OKYO Pharma Ltd (NASDAQ:OKYO) announced it has secured $1.9 million in non-dilutive funding to support the development of urcosimod, its lead drug candidate for neuropathic corneal pain (NCP).
NCP is a chronic, nerve-related ocular condition that currently has no US Food and Drug (FDA)-approved treatments.
The company stated that the funds will accelerate urcosimod’s clinical development and facilitate progress across key research and development programs.
The non-dilutive nature of the funding means that it does not affect existing shareholder equity, the company highlighted, in line with its strategy of maintaining fiscal responsibility while addressing unmet medical needs.
“This non-dilutive funding is a significant milestone for OKYO Pharma and allows the company to drive innovation and accelerate solutions that could improve patient outcomes,” OKYO CEO Dr Gary Jacob said in a statement.
He described NCP as a devastating and underdiagnosed condition.”
“These funds allow us to aggressively pursue our mission of bringing urcosimod to patients who desperately need relief, without diluting shareholder value,” Jacob said. “It’s an exciting step forward for our company and for the field of ocular pain treatment.”