Cocrystal Pharma Inc (OTCBB:COCP) posted strong gains in February as the stock prices doubled in less than fifteen days. The gains extended further in the first week of March and touched 52-week high of $1.17. From thereon, prices are in consolidating mode and trading around the $1 mark. This consolidation can be seen as a short break before COCP starts with its bull ride once again. In last trading session, COCP share price surged 1% to close at $1.01.
The consolidated numbers
Cocrystal Pharma financials can be stated as quite good compared to other OTC traded companies. The performance has improved since it bought private biopharmaceutical company named as RFS Pharma in 2014. Since then it has released the consolidated financial numbers. As per the last quarterly release, the company recorded cash balance of $3.1 million. The current assets stood at $6 million while current liabilities came at $8.6 million. The quarterly loss was $6 million and revenue came at $121,000.
Cocrystal Pharma decided to merge with RFS Pharma last year so that it can convert into a strong antiviral development entity. The merged company, RFS Pharma was founded by famous drug developer, Dr. Schinazi. The agreement was made so as to move strongly with planned research operations that will lead to an extended product portfolio. The skills and technology capabilities were in synergy with RFS Pharma’s development programs. As a merged identity, they can speed up research and development activities of innovative therapies that can address unmet medical needs.
On the growth path
The financial numbers are supportive of the deal materialized between Cocrystal Pharma Inc (OTCBB:COCP) and RFS Pharma. The shareholders have benefitted in last few months. Also, the management has been looking for opportunities to further increase value for shareholders. The greatest strength of the company is guidance of Dr. Schinazi.