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UK biotech OKYO Pharma (OKYO) has set phrases for its proposed US $10M IPO.
OKYO stated in a submitting that it plans to supply 1.9M American Depositary Shares, with every ADS representing 65 unusual shares, at an assumed value of $5.24 per ADS. Underwriters will likely be granted an possibility to purchase as much as 286K extra ADSs to cowl any overallotments.
The corporate stated it expects the deal to generate web proceeds of $9M. If the underwriter’s overallotment possibility is exercised in full, web proceeds are seen at $10.4M. Suppose Fairness is serving as underwriter for the deal.
OKYO stated it plans to make use of proceeds from the deal to fund development of its drug candidate OK-101 by way of to its first Part 2 medical trials and different company functions.
OKYO’s lead drug candidate, OK-101, is at present in preclinical improvement for the remedy of dry eye illness. The corporate can be evaluating the product as a remedy for ocular neuropathic ache, uveitis and allergic conjunctivitis.
For a extra in-depth take a look at OKYO, try SA contributor Donovan Jones’s “OKYO Pharma Pursues $10M US IPO”.
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