COCRYSTAL PHARMA, INC. ANNOUNCES CLOSING OF $2.2 MILLION REGISTERED DIRECT OFFERING
February 03 2020 - 8:05AM
COCRYSTAL PHARMA, INC. (NASDAQ: COCP) (“Cocrystal” or the
“Company”), a clinical stage biotechnology company discovering and
developing novel antiviral therapeutics, today
announced the closing of its registered direct offering with
two institutional investors for 3,492,063 shares of common stock.
All of the common stock was sold at $0.63 per share for gross
proceeds to the Company totaling approximately $2.2 million, before
deducting placement agent commissions and expenses. Cocrystal
intends to use the net proceeds from the offering for working
capital and other general corporate purposes.
A.G.P./Alliance Global Partners acted as sole
placement agent for the offering. Aegis Capital Corp. acted as the
Company’s financial advisor.
“We are grateful to have the continued and
growing support of institutional investors who see the increasing
potential in Cocrystal. We were opportunistic with the timing of
this offering as we wanted to ensure having sufficient cash to
bolster our efforts to drive the preclinical and clinical
development forward across our pipeline of novel antiviral
therapeutics. We believe that 2020 represents a pivotal year for
the Company and the successful close of this financing enables us
to continue building momentum with our overall business strategy.
Our team is diligently working to execute the milestones in our
programs to build significant shareholder value in the near and
long term,” commented Dr. Gary Wilcox, Chairman and Chief Executive
Officer of Cocrystal.
The securities described above were offered by
Cocrystal pursuant to a shelf registration statement on Form S-3
(No. 333-220632) previously filed with and declared effective by
the SEC. A prospectus supplement and accompanying prospectus
relating to the offering were filed with the SEC and are available
on the SEC’s website at www.sec.gov. Copies of the prospectus
supplement and accompanying prospectus relating to the offering may
be obtained from A.G.P./Alliance Global Partners, 590 Madison
Avenue, 36th Floor, New York, NY 10022 or via telephone at
212-624-2060 or email: prospectus@allianceg.com.
This press release shall not constitute an offer
to sell or the solicitation of an offer to buy nor shall there be
any sale of these securities in any state or jurisdiction in which
such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such
state or jurisdiction.
About Cocrystal Pharma, Inc.
Cocrystal Pharma, Inc. is a clinical stage
biotechnology company discovering and developing novel antiviral
therapeutics that target the replication machinery of influenza
viruses, hepatitis C viruses, and noroviruses.
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 cash
availability, our intended use of proceeds, our ability to advance
our clinical and preclinical development and build shareholder
value, and other statements that are not historical fact. The words
"believe," "may," "estimate," "continue," "anticipate," "intend,"
"should," "plan," "could," "target," "potential," "is likely,"
"will," "expect" and similar expressions, as they relate to us, are
intended to identify forward-looking statements. 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 in January 2019, 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, 2018 and our Quarterly Reports on Form 10-Q for the
three months ended March 31, 2019, June 30, 2019, and September 30,
2019. 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 and Media Contact:JTC
Team, LLC(833) 475-8247COCP@jtcir.com
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