Cocrystal Pharma, Inc. develops antiviral therapeutics using a proprietary structure-based drug discovery platform. News for COCP centers on CDI-988, an oral direct-acting protease inhibitor for norovirus infection, including clinical-study updates, FDA Fast Track designation and scientific presentations on its 3CL protease mechanism.
Company updates also cover financial results, financing activity, NIH-supported influenza A/B polymerase research, and broader pipeline references to respiratory viruses and coronaviruses.
Cocrystal Pharma (Nasdaq: COCP) has completed IND-enabling studies for its broad-spectrum PB2 inhibitor, CC-42344, aimed at treating seasonal and pandemic influenza A. The company plans to initiate a Phase 1 clinical trial in Australia in Q3 2021. A 14-day GLP toxicology study has confirmed the drug's safety prior to human trials. This antiviral has the potential to overcome challenges posed by existing treatments that are vulnerable to resistance. The World Health Organization estimates that seasonal influenza affects 1 billion people annually, highlighting the need for effective antiviral solutions.
Cocrystal Pharma (Nasdaq: COCP) announced that its lead preclinical SARS-CoV-2 3CL protease inhibitor, CDI-45205, shows potent activity against SARS-CoV-2 and two variants, B.1.1.7 and B.1.351. In vitro studies revealed CDI-45205 had an EC50 of 1.9 uM against the UK variant and 2.5 uM against the South African variant, outperforming comparator drugs like remdesivir. Cocrystal aims to further test CDI-45205 against emerging variants, reinforcing its potential as a COVID-19 treatment.
Cocrystal Pharma (Nasdaq: COCP) announced that management's participation in the Noble Capital Markets C-Suite Interview Series is now available online. The discussion covered their antiviral drug development programs targeting various viruses, with upcoming milestones including a proof-of-concept study for norovirus and a Phase 1 study for influenza A planned for Q3 2021. Interim co-CEO James Martin stated that the company has sufficient capital to fund operations through 2024, without the expectation of raising additional capital in 2021.
Cocrystal Pharma, Inc. (Nasdaq: COCP) announced the passing of its Chairman and CEO, Gary Wilcox, on May 26, 2021. He was 74 years old. The Board appointed Sam Lee, Ph.D., and James Martin as interim co-CEOs while searching for a successor. Roger Kornberg, Ph.D., co-founder, now serves as Chairman of the Board. New board member Richard C. Pfenniger, Jr. is expected to provide governance expertise. The company remains focused on advancing antiviral treatments, reflecting on Wilcox's significant contributions to biotechnology.
Cocrystal Pharma, Inc. (Nasdaq: COCP) reported Q1 2021 results, highlighting no revenues due to a collaboration transition with Merck. The company has $33.3 million in cash and plans to advance antiviral programs targeting COVID-19, influenza, and norovirus. Key updates include progress on the SARS-CoV-2 protease inhibitor CDI-45205 and the initiation of a Phase 1 study for influenza drug CC-42344. Cocrystal anticipates significant market opportunities with its antiviral pipeline, reinforced by a recent $36.4 million capital raise.
Cocrystal Pharma (Nasdaq: COCP) has successfully closed a public offering of 26 million shares at $1.54 each, raising approximately $40 million in gross proceeds. The funds will be allocated towards expanding its COVID-19 and Influenza treatment programs and general working capital. H.C. Wainwright & Co. served as the sole book-running manager for this offering, which was registered under Form S-3 with the SEC. This transaction indicates the company's strategy to bolster its antiviral drug development capabilities.
Cocrystal Pharma (Nasdaq: COCP) has entered an underwriting agreement with H.C. Wainwright & Co. to sell 26 million shares of common stock at $1.54 each, projected to raise approximately $40 million before expenses. This offering aims to fund the expansion of its COVID-19 and influenza treatment programs and general corporate purposes. The offering will close around May 7, 2021, pending customary closing conditions.
The shares are being offered under a previously declared effective shelf registration.
Cocrystal Pharma (Nasdaq: COCP) advances its antiviral drug development targeting coronaviruses, including SARS-CoV-2. The company is developing protease inhibitors, including lead candidate CDI-45205, which showed good bioavailability and synergistic effects with remdesivir. Cocrystal aims to scale up production for clinical trials while exploring multiple administration routes. The firm is also working on new SARS-CoV-2 inhibitors. Despite progress, the company acknowledges risks tied to the COVID-19 pandemic affecting its programs and clinical trials.
Cocrystal Pharma (COCP) reports significant advancements in its antiviral pipeline and ends 2020 with over $33 million in cash. The company progressed in its COVID-19 program with the candidate CDI-45205, and made strides in its influenza and norovirus programs. Revenues for 2020 were $2 million, a decline from $6.6 million in 2019, primarily due to Merck assuming responsibility for influenza A/B development. The net loss for 2020 was $9.6 million, or $0.17 per share, compared to a greater loss in 2019, signifying improved financials amid ongoing R&D expenditures.
Cocrystal Pharma (Nasdaq: COCP) has extended its drug discovery collaboration with HitGen and InterX until August 2023. The collaboration, initiated in September 2017, aims to leverage innovative technologies for developing antiviral therapeutics targeting influenza, SARS-CoV-2, hepatitis C, and noroviruses. The partnership utilizes HitGen’s DNA Encoded Library (DEL) technology alongside Cocrystal's structure-based drug discovery and InterX’s computational science to identify promising drug candidates. CEO Gary Wilcox emphasizes the collaboration's potential to enhance Cocrystal's pipeline with high-value compounds.