Final audited results for the year ended 31 March 2018

31 July 2018

OKYO Pharma Limited
(Incorporated and registered in Guernsey with registered number 65220)

Final audited results for the year ended 31 March 2018

OKYO Pharma Limited (the “Company”) is pleased to announce its final audited results for the year ended 31 March 2018.

Financial Highlights

  • Total Assets decreased to £2.0 million (31 March 2017: £55.1 million restated).
  • Cash on hand equates to £2.0 million (31 March 2017: £3.0 million restated).
  • Operational expenses continue to be rigorously controlled at all levels.
  • During the financial period under review, the Company reported a total comprehensive loss of £53.1 million (31 March 2017: £0.2 million).
  • Basic and diluted loss per share decreased to 0.14 pence per share (31 March 2017: 0.00 pence).  

Operational Highlights

Company restructure:

  • On 10 January 2018, the Company disposed of its remaining operations in Cameroon by way of an in specie distribution of all of its shares in its last remaining subsidiary, Ferrum Resources Limited (renamed West African Minerals Limited) to Shareholders and became a Rule 15 AIM investing company. The listing of the Company’s shares on AIM was cancelled on 23 March 2018.
  • On 10 January 2018, the Company also changed its name to OKYO Pharma Corporation and adopted a bespoke investing policy to create a diversified portfolio of meaningful direct and indirect interests in life science and biotechnology opportunities.
  • On 9 March 2018, the Company sought and obtained the consent of shareholders to cancel its trading facility on AIM, and migrated to Guernsey post year end and re-registered as OKYO Pharma Limited, being admitted to the standard listing segment of the Official List of the UK Financial Conduct Authority and the main market for listed securities of the London Stock Exchange plc in July 2018.

Chemerin Project:

  • On 21 February 2018, the Company announced that it had identified an opportunity to obtain (via assignment from Panetta Partners Limited, a related party) a license from On Target Therapeutics LLC and a sub-licence from Tufts Medical Center Inc. of the right to exploit all of the intellectual property relating to rights claimed on patent WO2017014605, being claims in composition of matter and methodology for treating, inter alia, ocular inflammation, dry  eye disease (‘‘DED’’) and ocular neuropathic pain with Chemerin or a fragment of analog thereof and a lipid entity linked to the Chemerin or fragment or analog thereof (the ‘‘Chemerin Project’’).

The full text of the audited results is reproduced below and is also available from the Company’s website at http://okyopharma.com/.

 

Enquiries:




OKYO Pharma Limited

Willy Simon

 

+44 (0)20 7495 2379

Stockdale Securities Limited (Broker)

Andy Crossley

Antonio Bossi

Owen Matthews

+44 (0)20 7601 6100

For further information, please visit the Company's website at http://okyopharma.com/