22nd Mar 2020 10:47
(Alliance News) - Okyo Pharma Ltd said Thursday it has raised GBP560,000 in a placing of 112.0 million shares at 0.5 pence each.
The life sciences and biotechnology firm said Shore Capital placed the shares with Panetta Partners Ltd, a major shareholder in the company and a further strategic investor. The new shares represent 16.7% of Okyo's enlarged share capital. They come with warrants on a one-for-one basis to buy further shares at 0.55p.
Okyo said it will use the funds to complete studies on its treatments Chemerin, for dry eye, and Bam-8, for treatment of ocular and chronic pain.
The price was a 60% discount to Okyo's closing price on Wednesday, but it said it agreed the price due to the current market volatility amid the Covid-19 outbreak. The stock closed up 20% on Friday at 1.50p.
By Tom Waite; [email protected]
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