BOTHELL, WA--(Marketwired - April 15, 2014) - Cocrystal Pharma, Inc. (the "Company") (OTCQB: COCP), announced today that, effective April 15, 2014, the Company's stock began trading under the new symbol "COCP". The updated stock trading symbol marks the successful completion of the Company's recent merger with Biozone Pharmaceuticals, Inc., as announced on January 3, 2014.
Cocrystal Pharma is a biotechnology company developing new antiviral therapeutics for human diseases and is headed by Dr. Gary Wilcox, Chief Executive Officer and Chairman of the Board, and Dr. Roger Kornberg, Chief Scientific Officer. Dr. Wilcox previously served on the Board of Directors and was Executive Vice President of Operations at Icos Corporation from 1993 through its sale to Eli Lilly for $2.3 billion in 2007. Dr. Kornberg is well known for having received the 2006 Nobel Prize in Chemistry and is currently a Professor of Structural Biology at Stanford University School of Medicine.
Dr. Gary Wilcox, CEO and Chairman, commented, "This change marks the culmination of our efforts over the past several months to effectuate the merger and positions Cocrystal to move its technology and product development efforts forward. We see 2014 as an important year as we continue to focus on developing our small molecule inhibitors of the viral replication complex and move towards the commercialization and partnering of our technologies."
Cocrystal 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.