LONDON and NEW YORK - OKYO Pharma Limited (NASDAQ: OKYO), a biopharmaceutical company engaged in the development of treatments for inflammatory dry eye disease (DED) and neuropathic corneal pain (NCP), has announced the addition of three distinguished ophthalmologists to its Scientific Advisory Board. The new advisors include Victor Perez, M.D., Anat Galor, M.D., both from the Bascom Palmer Eye Institute, and Mark Milner, M.D., from Goldman Eye in Palm Beach Gardens, Florida.
This announcement follows the company's recent disclosure of positive results from its Phase 2 trial of OK-101, a therapeutic candidate for DED. The trial demonstrated safety and efficacy, paving the way for future Phase 3 trials. The new board members, renowned experts in ocular surface diseases and neuropathic corneal pain, will offer guidance on the clinical development of OK-101.
Dry eye disease affects an estimated 49 million people in the U.S., characterized by inadequate lubrication of the eyes, leading to discomfort and visual disturbances. Neuropathic corneal pain, a severe condition without an FDA-approved therapy, results from nerve damage and inflammation, causing significant discomfort and sensitivity.
OK-101, a lipid conjugated chemerin peptide agonist targeting the ChemR23 receptor, has shown promise in reducing inflammation and pain in dry eye disease and NCP. The drug's design incorporates a lipid anchor to enhance its residence time in the ocular environment, which may offer an advantage over existing treatments.
OKYO Pharma plans to host a conference call in Q1 2024 to provide further details on the Phase 2 trial results. The company's focus remains on advancing the treatment for DED and NCP, aiming to address the unmet medical needs of patients with these conditions.
This article is based on a press release statement from OKYO Pharma Limited.
InvestingPro Insights
In light of OKYO Pharma Limited's recent developments and the addition of key experts to its Scientific Advisory Board, it's crucial to consider the company's financial health and market performance. According to InvestingPro data, OKYO has a market capitalization of $49.85M and is operating with a moderate level of debt. Notably, the stock has seen a strong return over the last five years, underscoring its growth potential despite the company not being profitable over the last twelve months.
InvestingPro Tips suggest that OKYO is quickly burning through cash and suffers from weak gross profit margins, with a gross profit of -$6.85M as of the last twelve months ending Q4 2023. Additionally, the company's short-term obligations exceed its liquid assets, which may pose challenges in the near future. Analysts do not anticipate OKYO will be profitable this year, and the stock has fared poorly over the last month, with a 1-month price total return of -15.25%.
Investors considering OKYO Pharma should be aware that the stock price often moves in the opposite direction of the market, which could represent a diversification opportunity or a risk, depending on their portfolio strategy. For those looking to delve deeper into OKYO's financials and future prospects, InvestingPro offers a comprehensive analysis with additional tips. Currently, InvestingPro subscription is on a special New Year sale with a discount of up to 50%, and using coupon code SFY24 can get an additional 10% off a 2-year InvestingPro+ subscription, or SFY241 for an additional 10% off a 1-year subscription. With these insights and tips, investors can make more informed decisions regarding their interest in OKYO Pharma Limited.
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