Okyo Pharma Ltd (LSE:OKYO, OTCQB:EMMLF) has confirmed it has successfully closed a US$2.5mln US fundraiser.
The group, which is developing a treatment for dry eye disease (DED), issued American depositary shares priced at US$4 each.
The proceeds will be used to advance lead asset OK-101 to investigational new drug (IND) status and to underwrite the initial phase II trial of the DED treatment. Okyo will also set aside a sum for working capital and "general corporate purposes".