Cocrystal Pharma Receives Investment Through Private Placement
25 April 2017 - 6:15AM
Marketwired
Cocrystal Pharma Receives Investment Through Private
Placement
BOTHELL, WA and ATLANTA, GA-(Marketwired - Apr 24, 2017) - On
April 20, 2017, Cocrystal Pharma, Inc. (OTCQB: COCP) (the
"Company") closed on proceeds of $3,000,000 in a private placement
offering (the "Offering") of 12,500,000 shares of the Company's
common stock at a purchase price of $0.24 per share. The purchasers
included one of the members of the Company's board of directors,
Chairman Dr. Raymond F. Schinazi. In addition, OPKO Health, Inc.
invested in the Offering, of which the Company's director Dr.
Phillip Frost is Chairman and Chief Executive Officer.
Cocrystal is a clinical stage biotechnology company. The Company
has completed human clinical safety profiling of its pan-genotypic
non-nucleoside hepatitis C virus (HCV) polymerase inhibitor
(CC-31244) in healthy subjects and has completed enrollment in a
trial in HCV infected subjects. The drug appears to be safe and
well tolerated in both healthy and HCV-infected patients.
HCV-infected subjects treated with CC-31244 had a rapid and marked
decline in HCV RNA levels, slow viral rebound after treatment, and
no viral breakthrough during treatment. Results of this study
suggest that CC-31244 could be an important component in an
all-oral limited duration HCV combination therapy.
The Company's influenza program has a lead compound and several
other promising preclinical candidates under development. The lead
compound CC-42344 showed excellent antiviral activity against
various influenza A strains, including avian pandemic strains and
Tamiflu resistant strains.
"It is an exciting time at Cocrystal as we continue to advance
our science programs and clinical trials. We are grateful for the
continued support of our dedicated staff and investors in helping
us to achieve our goal of developing promising and novel antiviral
pharmaceuticals," stated Dr. Gary Wilcox, Cocrystal Pharma's
interim Chief Executive Officer.
About Cocrystal Pharma Cocrystal is a clinical stage
biotechnology company seeking to discover novel antiviral
therapeutics as treatments for serious and/or chronic viral
diseases. Cocrystal employs unique technologies and Nobel Prize
winning expertise to create first- and best-in-class antiviral
drugs. These technologies, including our nucleoside chemistry
expertise and market-focused approach to drug discovery are
designed to efficiently deliver small molecule therapeutics that
are safe, effective and convenient to administer. The company has
identified a promising clinical stage compound and preclinical
stage antiviral compounds for several unmet medical needs,
including hepatitis, influenza and norovirus infections. Cocrystal
has previously received strategic investments from Teva
Pharmaceuticals, OPKO Health (NYSE: OPK), Brace Pharmaceutical,
LLC, and The Frost Group. For further information about Cocrystal,
please refer to www.cocrystalpharma.com.
Forward Looking Statements To the extent that statements
contained in this press release are not descriptions of historical
facts regarding Cocrystal, they are forward-looking statements
reflecting the current beliefs and expectations of management
including statements regarding development plans for treatments
related to Hepatitis C, influenza and norovirus. Forward-looking
statements in this release involve substantial risks and
uncertainties that could cause future results to differ
significantly from what is expressed or implied by the
forward-looking statements. For a description of the risks and
uncertainties that could cause actual results to differ from those
expressed in these forward-looking statements, as well as risks
relating to the business of the Company in general, see filings
Cocrystal has made with the Securities and Exchange Commission
including its Form 10-K filed on March 31, 2017.
Contact: Cocrystal Pharma, Inc. Info@cocrystalpharma.com
Tel: 678-892-8825
Cocrystal Pharma (NASDAQ:COCP)
Historical Stock Chart
From Apr 2024 to May 2024
Cocrystal Pharma (NASDAQ:COCP)
Historical Stock Chart
From May 2023 to May 2024