Benzinga - Cocrystal Pharma (NASDAQ: COCP) shares are trading higher after the company completed a $4 million private placement.
What to Know: On Monday, Cocrystal Pharma announced the completion of a private placement of 2.03 million shares of common stock at a price of $1.97 per share for a total sale price of $4.0 million. The placement was priced at-the-market under NASDAQ rules.
The $4 million purchase consisted of two investors each purchasing $2 million: Phillip Frost, Cocrystal director and co-founder, and Fred Hassan, the Chairman of Caret Group and Director at Warburg Pincus. Cocrystal intends to use the proceeds of this offering for the development of its preclinical and clinical drug candidate programs, working capital and corporate purposes.
"This investment by two highly accomplished, active industry leaders is a vote of confidence in our approach to developing novel drug candidates that address a global need for effective treatment of acute and pandemic viral diseases with safe antiviral therapeutics," said James Martin, co-CEO and CFO.
Cocrystal Pharma, Inc. is a clinical-stage biotechnology company discovering and developing novel antiviral therapeutics that target the replication process of influenza viruses, coronaviruses, hepatitis C viruses, and noroviruses.
According to data from Benzinga Pro, Cocrystal Pharma shares were up 13.5%, trading at $2.19 at the time of publication. The stock has a 52-week high of $6.78 and a 52-week low of $1.74.
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.