26th Apr 2019 14:35
LONDON (Alliance News) - OKYO Pharma Ltd on Friday said it will raise GBP400,000 via a share subscription to complete studies on drugs to treat inflammatory eye diseases and chronic pain.
The biotechnology company issued 36.4 million shares to Panetta Partners Ltd at 1.1 pence per share, a discount of 12% to the closing price of 1.25p on Thursday. Panetta is owned by a trust controlled by entrepreneur Gabriele Cerrone.
Shares in the company were up 42% at 1.78 pence each in afternoon trade in London.
Net proceeds of the subscription will be used by the company to completed studies to make investigational new drug submission for Chemerin technology by the first quarter of 2020, and to complete pre-clinical studies of BAM-8 by the second quarter of 2019
Related Shares:
OKYO.L