OKYO Pharma Ltd (NASDAQ:OKYO) has provided an update on its clinical programs along with the release of interim financial results for the six months ending in September 2024.
The company said it expects to complete enrollment of its Phase 2a trial of its investigational therapeutic OK-101 in neuropathic corneal pain (NCP) by the end of the second quarter.
The trial, led by Dr Pedram Hamrah of Tufts Medical Center, will evaluate 48 patients in a double-masked, placebo-controlled study.
Results from the trial are expected in the fourth quarter, with the company anticipating these to be a “major binary event.”
The company also plans to engage with the US Food and Drug Administration (FDA) regarding the next steps for OK-101 in dry eye disease following the release of positive Phase 2b results last year.
The trial, which evaluated 240 patients, showed early efficacy, with benefits observed as soon as Day 15 for symptom relief and Day 29 for clinical signs, including reduced conjunctival staining and improved visual clarity.
OK-101 also demonstrated a favorable safety profile, with no severe drug-related adverse events.
Further, the company said it exited the six months ending in September 2024 with total assets of $2.8 million, up from $1.5 million in March.
Cash on hand stood at $1.0 million, with an additional $1.8 million received after the period ended.
It narrowed its total comprehensive loss to $3.1 million compared to a total comprehensive loss of $8.5 million for the same six-month period in 2023.
Investors welcomed the update, sending shares of OKYO Pharma up 21.9% at US$1.26 in early trade on Wednesday.