Cocrystal Pharma Announces Closing of $17.2 Million Bought Deal Including Partial Exercise of Underwriter's Option to Purchas...
August 31 2020 - 12:05PM
Cocrystal Pharma, Inc. (NASDAQ: COCP), (“Cocrystal” or
the “Company”), a clinical stage biotechnology company
discovering and developing novel antiviral therapeutics,
announced today the closing of its previously announced
underwritten public offering of 16,422,813 shares of common stock
of the Company, including the partial exercise by the underwriter
of the option to purchase an additional 2,137,098 shares of common
stock, at a price to the public of $1.05 per share.
H.C. Wainwright & Co. acted as the sole
book-running manager for the offering.
The Company had granted to the underwriter a
30-day option to purchase up to an additional 2,142,857 shares of
common stock at the public offering price, less underwriting
discounts and commissions, of which the option to purchase an
additional 2,137,098 shares of common stock has been exercised. The
gross proceeds to Cocrystal, before deducting underwriting
discounts and commissions and offering expenses, including the
partial exercise of the underwriter's option to purchase 2,137,098
additional shares of common stock, are approximately $17.2
million. The Company intends to use the net proceeds from this
offering for the expansion of our 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 was 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 the offering have been filed
with the SEC and are 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 (646) 975-6996 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 influenza
viruses, hepatitis C viruses, coronaviruses and noroviruses.
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 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, any impact from the COVID -19 pandemic and its impact
on the economy, the availability of products manufactured by third
parties, the future results of preclinical and clinical studies,
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 Prospectus Supplement dated August 26, 2020,
our Annual Report on Form 10-K for the year ended December 31, 2019
and our Quarterly Report on Form 10-Q for the quarter ended June
30, 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 and Media Contact:JTC
Team, LLC(833) 475-8247COCP@jtcir.com
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