Cocrystal Pharma Inc. (NASDAQ:COCP) has announced its financial results for the three months ended September 30, 2020, and offered program updates.
Cocrystal advancing COVID-19 and Influenza A programs
Recently the company announced promising in vitro and seven-day toxicity results for Influenza A preclinical lead product, CC-42344. The lead molecule CC-42344 demonstrated antiviral activity against major Xofluza-resistant H1N1 strain. The company presented the in vitro data at the virtual World Antiviral Conference on November 12, 2020.
Dr. Gary Wilcox, the company’s CEO and Chairman, said that the company had made significant progress since its COVDI-19 program commenced. Cocrystal strengthened its patent portfolio around the CC-42344 molecules, and in Q3, the company conducted a proof of concept study in animal models. It also initiated preclinical trials and the identification of additional inhibitors through its proprietary platform. Wilcox said that over the quarter, the company made progress on multiple fronts. He said that they are delighted to announce encouraging results for the company’s Influenza A development program. Cocrystal is working towards finalizing the phase 1 trial protocol in readiness to initiate the phase 1 study in 2021.
Cocrystal ended the quarter with $31.8 million in cash
Besides the progress made in the quarter in advancing development programs, the company ended the quarter with $31.8 million in cash and cash equivalents. The cash is adequate to fund the expansion of the company’s COVID-19 and Influenza A programs. Cocrystal currently has two COVID-19 development programs for antiviral compounds for COVID-19 treatment.
The company reported revenue of $0.489 million and $1.504 million for three months and nine months ended September 30, 2020, respectively. For the nine months ended September 30, 2019, the company had revenue of $6.162 million. The revenue difference between the periods was due to the initial intellectual property rights revenue of $4.368 million from Merck’s collaboration agreement. Research and development expenses increased during the quarter because it initiated its COVID-19 program and advanced its Influenza A program in readiness for clinical trials in 2021.