Proactive Investors - OKYO Pharma Ltd (LON:OKYO) has released its interim results for the six months ended 30 September 2022, a period in which its primary focus was on the development of its Dry Eye Disease (DED) drug, OK-101.
The biopharmaceutical company, in a statement, highlighted that during the six-month reporting period it completed various stages of development for OK-101 - including the formulation of the drug and initial stability studies, the development of bioanalytical methods to support the clinical program, and the manufacture of cGMP OK-101 for clinical trials.
It also completed toxicokinetic method development, and toxicology studies in rabbits and dogs during the period.
Since the period’s end, in November, OKYO announced it had made an investigational new drug (IND) filing with the US Food & Drug Administration (FDA) for OK-101 to treat DED.
The IND was subsequently cleared in December 2022, allowing the company to proceed with a Phase 2 trial in DED patients, which it expects to initiate in the first quarter of 2023.
The Phase 2 trial is expected to be completed within 6-9 months of enrolling the first patient.
Along with the work on OK-101, OKYO has also been developing OK-201 as a potential non-opioid analgesic for the treatment of neuropathic corneal pain.
However, amidst the success of OK-101 to date, the company has opted to prioritise its efforts on OK-101 and pause further development of OK-201.
In terms of financials, the pre-revenue drug development company reported a loss of £4.6mln. It ended September with total assets of £1.6mln, with cash on hand reported at £0.6mln.