Business
Cocrystal Pharma Reports Second Quarter 2021 Financial Results and Provides Antiviral Program and Milestone Updates
Influenza program Phase 1 clinical trial with CC-42344 on track to begin in the third quarter of 2021COVID-19 program preclinical development with the novel
About this update from Cocrystal Pharma, Inc.
[{"type":"text","content":"Influenza program Phase 1 clinical trial with CC-42344 on track to begin in the third quarter of 2021COVID-19 program preclinical development with the novel oral SARS-CoV-2 protease inhibitors is advancingTwo IND-enabling studies in the COVID-19 program expected to begin in the first half of 2022 prior to Phase 1 clinical trials$67 million in cash at quarter-end is expected to fund current operations beyond 2024 BOTHELL, Wash., Aug. 16, 2021 (GLOBE NEWSWIRE) -- Cocrystal Pharma, Inc. (Nasdaq: COCP), (“Cocrystal” or the “Company”), a clinical-stage biotechnology company, reports financial results for the three and six months ended June 30, 2021, and provides updates on its antiviral pipeline, milestones and business activities. “Our scientific team is rapidly advancing the discovery and development of novel antiviral compounds that are aimed at addressing unmet medical needs for antiviral therapeutics,” said Sam Lee, Ph.D., President and co-interim CEO of Cocrystal. “Our novel antivirals are intended to halt the replication of viruses that cause serious human diseases. “We plan to initiate IND-enabling studies in the first half of 2022 with our SARS-CoV-2 protease inhibitor, CDI-45205, for intranasal/pulmonary delivery, as well as with a novel oral SARS-CoV-2 protease inhibitor that we discovered with our proprietary structure-based drug discovery technology. Our plan is to hold a pre-IND meeting with the FDA with CDI-45205 this year, followed by a pre-IND meeting with our novel oral inhibitor in the first half of 2022,” he added. “We are encouraged by recent in vitro laboratory data indicating CDI-45205 is highly active against the SARS-CoV-2 (Wuhan strain) as well as four variants of concern, including the Delta variant. We are also very excited by recent preclinical data with our SARS-CoV-2 oral inhibitors. We plan to initiate drug substance and drug product manufacturing with these oral inhibitors this year. “We are on track this quarter to initiate a Phase 1 clinical trial in healthy volunteers with CC-42344, our lead compound being developed for the treatment of seasonal and pandemic influenza,” Dr. Lee concluded. “We are in a good financial position at the second quarter with more than $67 million in cash and a clean balance sheet consisting of common stock only with no debt,” said James Martin, CFO and Co-Interim CEO. “We...