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BOTHELL, WA, Aug. 26, 2020 (GLOBE NEWSWIRE) -- Cocrystal Pharma, Inc. (NASDAQ: COCP), (“Cocrystal” or the “Company”), a clinical stage biotechnology company discovering and developing novel antiviral therapeutics, announced today that, due to demand, the underwriter has agreed to increase the size of its previously announced public offering and purchase on a firm commitment basis 14,285,715 shares of common stock of the Company, at a price to the public of $1.05 per share, less underwriting discounts and commissions. The closing of the offering is expected to occur on or about August 31, 2020, subject to satisfaction of customary closing conditions.
H.C. Wainwright & Co. is acting as the sole book-running manager for the offering.
The Company also has granted to the underwriter a 30-day option to purchase up to an additional 2,142,857 shares of common stock at the public offering price, less underwriting discounts and commissions. The gross proceeds to Cocrystal, before deducting underwriting discounts and commissions and offering expenses and assuming no exercise of the underwriter's option to purchase additional common stock, are expected to be approximately $15.0 million. The Company intends to use the net proceeds from this offering for the expansion of our COVID-19 and Influenza treatment development programs and general corporate purposes and working capital.
The shares of common stock are being offered by the Company pursuant to a "shelf" registration statement on Form S-3 (File No. 333-237738) originally filed with the Securities and Exchange Commission (the "SEC") on April 17, 2020, and declared effective by the SEC on May 13, 2020. The offering of the shares of common stock is being made only by means of a prospectus, including a prospectus supplement, forming a part of the effective registration statement. A preliminary prospectus supplement and accompanying prospectus relating to, and describing the terms of, the offering have been filed with the SEC and is available on the SEC's website at SEC.gov. Electronic copies of the final prospectus supplement and accompanying prospectus may be obtained, when available, by contacting H.C. Wainwright & Co., LLC at 430 Park Avenue, 3rd Floor, New York, NY 10022, by telephone at (646) 975-6996 or e-mail at placements@hcwco.com or at the SEC’s website at SEC.gov.
This press release shall not constitute an offer to sell or a solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction.