Cocrystal Pharma Announces Closing of $40 Million Bought Deal
May 07 2021 - 4:05PM
Cocrystal Pharma, Inc. (Nasdaq: COCP), (“Cocrystal” or
the “Company”), a clinical-stage biotechnology company
discovering and developing novel antiviral therapeutics that target
the replication machinery of influenza viruses, coronaviruses,
hepatitis C viruses and noroviruses, today announced the closing of
its previously announced public offering of 26,000,000 shares of
common stock of the Company, at a price to the public of $1.54 per
share, less underwriting discounts and commissions.
H.C. Wainwright & Co. is acting as the sole
book-running manager for the offering.
The gross proceeds to Cocrystal, before
deducting underwriting discounts and commissions and offering
expenses, were approximately $40 million. The Company intends
to use the net proceeds from this offering for the expansion of its
COVID-19 and Influenza treatment development programs and general
corporate purposes and working capital.
The shares of common stock were offered by the
Company pursuant to a "shelf" registration statement on Form S-3
(File No. 333-237738) originally filed with the Securities and
Exchange Commission (the "SEC") on April 17, 2020, and
declared effective by the SEC on May 13, 2020. The offering of
the shares of common stock is being made only by means of a
prospectus, including a prospectus supplement, forming a part of
the effective registration statement. A final prospectus supplement
and accompanying prospectus relating to, and describing the terms
of, the offering were filed with the SEC and will be available on
the SEC's website at https://www.sec.gov/ and may also be obtained
by contacting H.C. Wainwright & Co., LLC at 430 Park Avenue,
3rd Floor, New York, NY 10022, by telephone at (212)
856-5711 or e-mail at placements@hcwco.com.
This press release shall not constitute an offer
to sell or a solicitation of an offer to buy these securities, nor
shall there be any sale of these securities in any state or other
jurisdiction in which such offer, solicitation or sale would be
unlawful prior to the registration or qualification under the
securities laws of any such state or other jurisdiction.
About Cocrystal Pharma,
Inc.
Cocrystal Pharma, Inc. is a clinical-stage
biotechnology company discovering and developing novel antiviral
therapeutics that target the replication process of coronaviruses
(including SARS-CoV-2), influenza viruses, hepatitis C viruses and
noroviruses. Cocrystal employs unique structure-based technologies
and Nobel Prize-winning expertise to create first- and
best-in-class antiviral drugs.
Cautionary Note Regarding
Forward-Looking Statements
This press release contains forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995, including statements related to our ability to
complete the offering, our intended use of proceeds and other
statements that are not historical fact. We have based these
forward-looking statements largely on our current expectations and
projections about future events. Some or all of the events
anticipated by these forward-looking statements may not occur.
Important factors that could cause actual results to differ from
those in the forward-looking statements include, but are not
limited to, risks arising from our reliance on continuing
collaboration with Merck Sharp & Dohme Corp. under the
collaboration agreement entered into last year, market and other
conditions, the availability of products manufactured by third
parties, the future results of preclinical and clinical studies,
the research organization’s inability to recruit subjects and
complete the Phase 2a study in a timely manner or at all, including
as the result of civil unrest and political instability in Hong
Kong, general risks arising from clinical trials, receipt of
regulatory approvals, our ability to find and enter into agreements
with suitable collaboration partners, unanticipated litigation and
other expenses and factors that affect the capital markets in
general and early stage biotechnology companies specifically.
Further information on our risk factors is contained in our filings
with the SEC, including our Annual Report on Form 10-K for the year
ended December 31, 2020. Any forward-looking statement made by us
herein speaks only as of the date on which it is made. Factors or
events that could cause our actual results to differ may emerge
from time to time, and it is not possible for us to predict all of
them. We undertake no obligation to publicly update any
forward-looking statement, whether as a result of new information,
future developments or otherwise, except as may be required by
law.
Investor Contact:LHA Investor
RelationsJody Cain310-691-7100jcain@lhai.com
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