OKYO Pharma Ltd (NASDAQ:OKYO), a biopharmaceutical company, announced today that it has commenced the screening and recruitment of patients for a Phase 2 clinical trial of its investigational drug OK-101, aimed at treating neuropathic corneal pain (NCP).
The study is designed as a double-masked, randomized, placebo-controlled trial over 12 weeks, to enroll 48 patients confirmed to have NCP through confocal microscopy.
The primary objective of the trial is to evaluate the efficacy of OK-101 in providing pain relief, which will be measured using the Visual Analog Scale (VAS), a widely recognized metric for assessing pain intensity.
This development marks a significant step for OKYO Pharma as it progresses through the clinical trial phases required to bring new treatments to market. The company's focus on NCP, a condition that can cause significant discomfort and visual impairment, addresses a therapeutic area where patients often have limited options.
OKYO Pharma's announcement, dated today, is based on a press release statement and provides investors with an update on the company's ongoing efforts to develop new treatments for biological conditions.
In other recent news, OKYO Pharma Limited has seen significant developments. Executive Chairman, Gabriele Cerrone, has increased his stake in the company through Panetta Partners Limited, purchasing additional ordinary shares and raising his total ownership to 9,851,570 shares. This move reflects Cerrone's confidence in the company's future.
The company has further secured a key U.S. patent for OK-101, enhancing its intellectual property portfolio. Analysts from H.C. Wainwright maintained a Buy rating for OKYO Pharma, indicating the potential of OK-101 to become the first FDA-approved therapy for neuropathic corneal pain.
OKYO Pharma's CEO, Dr. Gary S. Jacob, is set to appear on Bloomberg TV, offering insights into the company's business strategy and ongoing projects.
InvestingPro Insights
OKYO Pharma's recent announcement of patient recruitment for its Phase 2 clinical trial of OK-101 is a significant step forward in its drug development pipeline. However, investors should be aware of some key financial metrics and insights provided by InvestingPro.
As of the latest data, OKYO Pharma has a market capitalization of $34.51 million, reflecting its current valuation in the biotech sector. The company's stock price has experienced a notable decline, with a year-to-date price total return of -42.37% and a 3-month return of -34.82%, indicating recent market challenges.
InvestingPro Tips highlight that OKYO is not profitable over the last twelve months and suffers from weak gross profit margins. This is consistent with the company's stage of development, as it focuses on advancing its clinical trials rather than generating immediate revenue. The gross profit for the last twelve months stands at -$7.51 million, while the operating income is -$15.75 million, reflecting the substantial costs associated with drug development and clinical trials.
It's worth noting that OKYO's short-term obligations exceed its liquid assets, which may pose financial challenges as it progresses through costly clinical trials. However, the company's stock price often moves in the opposite direction of the market, which could present opportunities for investors looking for non-correlated assets.
For those interested in a deeper analysis, InvestingPro offers 5 additional tips that could provide further insights into OKYO Pharma's financial health and market position.
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