UK biotech OKYO Pharma sets terms for $ 10M US IPO

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UK biotech OKYO Pharma (OKYO) has set terms for its proposed US $ 10M IPO.

OKYO said in a filing that it plans to offer 1.9M American Depositary Shares, with each ADS representing 65 ordinary shares, at an assumed price of $ 5.24 per ADS. Underwriters will be granted an option to buy up to 286K additional ADSs to cover any overallotments.

The company said it expects the deal to generate net proceeds of $ 9M. If the underwriter’s overallotment option is exercised in full, net proceeds are seen at $ 10.4M. Think Equity is serving as an underwriter for the deal.

OKYO said it plans to use proceeds from the deal to fund advancement of its drug candidate OK-101 through to its first Phase 2 clinical trials and other corporate purposes.

OKYO’s lead drug candidate, OK-101, is currently in preclinical development for the treatment of dry eye disease. The company is also evaluating the product as a treatment for ocular neuropathic pain, uveitis and allergic conjunctivitis.

For a more in-depth look at OKYO, check out SA contributor Donovan Jones’s “OKYO Pharma Pursues $ 10M US IPO”.

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