Eye disease biotech OKYO Pharma further cuts deal size by 50% ahead of $3M U.S. IPO
OKYO Pharma, a preclinical biotech developing a lipid analogue of chemerin for dry eye disease, on Friday reduced the size of the proposed deal for its upcoming IPO.
The St. Peter Port, Guernsey-based company now plans to raise $3m by offering 0.5m ADS at a price of $4.92, the latest converted close of its shares on the LSE (OKYO) . The company had recently filed in April to offer 1 million ADS at $5.20, and originally planned to offer 1.9 million ADS at $5.24. Under the revised terms, OKYO Pharma will raise -50% less than expected and achieve a fully diluted market value of $107 million.
Because the company now plans to raise less than $5 million, OKYO Pharma will be excluded from Renaissance Capital’s IPO statistics.
OKYO Pharma develops next-generation therapies for inflammatory eye diseases and eye pain. Its lead candidate is OK-101, a lipid analog of chemerin originally developed for keratoconjunctivitis sicca, or dry eye disease (DED). The company expects to file an IND in 2H22, followed by the start of a phase 2 trial in DED patients in 4Q22. OKYO also plans to evaluate OK-101 in patients with ocular neuropathic pain, uveitis and allergic conjunctivitis.
OKYO Pharma was founded in 2007 and plans to list on Nasdaq under the symbol OKYO. ThinkEquity is the sole bookrunner on the transaction.