The OKYO Pharma Ltd ADSs (NASDAQ: OKYO) stock price rallied 20% after revealing the phase 2 clinical trial of its OK-101 dry eye disease drug treatment had been listed on the ClinicalTrials.gov website, making it accessible to patients interested in participating in the trial.
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Investors cheered the news as the company confirmed that it was activating the clinical sites planned for the trial and preparing the clinical trial drug product OK-101 for shipment to the sites involved in the double-blind, placebo-controlled trial, along with other activities needed before the trial is initiated.
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The ClinicalTrials.gov website is a well-known resource used by healthcare professionals, family members, researchers and the public to access information on publicly and privately supported clinical studies on multiple diseases and conditions.
OKYO Pharma’s OK-101 drug targets the multi-billion-dollar dry eye disease market, which still has a significant unmet need. Therefore, posting the trial on the ClinicalTrials.gov website will make it accessible to more people in the United States.
The pharma company now expects to conduct the first-patient first-visit initiation of the trial in early Q2 2023 and plans to release the top-line data from the trial in Q4 2023.
OKYO Pharma also announced the closure of its global private placement, which raised gross proceeds of $5.3 million after selling 3,503,665 new ADSs, representing 227,738,225 new Ordinary Shares at $1.50 per New ADS.
Each new ADSs offered in the United States represents 65 ordinary shares in the United Kingdom. The company is not entitled to pay any commissions to brokers or third parties concerning the Global Private Placement.
OKYO plans to use the proceeds of the Global Private Placement to advance OK-101 by funding the initial Phase 2 clinical trial of OK-101 in DED patients.
Gary S. Jacob, PhD, OKYO Pharma’s CEO, said: “We are excited to be very close now to moving this drug into its first clinical trial and believe that OK-101 can provide a new way to treat DED patients who are presently not well-served by currently approved drugs.”
*This is not investment advice.
OKYO Pharma share price.
The OKYO Pharma stock price rallied 20% premarket to trade at $2.10, from Wednesday’s closing price of $1.75.
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