Business
Cocrystal Pharma Reports 2019 Financial Results and Outlines Expected Value-Driving Milestones for 2020
Advancing preclinical COVID-19 Coronavirus program leveraging patent rights recently acquired from Kansas State University Research Foundation (“KSURF”)
About this update from Cocrystal Pharma, Inc.
[{"type":"text","content":"Advancing preclinical COVID-19 Coronavirus program leveraging patent rights recently acquired from Kansas State University Research Foundation (“KSURF”) Continuing collaboration with Merck to discover and develop certain proprietary influenza A/B antiviral agents Expecting to commence Phase 1 clinical study in Q1 2021 for fully owned influenza A virus program Advancing discussions with potential strategic partners with goal of securing additional partnerships and generating non-dilutive fundingCompany has sufficient capital to fund operations for the next 24 months BOTHELL, WA, March 30, 2020 (GLOBE NEWSWIRE) -- Cocrystal Pharma, Inc. (NASDAQ: COCP), (“Cocrystal” or the “Company”), a clinical stage biotechnology company discovering and developing novel antiviral therapeutics, announced today its financial results for the year ended December 31, 2019, provided its business outlook for 2020 and outlined its expected value-driving milestones.\n Recent Highlights Entered into license agreement with KSURF to further develop certain proprietary broad-spectrum antiviral compounds for the treatment of norovirus and coronavirus infections;Completed three registered direct offerings since January 31, 2020 for combined total gross proceeds of $20 million, before deducting placement agent fees and offering expenses;Recognized revenue from Merck collaboration of $6,564,000 during 2019;Presented at American Association for the Study of Liver Diseases (“AASLD”) 2019 Liver Meeting positive data from U.S. Phase 2a study of CC-31244 demonstrating ability to identify patients more likely to respond to ultrashort treatment of hepatitis C (“HepC”).The Company’s Bothell, WA research lab remains open for essential operations as it continues to work while meeting COVID-19 quarantine challenges. “We are currently witnessing a unique opportunity to leverage our core competencies and decade of experience in the antiviral therapeutics space with the global health crisis of COVID-19. Our COVID-19 program consists of work performed globally by CRO’s and in our own laboratory. Our team is working to develop novel antiviral compounds to treat Coronavirus infections by leveraging our proprietary drug discovery platform. Given the growing global need for a treatment, our primary focus is to advance this program further into preclinical development as quickly and...