Cocrytsal Pharma Inc. (NASDAQ: COCP) has announced progress in developing a broad-spectrum antiviral drug candidate targeting coronaviruses, including SARS-CoV-2. The company commenced its COVID-19 program in March last year, and it has been expanding the program with more development and licensing.
Cocrystal advancing the development of its CDI-45205 SARS-CoV-2 treatment candidate
Sam Lee, Cocrystal President, said that the company aggressively develops proprietary protease inhibitors for SARS-CoV-2 prophylactic and therapeutic use. Most importantly, the drug candidates can bind to a conserved region of the active SARS-CoV-2 protease site required for viral replication of the coronavirus. Lee said the company’s high-resolution x-ray cocrystal structures had confirmed a covalent interaction with the conserved protease region of the coronaviruses, including SARS-CoV-2, MERS-CoV, and SARS-CoV viruses.
He added that due to the proprietary action mechanism of the protease inhibitors, it is likely to be more effective even with new SARS-CoV-2 variants. This could include the recently identified variants in the UK, India, Brazil, and South Africa, which are more contagious and can evade immunity created by vaccines. In December last year, the company selected CDI-45205 as the lead coronavirus candidate among the protease inhibitors group obtained under a licensing deal with Kansas State University Research Foundation. CDI-45205 demonstrated good bioavailability in pharmacokinetic studies in mice through intraperitoneal injection.
Cocrystal Pharma announces $40 million bought deal offering
Cocrystal Pharma has signed an underwriting agreement with H.C. Wainwright &Co. According to the agreement, the underwriter has agreed to 26 million common shares of the company at $1.54 per share. The biotechnology company expects to close the bought deal offering on or around May 7, 2021, subject to meeting customary closing conditions.
The company expects gross proceeds from the sale of $40 million before deducting offering expenses, commissions, and underwriting discounts. Cocrystal will use the offering’s net proceeds to expand its influenza and COVID-19 treatment development programs, general working capital, and corporate uses. Cocrystal Pharma will offer the common shares through a prospectus that includes a prospectus supplement that forms part of a registration statement.