Okyo Pharma Ltd said its plans going forward involve filing for an investigational new drug application (IND) for its dry eye treatment OK-101 in the fourth quarter of 2022.
The pre-clinical biopharmaceutical company will then initiate a Phase 2 trial for OK-101 in the first quarter of 2023 and subsequently explore the drug candidate's potential to suppress the inflammation associated with uveitis and allergic conjunctivitis.
In support of this plan, Okyo said it will use animal studies for preclinical work to establish 'proof-of-concept'.
Work on a second product, OK-201, for acute and chronic ocular pain will be maintained at the exploratory level while the focus is on the OK-101 DED programme.
Okyo added that as of the end of March 2022, the group’s cash balance stood at £2mln with a further £1.7mln raised in May in conjunction with a dual listing on NASDAQ.
Losses the year to end-March 2022 were £3.98mln (£2.99mln).