Cocrystal Pharma, Inc. - Form 8-K Summary
Business Context and Reporting Period
This Current Report on Form 8-K was filed by Cocrystal Pharma, Inc. on April 10, 2023, covering events occurring on April 4, 2023. The Company is a clinical-stage biopharmaceutical firm focused on developing drug candidates, with its principal executive offices in Bothell, WA.
Key Financial Metrics
This filing reports a specific capital raise transaction rather than periodic financial performance metrics such as revenue, profit, or operating cash flow.
- Capital Raised: $4,000,000 total.
- Shares Issued: 2,030,458 shares of common stock.
- Price Per Share: $1.97.
- Investment Structure: Two equal investments of $2,000,000 each.
Material Changes
The primary material change is the entry into a Securities Purchase Agreement (SPA) with two accredited investors:
- Investor 1: Fred Hassan (Chairman of Caret Group and Director of Warburg Pincus).
- Investor 2: Frost Gamma Investments Trust (Trustee: Phillip Frost, M.D., a Company Director and CEO of OPKO Health).
- Regulatory Status: The shares were sold unregistered, exempt under Section 4(a)(2) of the Securities Act and Rule 506(b).
Outlook, Management Commentary, and Risks
Management intends to use the net proceeds from this offering for the advancement of preclinical and clinical drug candidate programs, as well as for general corporate purposes and working capital. The filing does not provide specific forward-looking guidance, risk factors, or contingencies beyond the standard disclosure that the SPA description is qualified by reference to the full agreement.
Key Facts for Investor Verification
- Verify the dilution impact of 2,030,458 newly issued shares on existing shareholders.
- Confirm the specific allocation of the $4,000,000 proceeds between clinical trials and general working capital in subsequent filings.
- Review the full Securities Purchase Agreement (Exhibit 10.1) for any restrictive covenants or rights granted to the new investors.
- Note that the filing does not contain updated revenue or cash balance figures; refer to the most recent 10-Q or 10-K for liquidity status.