OKYO Pharma Ltd (LON:OKYO) said it plans to dual-list its shares on the US Nasdaq market as it raised another £1.4mln and published full-year results overnight.
The London-listed company, which is developing novel molecules to treat inflammatory dry eye diseases and chronic pain, issued another round of convertible loan notes (CLNs) on the same terms as those issued last month.
This takes its fundraising to £5.4mln since the end of March as it gears up to begin clinical trials for dry eye and exploring additional pain-related peptides in the coming year.
OKYO said it now intends to begin the process to obtain a dual listing of its existing shares on Nasdaq, subject to the required regulatory approvals.
On Monday night, the London-headquartered company, which has a research and development facility in Doylestown, Pennsylvania, published final results for the year to March 31, 2020, a period where it conducted pre-clinical studies, developed assays and otherwise refined the chemistry for its dry eye treatment, known as the Chemerin project or OKYO-101.
Topping off a range of development work carried out during the year, ocular tolerance tests were carried out in rabbits using Chem-9 peptide showed no adverse signs such as inflammation, chemosis or hyperemia and no signs of local irritation, which encourages directors to believe that Chemerin will be superior to the existing products on the market.
During the coming year, the company said it intends to explore and synthesise other novel analogues to the OKYO-101 peptide to strengthen its intellectual property portfolio, as well as examining the potential for the peptide to treat other inflammatory diseases such as uveitis and allergic conjunctivitis.
Similarly for BAM8, or OKYO-201, for chronic pain, the plan is to explore and identify novel analogues to strengthen the IP portfolio and see whether these analogs can treat ocular pain, associated pain from uveitis and neuropathic pain associated with dry eye.
To support the future development of this portfolio, the group established a scientific advisory board earlier this month, led by the newly appointed Dr A. James Khodabakhsh, a leading US eye surgeon.
The past year saw the group generate a £1.2mln loss, less than half the £3.8mln loss from the previous year.
Spending on research and development was reduced to £0.4mln from £2.2mln, which had included the acquisition of the Chemrein-101 license for £1.9mln.
The cash balance, which has since been topped up, stood at £0.2mln at the end of March.