Cocrystal Pharma Inc (OTCBB:COCP) witnessed strong run last month as its stock price jumped and doubled in just fifteen days. It continued posting strong gains in this month and even made a 52-week high of $1.17. However, the euphoria seems to be subsided from last one week as the stock price hovers around $1 mark. In last trading session, COCP share price surged 1% to close at $1.01.
Cocrystal Pharma is in a decent financial state after it purchased private Biopharma entity RFS Pharma last year. Since then the company has recorded the consolidated financials numbers, and they look like this. As per the last report, it had cash of $3.1 million and current assets of $6 million. It posted current liabilities of $8.6 million. The quarterly revenue came at $121,000 and $6 million was loss from operations.
Cocrystal and RFS merged to create a strong antiviral development entity. RFS Pharma, a biotech firm was established by well-known drug developer, Dr. Schinazi. He stated that the deal will result in considerable achievements in research productivity and innovation. The new company will be in a better position to broaden their product portfolio. The team of Cocrystal has skill and technology that is synergistic with RFS Pharma’s growth plans. Together, they will emerge as a strong company that can speed up development activities of novel treatments to cure serious viral diseases.
Cocrystal Pharma Inc (OTCBB:COCP) has clearly benefitted after it merged with RFS Pharma. The stock prices have surged and also the management is taking additional measures to enhance the product portfolio. The company will benefit from the guidance of Dr. Schinazi who is an expert in the field of nucleoside chemistry and biology. The only issue seen with the company is of current liabilities that it needs to work on to have a strong balance sheet.