Biotech firm OKYO Pharma Limited (Nasdaq: OKYO) closed on Thursday its initial public offering on the Nasdaq Capital Market. The firm was able to raise approximately US$2.5 million in its debut on the big board.
The offering consisted of 625,000 American depository shares at US$4.00 per share. The company’s shares are trading under the symbol “OKYO”.
Proceeds of the offering are intended for advancing the firm’s drug candidate OK-101 to filing an investigative new drug application, funding the drug’s phase 2 clinical trial, and for working capital and other general corporate purposes.
ThinkEquity acted as the sole bookrunner for the said offering.
The London-based life sciences company is focused on treating patients suffering from inflammatory eye diseases and ocular pain. It is presently developing its lead preclinical product candidate OK-101 to treat dry-eye disease.
OKYO Pharma last traded at US$3.00 on the Nasdaq.
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