BOTHELL, WA--(Marketwired - January 23, 2014) - Biozone Pharmaceuticals, Inc. (OTCQB: BZNE) today announced that it has raised $2,750,000 from eight accredited investors including OPKO Health (NYSE MKT: OPK).
The private placement offering included the sale of 5,500,000 shares of restricted common stock and 5,500,000 10-year warrants exercisable at $0.50 per share. Proceeds from the financing will be used for R&D as well as general working capital. Additionally, the company will be filing for a name change and stock ticker change in the coming months to reflect the merger with Cocrystal Discovery.
Newly Appointed CEO and Chairman, Dr. Gary Wilcox, commented, "We appreciate the support and confidence these accredited investors have in our company. This successful equity financing will allow us to continue to focus on developing our small molecule inhibitors of the viral replication complex and move towards the commercialization and partnering of our technologies."
The Company currently has five therapeutic programs targeting the Hepatitis C Virus (HCV), Influenza Virus, the Human Rhinovirus (HRV), Dengue Virus, and the Norovirus. The Hepatitis C Virus is the cause of 170 million chronic infections worldwide and had a $6 billion market for treatment in 2012 that is projected to grow to $20 billion by 2020. The Company is targeting two Hepatitis C replication enzymes, with its Polymerase program at lead optimization stage and its Helicase program at lead identification stage. The Company's Influenza, HRV, Dengue, and Norovirus programs are targeting unmet multi-billion dollar market opportunities with first-in-class antivirals.
Cautionary Statement Regarding Forward-Looking Statements:
This press release contains forward-looking statements. Forward-looking statements also are prefaced by words such as "expect," "plan," "intend" and similar words. Forward-looking statements are based on our current expectations and assumptions regarding our business, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. Our actual results may differ materially from those contemplated by the forward-looking statements. We caution you therefore against relying on any of these forward-looking statements. They are neither statements of historical fact nor guarantees or assurances of future performance. Important factors that could cause actual results to differ materially from those in the forward-looking statements.