, OKYO’s CEO, said: “The publication of this patent on our BAM-lipidated analogues provides key IP protection crucial for bringing forward a candidate from this class into the clinic,”
Adding:
“It is important to recognise that the novel element of these drug candidates is the lipid anchor component of the molecule which we believe is the ‘secret sauce’ in seeing a pharmacologic benefit in the environment of the eye where tearing and other physiologic phenomena normally work against the effectiveness of drugs due to washout.”
Okyo Pharma share price.
Okyo Pharma shares surged 9.48% to trade at 10p after rallying from Monday’s closing price of 9.15p.