OKYO Pharma Announces Chairman Acquires Shares

Rhea-AI Summary

OKYO Pharma (NASDAQ: OKYO), a clinical-stage biopharmaceutical company focused on developing innovative ocular therapies, has announced a significant insider purchase. Gabriele Cerrone, the Executive Chairman, through Panetta Partners , acquired 50,000 ordinary shares at $1.03 per share on NASDAQ. This transaction has increased Cerrone's total shareholding to 9,851,570 shares, representing 29.12% of the company's issued share capital.

OKYO Pharma specializes in treatments for inflammatory dry eye disease (DED), a multi-billion-dollar market, and neuropathic corneal pain (NCP), an ocular condition currently lacking FDA-approved therapies. This insider purchase may signal confidence in the company's future prospects and ongoing clinical developments.

Positive

• Executive Chairman increased stake, potentially signaling confidence in the company
• Insider now owns 29.12% of the company's issued share capital
• Company targets multi-billion-dollar market for dry eye disease

Negative

• None.

LONDON and NEW YORK, Sept. 10, 2024 (GLOBE NEWSWIRE) -- OKYO Pharma Limited (NASDAQ: OKYO), a clinical-stage biopharmaceutical company developing innovative ocular therapies for the treatment of inflammatory dry eye disease (DED), a multi-billion-dollar market, and anterior ocular segment diseases including neuropathic corneal pain (NCP), an ocular condition associated with pain but without an FDA approved therapy, announced today that it has been notified that Panetta Partners Limited, an entity in which Gabriele Cerrone, the Executive Chairman, has a beneficial interest, purchased 50,000 of the Company’s ordinary shares on NASDAQ at a price of US$1.03 per share. This brings the total shareholding of Mr Cerrone to 9,851,570 shares which is 29.12% of issued share capital.

About OK-101
OK-101 is a lipid conjugated chemerin peptide agonist of the ChemR23 G-protein coupled receptor which is typically found on immune cells of the eye responsible for the inflammatory response. OK-101 was developed using a membrane-anchored-peptide technology to produce a novel long-acting drug candidate for treating dry eye disease. OK-101 has been shown to produce anti-inflammatory and pain-reducing efficacy signals in mouse models of dry eye disease and corneal neuropathic pain (NCP), respectively, and is designed to combat washout through the inclusion of the lipid anchor built into the drug molecule to enhance the residence time of OK-101 within the ocular environment. OK-101 recently showed statistical significance in multiple endpoints in a recently completed Phase 2, multi-center, double-blind, placebo-controlled trial of OK-101 to treat DED.

About OKYO
OKYO Pharma Limited (NASDAQ: OKYO) is a clinical stage biopharmaceutical company developing innovative therapies for the treatment of DED and NCP, with ordinary shares listed for trading on the NASDAQ Capital Market. OKYO is focused on the discovery and development of novel molecules to treat inflammatory DED and ocular pain. In addition to the recently completed Phase 2 DED trial, OKYO also has plans underway for the opening of a Phase 2 trial for OK-101 to treat NCP in patients with this debilitating condition. For further information, please visit www.okyopharma.com.

Enquiries:

OKYO Pharma Limited	Gary S. Jacob, Chief Executive Officer	917-497-7560
Business Development & Investor Relations	Paul Spencer	+44 (0)20 7495 2379

FAQ

How many shares did OKYO Pharma's Chairman acquire and at what price?

OKYO Pharma's Chairman, through Panetta Partners , acquired 50,000 ordinary shares at a price of $1.03 per share on NASDAQ.

What percentage of OKYO Pharma does the Chairman now own after the recent purchase?

After the recent purchase, the Chairman's total shareholding increased to 9,851,570 shares, representing 29.12% of OKYO Pharma's issued share capital.

What are the main therapeutic areas OKYO Pharma (OKYO) is focusing on?

OKYO Pharma is focusing on developing innovative ocular therapies for inflammatory dry eye disease (DED) and neuropathic corneal pain (NCP).

Is there an FDA-approved therapy for neuropathic corneal pain that OKYO Pharma is targeting?

No, currently there is no FDA-approved therapy for neuropathic corneal pain (NCP), which is one of the conditions OKYO Pharma is targeting with its innovative ocular therapies.