Cocrystal Pharma Inc (OTCBB:COCP) dropped more than 4% to close at $0.934 in last trading session. It was second consecutive day when shares of COCP declined by more than 4%. The total fall of more than 10% in last two trading session is seen as a minor pullback after stocks rallied over 50% in past one week. COCP shares made a high of $0.98 and a low of $0.85 in Friday’s trading session.
Cocrystal is in limelight after Dr, Philip Frost announced that he resigned from Teva Pharmaceutical Industries Ltd (ADR)(NYSE:TEVA) in order to focus on his interest companies including Opko Health Inc. (NYSE:OPK) and Cocrystal. He is the Chief Executive Officer of Opko and a director at Cocrystal. He is one of the affiliates in insiders group that owns more than 70% of Cocrystal’s shares outstanding.
The key decisions
In November 2014, Cocrystal merged with the private biotech firm named as RFS Pharma, LCC. It was established by Dr. Raymond Schinazi. The investors who are not familiar with the name should know that he is one of those persons who have achieved huge success in biotechnology ventures.
The list of biotech companies he founded includes Idenix Pharmaceuticals Inc (NASDAQ:IDIX) which was bought by Merck & Co., Inc.(NYSE:MRK) in 2014. His company Pharmasset was bought by Gilead Sciences, Inc. (NASDAQ:GILD) in 2012 for 11.4 billion. Also, Gilead bought his firm Triangle Pharmaceuticals in 2003 for $464 million. Also, the company announced that Dr. Roger Kornberg will be the Chief Scientific Officer with Cocrystal.
The key segment
Under the guidance of Dr. Schinazi, Cocrystal intends to cash on the existing opportunities in the Hepatitis C antivirals market. Investors are confident that Schinazi success with biotechnology firms will repeat with Cocrystal. He has years of experience in the field of medications for Hepatitis C.