Cocrystal Pharma Inc (OTCBB:COCP), a leading and known company focused on developing antiviral therapies for fatal diseases, announced that Dr. Gary Wilcox will resign from post of Chief Executive Officer out of the medical problems faced by him from last some time. He will be replaced by Jeffrey Meckler, who will act as the Interim Chief Executive Officer of Cocrystal after the filing of the 10-K form, later in March 2015.
Dr. Wilcox will take the new role of Vice Chairman of the Board of Cocrystal and will continue to contribute as a senior advisor to the company. Apart from being interim CEO, Meckler will continue with his current role of Director of the Company. The new chairman of the Board will be Dr. Raymond F. Schinazi.
Meckler has more than 25 years of experience working with life science companies including over seventeen years at Pfizer Inc.(NYSE:PFE) in several roles, including Manufacturing, Systems, Corporate Finance and Market Research. Prior to joining Cocrystal, he was the Principal Executive Officer of QLT Inc. (USA) (NASDAQ:QLTI), a company based in Vancouver, British Columbia.
So far, FY2015 is turning up an outstanding year for Cocrystal Pharma Inc (OTCBB:COCP). The stock prices have surged around 125% in past one month. However, in last trading session, COCP stocks declined more than 7% to close at $0.981, much close to $1 mark. The surge in COCP share price in February occurred on large volumes and was backed by a short-lived pull-back. The second rally in the same month pushed the prices above $1.00.
The merger plans
Cocrystal Pharma Inc (OTCBB:COCP) completed a merger with a privately held Biopharma firm in November 2014. After the merger with RFS Pharma, Cocrystal published the financial results of the merged business. As per last quarterly report, Cocrystal had $3.1 million in cash. The company posted a loss of $6 million and recorded $121,000 in revenue.