29th Nov 2019 11:20
(Alliance News) - Biotechnology firm OKYO Pharma Ltd said Friday its interim loss narrowed on the year prior as operating costs dived, despite directing more funds to research & development.
For the six months ended September 30, pretax loss improved to GBP870,887 from GBP1.2 million the year prior. This was after operating costs almost halved on the year prior to GBP593,956, offsetting a rise in research & development costs to GBP276,910 from GBP162,905 the year before.
OKYO did not generate any revenue in either year.
"OKYO is focused on GPCR (G-protein-coupled receptors) Technology Platform, a novel approach to develop innovative therapies for inflammatory dry eye diseases and chronic pain management," Executive Chair Willy Simon said.
"More than 40% of the drugs available in the global market target GPCRs," Simon added. "Large market potential and growth exists for GPCR targeted drugs for treating a wide variety of indications such as inflammation, oncology, cardiovascular diseases and inflammatory eye diseases including dry eye, uveitis and allergic conjunctivitis."
Shares in OKYO were untraded at 2.50 pence in London on Friday.
By Ahren Lester; [email protected]
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