17th Aug 2020 17:44
(Alliance News) - Okyo Pharma Ltd on Monday reported a narrowed annual loss and plans to focus on its BAM8 analog in the current financial year.
In the year ended March 31, Okyo's total loss narrowed to GBP1.2 million from GBP3.8 million the year before.
Research & development costs fell to GBP400,000 from GBP2.2 million, but Okyo noted the 2019 expenditure included the acquisition of the Chemrein-101 license for GBP1.9 million.
The company's cash balance ended the period at GBP200,000, compared to GBP500,000 at the same point the year before.
"During 2020, the main use of the group's funds was progressing the animal model trials for Chemerin and BAM8, which was within the budget. The cash consumption, which refers to cash used in operating activities of the group, during the year was GBP1 million," Okyo said.
The company added: "During the coming year, we will explore and identify novel BAM8 (OKYO-201) analogs to strengthen the IP portfolio by synthesising additional peptides. Further, we will explore the use of OKYO-201 analogs for ocular pain, uveitis associated pain and Neuropathic pain associated with dry eye in order to expand our portfolio. To support the future development of this portfolio, the group established a Scientific Advisory Board in August 2020 which will be led by James Khodabakhsh."
Shares in Okyo Pharma closed 25% higher in London on Monday at 16.50 pence each.
By Paul McGowan; [email protected]
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