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Cocrystal Pharma, Inc. (OTCQB:COCP) reported results for the first quarter ended March 31, 2014. Highlights include cash and equivalents and marketable securities of $9,884,000 as of March 31, 2014, completion of a reverse merger with Cocrystal Discovery, Inc. in January, and its Hep C project progressing into clinical trials.
Cocrystal Pharma, Inc. (OTCQB:COCP) reported results for the first quarter ended March 31, 2014. Highlights include cash and equivalents and marketable securities of $9,884,000 as of March 31, 2014, completion of a reverse merger with Cocrystal Discovery, Inc. in January, and its Hep C project progressing into clinical trials.
As quoted in the press release:
Business Highlights
- On January 27 we raised $2,750,000 from eight accredited investors including OPKO Health (NYSE: OPK). The Chairman and CEO of OPKO Health, Dr. Phillip Frost, is our largest shareholder. Proceeds from the financing will be used for R&D as well as general working capital. Our cash and equivalents and marketable securities as of March 31, 2014 were $9,884,000.
- The Hep C project continued to progress with the selection of a lead candidate to take forward into clinical trials. We anticipate filing an IND, or its equivalent in another country, in December 2014.
- The reverse merger with Cocrystal Discovery, Inc. was completed in January. We subsequently reincorporated in Delaware under the name Cocrystal Pharma, Inc. and obtained our new stock symbol COCP.
Cocrystal Pharma CEO, Dr. Gary Wilcox, said:
The first quarter has seen completion of the necessary business activities associated with our merger. Even more importantly, our scientific team has made significant progress and we continue to move our candidates closer towards clinical development.
Click here to read the Cocrystal Pharma Inc. (OTCQB:COCP) press release
