Cocrystal Pharma Announces $10.0 Million Bought Deal Offering
27 August 2020 - 7:35AM
Cocrystal Pharma, Inc. (NASDAQ: COCP), (“Cocrystal” or
the “Company”), a clinical stage biotechnology company
discovering and developing novel antiviral therapeutics,
announced today that it has entered into an underwriting agreement
with H.C. Wainwright & Co., LLC under which the underwriter has
agreed to purchase on a firm commitment basis 9,523,810 shares of
common stock of the Company, at a price to the public of $1.05 per
share, less underwriting discounts and commissions. The closing of
the offering is expected to occur on or about August 31, 2020,
subject to satisfaction of customary closing conditions.
H.C. Wainwright & Co. is acting as the sole
book-running manager for the offering.
The Company also has granted to the underwriter
a 30-day option to purchase up to an additional 1,428,571 shares of
common stock at the public offering price, less underwriting
discounts and commissions. The gross proceeds to Cocrystal, before
deducting underwriting discounts and commissions and offering
expenses and assuming no exercise of the underwriter's option to
purchase additional common stock, are expected to be
approximately $10.0 million. The Company intends to use the
net proceeds from this offering for the expansion of our COVID-19
and Influenza treatment development programs and general corporate
purposes and working capital.
The shares of common stock are being offered by
the Company pursuant to a "shelf" registration statement on Form
S-3 (File No. 333-237738) originally filed with the Securities and
Exchange Commission (the "SEC") on April 17, 2020, and
declared effective by the SEC on May 13, 2020. The offering of
the shares of common stock is being made only by means of a
prospectus, including a prospectus supplement, forming a part of
the effective registration statement. A preliminary prospectus
supplement and accompanying prospectus relating to, and describing
the terms of, the offering will be filed with the SEC and will be
available on the SEC's website. Electronic copies of the
preliminary prospectus supplement and accompanying prospectus may
also be obtained, when available, by contacting H.C. Wainwright
& Co., LLC at 430 Park Avenue, 3rd Floor, New York,
NY 10022, by telephone at (646) 975-6996 or e-mail
at placements@hcwco.com.
This press release shall not constitute an offer
to sell or a solicitation of an offer to buy these securities, nor
shall there be any sale of these securities in any state or other
jurisdiction in which such offer, solicitation or sale would be
unlawful prior to the registration or qualification under the
securities laws of any such state or other jurisdiction.
About Cocrystal Pharma,
Inc.
Cocrystal Pharma, Inc. is a clinical stage
biotechnology company discovering and developing novel antiviral
therapeutics that target the replication process of influenza
viruses, hepatitis C viruses, coronaviruses and noroviruses.
Cautionary Note Regarding
Forward-Looking Statements
This press release contains forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995, including statements related to our ability to
complete the offering, our intended use of proceeds and other
statements that are not historical fact. We have based these
forward-looking statements largely on our current expectations and
projections about future events. Some or all of the events
anticipated by these forward-looking statements may not occur.
Important factors that could cause actual results to differ from
those in the forward-looking statements include, but are not
limited to, the risk that the offering may not close, risks arising
from our reliance on continuing collaboration with Merck Sharp
& Dohme Corp. under the collaboration agreement entered into
last year, market and other conditions, the availability of
products manufactured by third parties, the future results of
preclinical and clinical studies, the research organization’s
inability to recruit subjects and complete the Phase 2a study in a
timely manner or at all, including as the result of civil unrest
and political instability in Hong Kong, general risks arising from
clinical trials, receipt of regulatory approvals, our ability to
find and enter into agreements with suitable collaboration
partners, unanticipated litigation and other expenses and factors
that affect the capital markets in general and early stage
biotechnology companies specifically. Further information on our
risk factors is contained in our filings with the SEC, including
our Annual Report on Form 10-K for the year ended December 31, 2019
and our Quarterly Report on Form 10-Q for the quarter ended June
30, 2020. Any forward-looking statement made by us herein speaks
only as of the date on which it is made. Factors or events that
could cause our actual results to differ may emerge from time to
time, and it is not possible for us to predict all of them. We
undertake no obligation to publicly update any forward-looking
statement, whether as a result of new information, future
developments or otherwise, except as may be required by law.
Investor and Media Contact:JTC
Team, LLC(833) 475-8247COCP@jtcir.com
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