Cocrystal Pharma insiders invest $1.03 million in private placement

Cocrystal Pharma, Inc. (NASDAQ: COCP) completed a private placement raising $1.03 million from company insiders, according to a company statement.

The biotechnology company sold 743,024 shares at $1.39 per unit to four investors, all of whom are company directors or executives. The transaction also included warrants to purchase up to 1,486,048 additional shares at $1.24 per share, exercisable for 27 months.

The investors include Chairman Phillip Frost, who co-founded the company and serves as Chairman and CEO of OPKO Health, Inc.; Fred Hassan, Chairman of investment firm Caret Group and Director of private equity firm Warburg Pincus; Director Richard Pfenniger; and co-CEO and CFO James Martin.

"These investments have strengthened our balance sheet as we approach key milestones in our antiviral clinical programs," Martin stated.

If all warrants are exercised for cash, the company could receive approximately $1.83 million in additional proceeds. The company plans to use the funds for clinical development programs, working capital and general corporate purposes.

The securities were offered under Section 4(a)(2) of the Securities Act of 1933 and Regulation D, and have not been registered under federal or state securities laws.

Cocrystal Pharma develops antiviral treatments for diseases including influenza, viral gastroenteritis, COVID-19, and hepatitis.

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