Cocrystal Pharma Inc (NASDAQ:COCP) gained additional rights to antiviral compounds for curing coronavirus infections under an expanded license agreement with KSURF (Kansas State University Research Foundation).
Achieves excellence in preclinical studies
Chairman of Cocrystal, Dr. Gary Wilcox said the company is excited about the outcome of COVID-19 inhibitors in the preclinical studies. Sitting on strong fundamentals, the company expects to generate rich rewards for investors going forward.
Cocrystal is actively pursuing novel antiviral compounds development using its proprietary drug development platform to treat infections caused by COVID-19. Its compounds developed under a license from KSURF showed in vitro anti-SARS-CoV-2 activity that causes coronavirus.
In Q2 2020, Cocrystal commenced a preclinical trial of coronavirus inhibitors. It is using its proprietary platform to develop additional coronavirus inhibitors. The company is also negotiating with partners to move forward with this drug development.
Enters a collaboration accord with Merck
Cocrystal signed a collaboration accord and exclusive license deal with Merck (Merck Sharp & Dohme Corp) to investigate and develop influenza A/B antiviral compounds. The company received funding from Merck for the influenza A/B program. It can receive additional milestone payments of up to $156 million. The company could also qualify for additional royalties on commercialization.
Broad-spectrum influenza antivirals are developed to act against seasonal influenza virus’s A strains (Tamiflu resistant strains and avian pandemic strains) and pandemic. They also exhibited favorable safety and pharmacokinetic profile. Its lead molecules CC-42344 are currently under investigation in IND that enables it to cure influenza.
Hepatitis C program
Cocrystal obtained a final report on Phase 2a clinical study that investigated CC-31244 combination therapy to treat individuals infected with HCV (Hepatitis C Virus). According to the previously available data, it exhibited tolerability and effective in ultra-short treatment.
Cocrystal posted drop of 6.41% to $554,000 in revenues in Q2 2020. It holds a cash balance of $19.365 million as of June 30, 2020.
Strengthens board by adding Roger Kornberg
Cocrystal strengthened its director board by adding Dr. Roger Kornberg, who previously served as Chairman (Scientific Advisory Board) and Chief Scientist.
Gary commenting on Roger’s induction to the board said Roger is at the helm of Cocrystal for several years. Roger, who won a Nobel Prize in Chemistry in 2016 for his exemplary works, played a vital role in advancing a plethora of antiviral drugs.