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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, Inc. (NASDAQ: COCP) announced an underwriting agreement with H.C. Wainwright & Co. to sell 9,523,810 shares at $1.05 each, expected to close around August 31, 2020. The offering aims to raise approximately $10 million to fund COVID-19 and influenza treatment development. An additional 1,428,571 shares may be purchased by the underwriter within 30 days. This offering is part of a previously filed shelf registration. The company specializes in developing antiviral therapeutics targeting various viruses.
Cocrystal Pharma (NASDAQ: COCP) announced its Q2 2020 financial results and program updates. The company has expanded its license with Kansas State University for broad-spectrum antiviral compounds against Coronavirus and published findings showing potent in vitro inhibition of the virus. Cocrystal reported revenues of $554,000 for Q2 2020, down from $592,000 in Q2 2019, while general and administrative expenses rose to $2,028,000. Net loss surged to $3,495,000 compared to a loss of $1,515,000 in the same quarter last year. As of June 30, 2020, cash on hand was approximately $19.37 million.
Cocrystal Pharma (NASDAQ: COCP) has announced the publication of preclinical animal studies on coronavirus antiviral compounds in Science Translational Medicine. The research details potent inhibitors of SARS-CoV-2, indicating potential therapeutic efficacy against COVID-19. Cocrystal holds exclusive licenses from Kansas State University Research Foundation for new antiviral compounds targeting coronaviruses. The company plans to advance these compounds further for COVID-19 treatment, building on encouraging preclinical data.
Cocrystal Pharma, Inc. (NASDAQ: COCP) reported its Q1 2020 financial results, highlighting a revenue decline to approximately $461,000 from $5,078,000 in Q1 2019, attributed to a previous one-time income related to the Merck collaboration. The company anticipates sufficient capital to fund operations through 2021, holding approximately $21.7 million in cash as of March 31, 2020. Key advancements include licensing agreements with Kansas State University for broad-spectrum antiviral development and successful completion of a Phase 2a clinical trial for HCV treatment.
Cocrystal Pharma (NASDAQ: COCP) has announced a reprioritization of its clinical development activities due to the impact of the COVID-19 pandemic, focusing on its preclinical COVID-19 program. The company continues its collaboration with Merck on influenza A/B antiviral agents, which may yield up to $156 million in milestone payments. However, supply chain disruptions have delayed the influenza A virus program. The company is progressing in its Norovirus program, with proof-of-concept studies expected to conclude in Q4 2020.