Cocrystal Pharma (Nasdaq: COCP) a clinical-stage biotechnology company specializing to develop and manufacture unique antiviral therapeutics targeting the replication machinery of several viruses such as influenza, coronaviruses, and hepatitis C, announced that it has complied for an underwriting agreement with H.C. Wainwright & Co., LLC.COCP stock surged immensely adjacent to the news.
At last check in after-market trading, shares of Cocrystal Pharma Inc. (COCP) were down -17.76% at $1.76. COCP’s stock gained 72.58% to close Tuesday’s session at $2.14. Shares of the company fluctuated between $1.53 and $3.46 throughout the day. For the last six months, the stock has gained a total of 156.50%, and over the last three months, the stock has increased by 22.99%.
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About Cocrystal Pharma
The underwriter has agreed to acquire 26,000,000 shares of COCP common stock, at a rate to the public of $1.54 per share, reduced underwriting discounts and commissions. The closing of the offering is anticipatedto take place on May 7, 2021, subject to adequate customary closing conditions.H.C. Wainwright & Co. will be the only book-running manager for the offering.
Before accounting for underwriting discounts and commissions as well as offering expenses, the Gross proceeds to COCP are anticipated to be approximately $40M. Cocrystal Pharma intends to use the net proceeds from this offering for further expansion of the company, programs focusing on treatment for Covid 19, as well as working capital and general corporate purposes.
COCP has also announced progress in developing broad-spectrum antiviral drug candidates which specifically target coronaviruses, inclusive of SARS-CoV-2, the coronavirus responsible for COVID-19. Cocrystal started its COVID-19 program in March 2020 and has strived for expansion through proper licensing and further development.
Due to the unique mechanism of action, COCP expects the protease inhibitors in the drugshave a high probability to be effective against new variants of SARS-CoV-2. This may be inclusive of recent strains such as India, Brazil and South Africa, which have a higher rate of transmission and may evade immunity produced by the vaccines administered previously.
In December 2020, COCP confirmed the selection of CDI-45205 as its main coronavirus development candidate among various protease inhibitors acquired under an exclusive license agreement with Kansas State University Research Foundation (KSURF). CDI-45205 depicted good bioavailability and showed no cytotoxicity against a variety of human cell lines.
A lucrative underwriting agreement combined with positive data for COVID-19 Anti viral drug has surged investor interest, with stock rising 72.58% at last close. However, COCP stock plummeted 17.76% at last check as the stock stabilized.