Cocrystal Pharma Announces Closing of $11.0 Million Registered Direct Offering Priced At-the-Market
February 28 2020 - 2:00PM
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 registered
direct offering with several institutional investors for 8,461,540
shares of its common stock at a purchase price of $1.30 per share,
priced at-the-market under Nasdaq rules. The gross proceeds to the
Company from the offering totaled approximately $11.0 million,
before deducting placement agent fees and offering expenses.
H.C. Wainwright & Co. acted as the exclusive
placement agent for the offering.
Cocrystal intends to use the net proceeds for
working capital and other general corporate purposes.
The shares of common stock described above were
offered by Cocrystal Pharma pursuant to a shelf registration
statement on Form S-3 (No. 333-220632), which was previously
declared effective by the Securities and Exchange Commission
(“SEC”). A final prospectus supplement and the accompanying
prospectus relating to the shares of common stock were filed by
Cocrystal with the SEC and can be obtained at the SEC’s
website at www.sec.gov. Electronic copies of the final
prospectus supplement and the accompanying prospectus relating to
the registered direct offering may also be obtained by contacting
H.C. Wainwright & Co., LLC, 430 Park Avenue, New York, NY
10022, by email at placements@hcwco.com or by phone at (646)
975-6996.
This press release does not constitute an offer
to buy nor will 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, noroviruses and coronaviruses.
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, 2018 and our Quarterly Report on Form 10-Q for
the quarter ended 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)
475-8247 COCP@jtcir.com
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