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Cocrystal Pharma Reports First Quarter 2020 Financial Results and Provides Updates on Antiviral Programs
- Company has sufficient capital to advance pipeline and fund operations through 2021 - BOTHELL, WA, May 14, 2020 (GLOBE NEWSWIRE) -- Cocrystal Pharma, Inc
About this update from Cocrystal Pharma, Inc.
[{"type":"text","content":"- Company has sufficient capital to advance pipeline and fund operations through 2021 -\n BOTHELL, WA, May 14, 2020 (GLOBE NEWSWIRE) -- Cocrystal Pharma, Inc (NASDAQ: COCP), (“Cocrystal” or the “Company”), a clinical stage biotechnology company discovering and developing novel antiviral therapeutics, today announced its financial results for the quarter ended March 31, 2020 and provided program updates. Recent Highlights Entered into license agreement with Kansas State University Research Foundation (“KSURF”) to further develop certain proprietary broad-spectrum antiviral compounds for the treatment of norovirus and coronavirus infections (“COVID-19”).Entered into additional license agreement with KSURF to include rights to additional preclinical leads and further develop certain proprietary broad-spectrum antiviral compounds for the treatment of coronavirus infections.Appointed Nobel Laureate and Scientific Advisor, Roger D. Kornberg, Ph.D., to its Board of Directors.Completed the final report of U.S. Phase 2a clinical trial evaluating CC-31244 combination therapy for the ultrashort combination treatment of individuals infected with hepatitis C virus (“HCV”), confirming the previously released data that it is effective and well tolerated.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.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 pleased with the progress we have made over the course of the first quarter, despite the challenges due to the COVID-19 pandemic. The fundamentals of Cocrystal have never been stronger. Importantly, the Company has a strong cash position, with capital that we expect will be sufficient to fund our operations through 2021. Our pipeline of novel antivirals in development includes treatments for two of the most prevalent viruses affecting the globe: COVID-19 and influenza. By leveraging our novel platform technology, we believe Cocrystal is well positioned to continue addressing the shortcomings in the treatment of viruses with significant unmet needs, as well as develop safe and effective antiviral therapies for new or resistant viruses as they arise,” commented Dr. Gary ...