Full Press Release Details
Pharma Increases Previously Announced Bought Deal to $15.0 Million
WA, August 26, 2020 - 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
Wainwright & Co. is acting as the sole book-running manager for the offering.
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.
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.
Cocrystal Pharma, Inc.
Pharma, Inc. is a clinical stage biotechnology company discovering and developing novel antiviral therapeutics that target the
replication process of influenza viruses, hepatitis C viruses, coronaviruses and noroviruses.
Note Regarding Forward-Looking Statements
press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995,
including statements related to our ability to complete the offering, our intended use of proceeds and other statements that are
not historical fact. We have based these forward-looking statements largely on our current expectations and projections about
future events. Some or all of the events anticipated by these forward-looking statements may not occur. Important factors that
could cause actual results to differ from those in the forward-looking statements include, but are not limited to, the risk that
the offering may not close, risks arising from our reliance on continuing collaboration with Merck Sharp & Dohme Corp. under
the collaboration agreement entered into last year, market and other conditions, the availability of products manufactured by
third parties, the future results of preclinical and clinical studies, the research organization's inability to recruit
subjects and complete the Phase 2a study in a timely manner or at all, including as the result of civil unrest and political instability
in Hong Kong, general risks arising from clinical trials, receipt of regulatory approvals, our ability to find and enter into
agreements with suitable collaboration partners, unanticipated litigation and other expenses and factors that affect the capital
markets in general and early stage biotechnology companies specifically. Further information on our risk factors is contained
in our filings with the SEC, including our Annual Report on Form 10-K for the year ended December 31, 2019 and our Quarterly Report
on Form 10-Q for the quarter ended June 30, 2020. Any forward-looking statement made by us herein speaks only as of the date on
which it is made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not
possible for us to predict all of them. We undertake no obligation to publicly update any forward-looking statement, whether as
a result of new information, future developments or otherwise, except as may be required by law.