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Cocrystal Pharma Increases Previously Announced Bought Deal to $15M Due to Demand

Cocrystal Pharma, Inc. (NASDAQ: COCP) announced that, due to demand, the underwriter has agreed to increase the size of its previously announced public offering and purchase on a firm commitment basis 14,285,715 shares of common stock of the Company, at a price to the public of $1.05 per share, less underwriting discounts and commissions.

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Cocrystal Pharma, Inc. (NASDAQ: COCP) announced that, due to demand, the underwriter has agreed to increase the size of its previously announced public offering and purchase on a firm commitment basis 14,285,715 shares of common stock of the Company, at a price to the public of $1.05 per share, less underwriting discounts and commissions. The closing of the offering is expected to occur on or about August 31, 2020, subject to satisfaction of customary closing conditions. H.C. Wainwright & Co. is acting as the sole book-running manager for the offering. The Company also has granted to the underwriter a 30-day option to purchase up to an additional 2,142,857 shares of common stock at the public offering price, less underwriting discounts and commissions. The gross proceeds to Cocrystal, before deducting underwriting discounts and commissions and offering expenses and assuming no exercise of the underwriter's option to purchase additional common stock, are expected to be approximately $15.0 million. The Company intends to use the net proceeds from this offering for the expansion of our COVID-19 and Influenza treatment development programs and general corporate purposes and working capital.