OKYO Pharma raises $5.84m via share issuance

OKYO Pharma has issued shares totaling $5.84 million, comprised of a registered direct offering of 1,092,600 ordinary shares and the extinguishment of $4.2 million in payables by issuing 2,766,667 shares. The company plans to use the proceeds for clinical development, general corporate purposes, and working capital. This move reflects creditors' endorsement of OKYO's strategy and significantly reduces its payables. The offering is set to close around November 1, 2023. OKYO focuses on developing therapies for inflammatory dry eye disease and neuropathic corneal pain.