Cocrystal Pharma Inc (OTCBB:COCP) made an explosive move up in the first few months of this year off its $0.25 base to highs of $1.53 a share. Since then however the stock has been slowly drifting lower on decelerating volume.
All the excitement on COCP is about billionaire Dr. Phillip Frost 100 million shares stake in the Company; the man is a self-made billionaire with a keen eye on bb’s with big futures and he regularly receives nation media attention from the likes of Bloomberg, CNBC and Barron’s. For more on Dr Phillip Frost check out MBVX and DRNE
Cocrystal Pharma Inc (OTCBB:COCP) is a pharmaceutical company seeking to discover novel antiviral therapeutics as treatments for serious and/or chronic viral diseases. The Company owns technology based on the work of their Chief Scientific Officer, Dr. Roger Kornberg and Dr. Raymond Schinazi.
Dr. Kornberg was awarded the 2006 Nobel Prize for Chemistry for his work to actually visualize a replication enzyme called RNA polymerase in action. Using techniques called protein cocrystallization and X-ray crystallography, Dr. Kornberg and his colleagues generated a three dimensional picture similar to the one at left of RNA being transcribed by RNA polymerase. Dr. Schinazi is a world class expert in discovering novel nucleoside therapeutics. He founded or co-founded successful antiviral companies including Triangle Pharmaceuticals Inc., Idenix Pharmaceuticals Inc. and Pharmasset, Inc.
Cocrystal Pharma is leveraging its expertise in these methods to identify and develop new antiviral compounds. Using these methods, COCP scientists are able to directly visualize how viral replication enzymes work, to identify key parts of these enzymes to target, to design compounds to block the function of these enzymes, thereby preventing viruses from replicating and to discover novel nucleosides and other compounds which inhibit viral replication.
COCP drug pipeline currently comprises five drug candidates for hepatitis C, influenza, norovirus, the common cold and dengue fever. These five viruses kill a combined 6 million people annually. All five of Cocrystal Discovery’s drugs would be orally administered in the form of once-a-day pills, making them easily distributable around the world- especially valuable in third world areas without consistent refrigeration in healthcare distribution.
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The Company got into the Ebola frenzy in October of last year when they announced they had developed what it believes to be the first high-throughput screening technology for inhibitors of a key essential Ebola virus gene product. According to Cocrystal Chief Scientist, Dr. Roger Kornberg, “We are very excited to have cloned the gene, purified and characterized its product, and integrated the gene product into our high-throughput platform. We believe we are the first group to have developed a novel screening methodology that can accurately identify inhibitors, which are potential drug candidates.”
On March 12 COCP announced that due to medical reasons, Dr. Gary Wilcox will step down as the current Chief Executive Officer. Mr. Jeffrey Meckler has been appointed as the Interim Chief Executive Officer of the Company effective with the filing of the Form 10-K, later this month. Dr. Wilcox will become the Vice Chairman of the Board of Directors and continue as a senior advisor to the company. Mr. Meckler will continue as a Director of the Company, and Dr. Raymond F. Schinazi will become the Chairman of the Board.
Mr. Meckler has over 25 years of experience in life science companies including 17 years at Pfizer Inc. in a variety of positions, including Manufacturing, Systems, Market Research and Corporate Finance. Mr. Meckler most recently was the Principal Executive Officer of QLT Inc., an ophthalmic orphan drug company located in Vancouver, British Columbia.
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COCP transformed earlier this year to one of the top most traded stocks on the entire bb stock exchange. The Company has some very big names behind it and looks to be making some big moves. Clearly management and Dr. Phillip Frost know a lot more than anyone else and they are busy buying heavily here. Talk about a huge vote of confidence. We will be updating on COCP when more details emerge so make sure you are subscribed to Microcapdaily so you know what’s going on with COCP.
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Disclosure: we hold no position in COCP either long or short and we have not been compensated for this article.