OKYO Pharma Announces Chairman Acquires Shares
Rhea-AI Summary
OKYO Pharma (NASDAQ: OKYO), a clinical-stage biopharmaceutical company focused on developing innovative ocular therapies, announced that its Executive Chairman, Gabriele Cerrone, has increased his stake in the company. Through Panetta Partners , an entity in which Cerrone has a beneficial interest, 50,000 ordinary shares were purchased on NASDAQ at $1.05 per share. This acquisition brings Cerrone's total shareholding to 9,721,570 shares, representing 28.73% of the company's issued share capital. OKYO Pharma specializes in treatments for inflammatory dry eye disease (DED) and neuropathic corneal pain (NCP), targeting multi-billion-dollar markets.
Positive
- Executive Chairman's increased stake demonstrates confidence in the company
- Insider buying often signals positive outlook for the company's future
- OKYO Pharma targets multi-billion-dollar markets in ocular therapies
Negative
- High concentration of ownership (28.73%) by a single individual may raise governance concerns
News Market Reaction
On the day this news was published, OKYO declined NaN%, reflecting a moderate negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
LONDON and NEW YORK, Aug. 23, 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
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 on August 23, 2024?
What is the current ownership percentage of OKYO Pharma's Executive Chairman after the recent purchase?
What was the price per share for the recent OKYO stock purchase by the Chairman?
What are the main therapeutic areas OKYO Pharma (OKYO) focuses on?
