Business
Cocrystal Pharma Reports Third Quarter 2020 Financial Results and Provides Update on Antiviral Programs
– Continued progress of COVID-19 development programs with additional preclinical studies of coronavirus protease inhibitors (3CL) underway and lead
About this update from Cocrystal Pharma, Inc.
[{"type":"text","content":"– Continued progress of COVID-19 development programs with additional preclinical studies of coronavirus protease inhibitors (3CL) underway and lead preclinical molecule selection expected by year end –\n – Ongoing Merck collaboration to discover and develop influenza A/B antiviral agents – – Continued advancement of wholly owned Influenza A development program and IND enabling studies towards Phase 1 clinical study in 2021 – – Successful completion of strategic financing fuels expansion of COVID-19 and Influenza A development programs – BOTHELL, WA, Nov. 16, 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 September 30, 2020 and provided program updates. Recent Highlights Announced promising in vitro and 7-day toxicity data for its influenza A preclinical lead molecule, CC-42344.Announced new in vitro data demonstrating antiviral activity with lead compound CC-42344 against major Xofluza (baloxavir)-resistant H1N1 strain (I38T).Presented at the virtual World Antiviral Conference held on November 12, 2020.Closed $17.2 million bought deal including partial exercise of underwriter's overallotment option.Publication by collaborators of data demonstrating potent in vitro inhibition against Coronavirus in Science Translational Medicine Journal (August 3, 2020). “We have made significant progress since initiating our COVID-19 program this year by strengthening our patent portfolio around these molecules, conducting a proof of concept animal study, initiating preclinical studies and identifying additional inhibitors using our proprietary platform. Over the course of the last quarter we continued to make progress on multiple fronts. We are pleased with the promising new data we recently announced for our wholly owned influenza A development program and continue to work towards finalizing the Phase 1 study protocol in preparation to initiate the Phase 1 study in 2021,” commented Dr. Gary Wilcox, Chairman and Chief Executive Officer of Cocrystal. “In addition to advancing our development programs, we closed the quarter with $31.8 million cash, which provides funding for the expansion of our COVID-19 and influenza A programs. Our team remai...