COCP - Cocrystal Pharma Inc. (COCP) - 3Q21 Reported With Phase 1 Influenza Trial Expected To Begin
3Q21 Reported. Cocrystal reported a 3Q21 loss of $3.9 million or $(0.04) per share, compared with our expected loss of $3.1 million or $(0.03) per share. The company also confirmed the projected early 2022 start for its Phase 1 Influenza trial, and updated progress on the intranasal and orally administered versions of CDI-45205, a protease inhibitor for SARS-CoV-2 (the virus that causes COVID-19). Cash balance at the end of the quarter was $61.6 million.Influenza Trial Is Planned For IQ22. The first product from the programs for seasonal and pandemic influenza, CC-42344, is a PB2 inhibitor expected to begin Phase 1 enrollment in early 2022. The trial is being conducted in Australia where the flu season occurs in the middle of the calendar year, with data is expected later in the year. Separately, the Influenza A/B collaboration with Merck could release a program update in 1Q22.Pre-IND Submitted For CCI-45205. Cocrystal is developing protease inhibitors against the virus that causes COVID-19, SARS-CoV-2. A pre-IND briefing package for CDI-45205, its intranasal/pulmonary delivery protease inhibitor, has been submitted to the FDA. Feedback and comments, to be used for the design the Phase 1 and Phase 2 clinical trials, are expected by mid-December 2021. A second program developing a version for oral administration is expected to announce a lead molecule by the end of 2021.Hepatitis C Program. The company announced it would seek a partner for its hepatitis C product, CC-331244, after completing Phase 2 trials. We believe the treatment in combination with Epclusa (sofosbuvir/velpatasvir) showed efficacy with shorter treatment regimen that could provide a therapeutic and compliance advantage. Due to the trial size and cost requirements for development, the company is seeking to partner the product.Conclusion. Cocrystal continues to make progress in its clinical programs, with the start of Phase 1 in influenza as an important milestone. In the SARS-CoV-2 programs, feedback is expected on the intranasal version and identification of an oral version are both expected in December. We reiterate our Outperform rating an price target of $5 per share. Read More >>