Cocrystal Pharma Announces Filing 2017 Second Quarter Financial Statements and Provides Company Update
August 08 2017 - 4:30PM
Marketwired
SOURCE: Cocrystal Pharma, Inc.
August 08, 2017 16:30 ET
Cocrystal Pharma Announces Filing 2017 Second Quarter Financial
Statements and Provides Company Update
ATLANTA, GA and BOTHELL, WA-(Marketwired - Aug 8, 2017) -
Cocrystal Pharma, Inc. (OTCQB: COCP), a company focused on
developing novel antiviral therapeutics for human diseases, today
announced the filing of its financial statements for the quarter
ending June 30, 2017 and provided an update on its preclinical and
clinical programs.
2017 Second Quarter Financial Results
Research and Development (R&D) expense during the second
quarter was $1.26 million compared to $2.37 million for the same
period in 2016. The $1.11 million decrease was primarily due to the
reduction in Phase I clinical trials costs incurred during the
second quarter in 2017.
R&D expense was $3.32 million compared to $5.71 million for
the six months ended June 30, 2016. The decrease of $2.38 million
was predominately due to the conclusion of Phase I clinical trials
in 2017.
General and Administrative (G&A) expense during the second
quarter was $(0.06) million compared to $1.83 million for the same
period in 2016. The $1.89 million decrease was primarily due to an
insurance reimbursement of prior legal costs in the amount of
$896,000 and a $132,000 non-cash reversal of stock compensation
expense related to unvested options for executives that are no
longer with the Company.
G&A expenses were $1.0 million for the six months ended June
30, 2017, compared with $3.83 million for the six months ended June
30, 2016. The decrease of $2.83 million was primarily due to the
aforementioned insurance reimbursement of prior legal costs,
reversal of stock compensation expense and lower personnel costs
due to employee reduction.
Research and Development Update
During the last six months, the Company focused its research and
development efforts primarily in three areas:
- Hepatitis C. Our Hepatitis C Virus ("HCV") Non-Nucleoside
Polymerase Inhibitor CC-31244, is a potential best-in-class
pan-genotypic inhibitor of NS5B polymerase for the treatment of
hepatitis C infection. The Company completed a Phase 1b study
during July 2017 in HCV infected genotype 1 subjects. HCV-infected
subjects treated with CC-31244 had a rapid and marked decline in
HCV RNA levels, slow viral rebound after treatment, and no viral
breakthrough during treatment. Results of this study suggest that
CC-31244 could be an important component in an all-oral HCV
combination therapy. The Company has three additional
broad-spectrum preclinical candidates: a nucleoside inhibitor, an
NS5A inhibitor, and an NS3 helicase inhibitor. The Company is
seeking a partner for further clinical development of CC-31244 and
the preclinical candidates.
- Influenza. We have several preclinical candidates under
development for the treatment of influenza infection. CC-42344, a
novel PB2 inhibitor, has been selected as a preclinical lead. This
candidate binds to a highly conserved PB2 site of influenza
polymerase complex (PB1: PB2: PA), and exhibits a novel mechanism
of action. CC-42344 showed excellent antiviral activity against
influenza A strains, including avian pandemic strains and Tamiflu
resistant strains, and has favorable pharmacokinetic profiles. We
plan to initiate Investigational New Drug ("IND") enabling studies
this year.
- Norovirus Infections. We continue to identify and develop
nucleoside and non-nucleoside polymerase inhibitors. We have a
preclinical nucleoside inhibitor, which exhibits broad spectrum
anti-norovirus activity.
About Cocrystal Pharma
Cocrystal is a clinical stage biotechnology company seeking to
discover novel antiviral therapeutics as treatments for serious
and/or chronic viral diseases. Cocrystal employs unique
technologies and Nobel Prize winning expertise to create first- and
best-in-class antiviral drugs. These technologies, including our
nucleoside chemistry expertise and market-focused approach to drug
discovery are designed to efficiently deliver small molecule
therapeutics that are safe, effective and convenient to administer.
The company has identified a promising clinical stage compound and
preclinical stage antiviral compounds for several unmet medical
needs, including hepatitis, influenza and norovirus infections.
Cocrystal has previously received strategic investments from Teva
Pharmaceuticals, OPKO Health (NASDAQ: OPK), Brace Pharmaceutical,
LLC, and The Frost Group. For further information about Cocrystal,
please refer to www.cocrystalpharma.com.
Forward Looking Statements
To the extent that statements contained in this press release
are not descriptions of historical facts regarding Cocrystal, they
are forward-looking statements reflecting the current beliefs and
expectations of management including statements regarding
development plans for treatments related to Hepatitis C, influenza
and norovirus. Forward-looking statements in this release involve
substantial risks and uncertainties that could cause future results
to differ significantly from what is expressed or implied by the
forward-looking statements. For a description of the risks and
uncertainties that could cause actual results to differ from those
expressed in these forward-looking statements, as well as risks
relating to the business of the Company in general, see filings
Cocrystal has made with the Securities and Exchange Commission
including its Form 10-K filed on March 31, 2017.
Contact Information
Contact Information : Cocrystal Pharma, Inc. Gary Wilcox
gwilcox@cocrystalpharma.com or James Martin
jmartin@cocrystalphama.com
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