1st Jul 2019 14:38
(Alliance News) - OKYO Pharma Ltd on Monday posted a narrowed annual loss mainly due to non repeat of a large impairment charge.
The company's pretax loss for the year ended March 31 shrank to GBP3.8 million from GBP20.2 million the year before. This was due to absence of GBP19.4 million worth of impairment and write offs recorded in its prior financial year.
The company did not record any revenue for either financial year, as it was still developing its drug candidates.
Research and development costs multiplied to GBP2.3 million from GBP425,110 and research expenses likewise rose, hitting GBP1.4 million versus just GBP318,820 the year before.
As at March 31, OKYO's cash balance stood at GBP500,000, down from GBP2.0 million the year before.
It was a big year for OKYO, which underwent an internal restructuring in January 2018 to dispose of its operations in Cameroon and undertook as specie distribution of all its Ferrum Resource Ltd shares - renamed African Minerals Ltd - before becoming an investment company.
OKYO is presently focused on developing eye disease treatments and non-opioid painkillers. In 2019, it will work on exploring novel analogues for dry eye drug candidate OKYO-0101. The goal of this is to strengthen OKYO's intellectual property portfolio. The company will also look into OKYO-0101's potential as a treatment for other inflammatory diseases.
For BAM 8, the company's non-opioid analgesic, OKYO is likewise looking to explore and identify novel analogues and explore the use of such analogues to treat pain associated with the eyes.
Shares in OKYO were down 2.5% at 1.95 pence on Monday afternoon.
Related Shares:
OKYO.L