OKYO Pharma Limited ("OKYO" or the "Company") - Grant of options – Director and PDMR dealings
OKYO Pharma Limited (OTCQB: EMMLF) announced the award of stock options to its executive directors on January 31, 2022. Bernard Denoyer received options for 1,000,000 shares at 8 pence each, while Raj Patil secured 7,500,000 options with vesting contingent on the Company filing a complete IND package and positive Phase II Clinical trial results. Keeren Shah and John Brancaccio were awarded options for 150,000 and 100,000 shares, respectively, also priced at 8 pence each. This move aims to align the interests of the executives with the company's long-term performance.
- Stock options awarded to key executives align management interests with long-term company performance.
- Raj Patil's options vest contingent on successful IND filing and Phase II trial outcomes, indicating confidence in product pipeline.
- None.
LONDON, Feb. 01, 2022 (GLOBE NEWSWIRE) -- OKYO Pharma Limited (LSE: OKYO; OTCQB: EMMLF), a biotechnology company focused on the discovery and development of novel molecules to treat inflammatory dry eye diseases and ocular pain, announces that the board of directors of the Company (the "Board" or "Directors"), acting on a recommendation of the Remuneration Committee with Mr Brancaccio and Mr Denoyer absenting themselves on grounds of interest, has awarded the following options on 31 January 2022.
(a) Bernard Denoyer (Director)
Mr Denoyer has been awarded options to acquire 1,000,000 ordinary shares in the capital of the Company. The options are exercisable at a price of 8 pence per share. The options will vest in equal tranches over three years beginning on the date of grant.
(b) Raj Patil (PDMR)
Mr Patil has been awarded a total of 7,500,000 options: (i) 2,500 of the options vest on the Company filing a complete IND package in respect of its lead product candidate, OK-101, by no later than 31 October 2022; and; (ii) 5,000,000 of the options vest subject to the successful outcome of the Phase II Clinical (a primary or secondary endpoint of which being a demonstration of efficacy);
(c) Keeren Shah (PDMR)
Ms Shah has been awarded options to acquire 150,000 ordinary shares in the capital of the Company. The options are exercisable at a price of 8 pence per share. The options will vest in equal tranches over three years beginning on the date of grant.
(d) John Brancaccio (Director)
Mr Brancaccio has been awarded options to acquire 100,000 ordinary shares in the capital of the Company. The options are exercisable at a price of 8 pence per share. The options will vest in equal tranches over three years beginning on the date of grant.
This information set out below is provided in accordance with Article 19(3) of EU Regulation 596/2014.
| 1. | Details of PDMR / person closely associated | |
| a) | Name | (i) Bernard Denoyer (ii) Raj Patil (iii) Keeren Shah (iv) John Brancaccio |
| 2. | Reason for the notification | |
| a) | Position / status | (i) Non-Executive Director (ii) Chief Scientific Officer (iii) Chief Financial Officer (iv) Non-Executive Director |
| b) | Initial notification /amendment | Initial notification |
| 3. | Details of the issuer | |
| a) | Name | OKYO Pharma Limited |
| b) | LEI | 213800VVN5CB56Y15A05 |
| 4. | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | |
| a) | Description of the financial instrument | Ordinary Shares of no par value |
| b) | Identification code of the Financial Instrument | ISIN for OKYO Pharma Limited: GG00BD3FV870 |
| c) | Nature of the transaction | Grant of options |
| d) | Price(s) and volume(s) | Price Volume |
| (i) 8p (i) 1,000,000 | ||
| (ii) 8p (ii) 7,500,000 | ||
| (iii) 8p (iii) 150,000 | ||
| (iv) 8p (iv) 100,000 | ||
| f) | Date of the transaction | 31 January 2022 |
| g) | Place of the transaction | XLON |
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.
Enquiries:
| OKYO Pharma Limited | Gary S. Jacob, Chief Executive Officer Gabriele Cerrone, Non-Executive Chairman | +44 (0)20 7495 2379 |
| Optiva Securities Limited (Broker) | Robert Emmet | +44 (0)20 3981 4173 |
| RedChip Companies Inc. (Investor Relations) | Dave Gentry | dave@redchip.com +1 407-491-4498 |
Notes for Editors:
About OKYO
OKYO Pharma Limited (LSE: OKYO; OTCQB: EMMLF) is a life sciences and biotechnology company admitted to listing on the standard segment of the Official List of the UK Financial Conduct Authority and to trading on the main market for listed securities of London Stock Exchange plc. OKYO is focusing on the discovery and development of novel molecules to treat inflammatory dry eye disease (DED) and chronic pain.
About OK-101
OK-101 is a lipidated chemerin peptide antagonist of the ChemR23 G-protein coupled receptor which is typically found on immunological cells of the eye responsible for the inflammatory response. OK-101 was developed using a membrane-anchored-peptide (MAP) technology to produce a novel long-acting drug candidate for treating DED. OK-101 has been shown to produce anti-inflammatory and pain-reducing activities in mouse models of DED and corneal neuropathic pain; and is designed to combat washout through the inclusion of the lipid ‘anchor’ contained in the candidate drug molecule to enhance the residence time of OK-101 within the ocular environment.
About Dry Eye Disease (DED)
DED is a multifactorial disease that results in ocular discomfort and tear film instability that can lead to ocular surface damage. It is often a chronic problem, particularly in older adults, and is expected to become even more prevalent with the aging population and increased use of digital screens such as computers and smart phones. Despite new product approvals, DED remains a significant unmet medical need and is one of the leading causes for patient visits to eye care specialists. Novel therapies that improve the signs and symptoms of dry eye disease will be beneficial to dry eye patients.
For further information, please visit the Company's website at www.okyopharma.com.
FAQ
What stock options were awarded by OKYO Pharma Limited on January 31, 2022?
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