In a report which was filed with the SEC, it was announced that Dr. Philip Frost, the Director of Cocrystal Pharma Inc (OTCBB:COCP), who is also the CEO of Opko Health Inc. (NYSE:OPK) made a transaction for 32,400 shares of Opko, having a market value of $458,366 at an average price of $14.1 per share. He is trying to increase his share in Opko Health.
He bought another 122,400 shares of OPK worth $1.73 million. As of now, Dr. Frost owns 176.62 million OPK shares which form close to 41.58% of the company’s market capitalization.
The focus of investors and market shifted back on Cocrystal after Dr. Frost reported that he will no longer serve as Chairman of Pharma entity Teva Pharmaceutical Industries Ltd (ADR)(NYSE:TEVA). He will look after the operations of Opko Health and Cocrystal.
As the last update shows, Dr. Frost has large interest in Opko and also in Cocrystal as he owns more than 72% of Cocrystal’s shares outstanding. The impact of news was evident on the stock prices which jumped over 54% in just five trading sessions. Frost has 22% stake in the company out of which 14% belongs to Frost Investments and 7% to Opko.
The product pipeline
Cocrystal wants to cash on the several opportunities available in the Hepatitis C antiviral segment. TO move strongly towards the attainment of objectives, the company formed a team under the direction of Raymond F Schinazi. He had founded several firms including Pharmasset. He directed all the firms to new levels of success.
Pharmasset was purchased by Gilead Sciences, Inc. (NASDAQ:GILD) in a deal worth $11 billion. The market expects to witness Schinazi magic working again. Schinazi contributed significantly in the development of HIV medication, popularly known as Emtriva. He has extensive experience in the development of effective medications for Hepatitis C.