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OKYO Pharma raises £3.5mln to develop dry-eye and chronic pain pipeline

Convertible loan notes were placed with a small number of private investors

Okyo Pharma Limited -
Chemerin, a treatment for dry eye conditions, is furthest down the development road

OKYO Pharma Ltd (LON:OKYO) has raised £3.5mln to further the development of its clinical pipeline.

The life sciences and biotechnology company, which is focused on the discovery and development of novel molecules to treat inflammatory dry eye diseases and chronic pain, raised the new cash via an issue of convertible loan notes (CLNs). 

READ: Okyo Pharma on the hunt for big game in inflammation and pain management

The CLNs, which carry an interest rate of 2.15% compounding with a maximum term of four years and convert into ordinary shares at a price of 8.5p per share, were placed with a small number of private investors. 

Conversion will be subject to shareholder approval and no conversions may take place prior to February 28 next year.

Quick facts: Okyo Pharma Limited

Price: 7.75 GBX

LSE:OKYO
Market: LSE
Market Cap: £52.12 m
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