30th Nov 2018 16:36
LONDON (Alliance News) - OKYO Pharma Ltd on Friday reported a significantly narrowed loss in the first half of its current financial year as it entered into two drug development projects.
The life sciences and biotechnology company said its pretax loss narrowed in the six months to September 30 to GBP1.2 million from GBP19.3 million reported for the same period a year earlier.
The result was helped by non repeat of exploration permit and goodwill impairments and mine costs, which totalled GBP19.1 million in the prior year.
At the end of July, the company said it is changing its direction completely, transforming from a mining exploration company to a pharmaceutical investor. The company cancelled its AIM trading facility, moved to Guernsey, and registered as OKYO Pharma on the main market.
In the first half, the company identified the Chemerin project as an initial business opportunity. In collaboration with a licence holder On Target Therapeutics LLC, two novel Chemerin peptides have been identified as lead compounds.
These compounds are currently being evaluated for their efficacy for dry eye in mouse model followed by safety and toxicity in rabbit model. Anticipated IND-submission date for Chemerin is the final quarter 2019 or the first quarter of 2020.
In addition, the company obtained the license agreement from Tufts Medical Center for the BAM8 project for treating symptoms of neuropathic chronic pain, ocular pain and uveitis associated pain.
Looking ahead, OKYO Pharma said it intends to continue to evaluate further opportunities in biotechnology and life science sector and will look to make further complementary acquisitions in the future.
OKYO Pharma shares closed untraded on Friday at 1.35 pence each.
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