OKYO Pharma Ltd (OKYO), a clinical-stage biopharmaceutical company, announced the pricing of a public offering of 10.82 million shares at $1.85 per share.
The gross proceeds from the offering is expected around $20 million.
Following the news, OKYO is down 7.83% at $2.0 in the overnight market.
The offering is expected to close on or about February 17, 2026.
OKYO Pharma has granted the underwriter a 30-day option to purchase up to an additional 1.62 million shares at the public offering price.
Assuming full exercise by the underwriter to purchase additional ordinary shares, the gross proceeds are expected to be approximately $23 million.
The company intends to use the net proceeds from the offering primarily for clinical development of its product candidates, general corporate purposes and working capital.
Piper Sandler & Co. is serving as the sole manager for the offering.
OKYO Pharma develops therapies to treat neuropathic corneal pain (NCP) and inflammatory eye diseases.
Notably, OKYO recently completed a phase 2 trial of its lead drug, urcosimod, in patients with NCP and plans to initiate an approximately 150-subject Phase 2b/3 multiple-dose study of urcosimod to treat NCP in the first half of this year.
OKYO closed Thursday's trading at $2.17, up 11.28%.
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