Cocrystal Pharma Receives Investment Through Private Placement
APRIL 24, 2017
BOTHELL, WA and ATLANTA, GA -- (Marketwired) -- 04/24/17 -- 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. http://ir.cocrystalpharma.com/press-releases/detail/35