OKYO Pharma Ltd (NASDAQ:OKYO) has unveiled an underwritten public offering of around 10.8 million ordinary shares at $1.85 per share, raising gross proceeds of about $20 million.
The clinical-stage biopharmaceutical company said it intends to use the net proceeds primarily to fund the clinical development of its product candidates, as well as for general corporate purposes and working capital.
OKYO has granted the underwriter a 30-day option to purchase up to nearly 1.6 million additional shares at the public offering price, less underwriting discounts and commissions. If fully exercised, the option would increase gross proceeds to approximately $23 million before expenses.
The company, which is developing therapies for neuropathic corneal pain (NCP) and inflammatory eye diseases, recently completed a Phase 2 trial of its lead drug candidate, urcosimod, in patients with NCP. It plans to begin a roughly 150-subject Phase 2b/3 multiple-dose study of urcosimod in the first half of this year.
The offering is expected to close by February 17.