Cocrystal Pharma Inc (OTCBB:COCP) surged more than 2% to close at $0.708 in last trading session. It made a high of $0.73, a level close to its 52-week high of $0.79. The investors are closely tracking progress of the company after Dr. Philip Frost left Chairman with Teva Pharmaceutical Industries Ltd (ADR)(NYSE:TEVA) to focus on Cocrystal and Opko Health Inc. (NYSE:OPK). Frost has a deep interest in both companies. In fact, he is the Chairman as well as CEO of Opko. He is the director of Cocrystal and a part of insiders group who hold more than 72% of shares outstanding.
Cocrystal Pharma Inc (OTCBB:COCP) managed to pull back from decline of Thursday and closed last trading session in green. The share price has surged more than 50% in past one week. It gained momentum when the company announced that Frost will now focus on operations of Opko and Cocrystal. He has 22% stake in Cocrystal out of which over 7% is held by Opko while over 14% is owned by Frost Investments.
Cocrystal Pharma Inc (OTCBB:COCP) is focusing on the development of Hepatitis C antivirals. It formulated a specialized project team that will be led by Raymond F Schinazi. He is the founder of Pharmasset, a pharmaceutical firm that was bought by Gilead Sciences, Inc. (NASDAQ:GILD) in a deal worth $11 billion. Since the time, Schinazi has become a part of Cocrystal the investors are closely watching developments within the company. After all, he was a part of a team that developed one of the HIV blockbuster medications, named as Emtriva.
Schinazi joined team of Cocrystal Pharma Inc (OTCBB:COCP) so that he can assist the company in the development of Hepatitis C antivirals. He has assisted several biotech firms in their research process. He laid a strong foundation for Triangle Pharmaceuticals that was bought by Gilead in 2003 for $464 million. He contributed significantly in success of Idenix Pharmaceuticals Inc (NASDAQ:IDIX).