Interim Results for the six months to 30 September 2018

30 November 2018

 

OKYO Pharma Limited
 

Interim results for the six months to 30 September 2018

 

OKYO Pharma Limited (LSE:OKYO) (the "Company") is pleased to announces interims results for the six months to 30 September 2018.

 

 

Financial Highlights

 

  • Total Assets decreased to £1.3 million (30 September 2017: £2.0 million).

 

  • Cash on hand equates to £1.2 million (30 September 2017: £2.0 million).

 

  • Operational expenses continue to be rigorously controlled at all levels.

 

  • During the financial period under review, the Company reported a total comprehensive loss of £1.2 million (30 September 2017: £19.4 million).

 

  • Basic and diluted loss per share decreased to 0.00 pence per share (30 September 2017: 0.05 pence).  

 

 

Operational Highlights

 

Company listing:

 

  • 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.

 

 

Company Focus:

 

Company’s scientific focus is to target G protein-coupled receptors (GPCRs) for drug development. GPCRs constitute a large protein family of receptors that detect molecules outside the cell and activate internal cellular responses. GPCRs are involved in many diseases and are an important therapeutic target for drug development. Approximately 1/3 of all Food and Drug Administration (FDA) approved drugs target members of this family.

 

 

Chemerin Project:

 

Chemerin acts as a ligand for Chem23 receptor and activates proinflammatory pathways through GPCR signaling. Inflammation is the most common underlying cause of dry eye disease (DED). Therefore, anti-inflammatory treatment is important in improving dry eye symptoms. Chemerin peptides inhibit the inflammatory responses of active chemerin.

 

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 in patent WO2017014605, being claims in composition of matter and methodology for treating, inter alia, ocular inflammation, 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’’).

 

In collaboration with On Target Therapeutics LLC, two novel Chemerin peptides have been identified as lead compounds. These compounds are currently being evaluated for their efficacy for dry eye in mouse model followed by safety and toxicity in rabbit model. Anticipated IND-submission date for Chemerin is 4Q, 2019 or 1Q 2020.

 

BAM8 Project:

 

Bovine adrenal medulla (BAM) peptides are secreted in the adrenal gland that exhibit potent analgesic activity. BAM peptides bind to G-Protein coupled sensory neuro receptors and opioid receptors which trigger a series of pain signals. BAM8 is a cleavage product of endogenous BAM22 peptide which inhibits chronic pain by activating MAS-Related G Protein-Coupled Receptor (MRGPRs) expressed in sensory neurons. Thus, BAM8 is a non-opioid analgesic molecule. On 2nd February 2018, the company obtained the license agreement from Tufts Medical Center of the right to exploit all the intellectual property claimed in patent application PCT/US2016/0611101 ‘Lipidated cyclized BAM8 and methods of using same’ being claims in composition of matter and methodology for treating symptoms of neuropathic chronic pain, ocular pain and uveitis associated pain. Preclinical studies are ongoing to improve the efficacy, potency and delivery of BAM8 by generating novel analogs with therapeutic implications for variety of pain conditions and strengthen IP.

 

 

 

Enquiries:

 

OKYO Pharma Limited

Willy Simon

 

+44 (0)20 7495 2379

Stockdale Securities Limited (Broker)

Andy Crossley

Antonio Bossi

David Coaten

+44 (0)20 7601 6100

 

 

For further information, please visit the Company's website at www.okyopharma.com.