Shares of Cocrystal Pharma (COCP) skyrocketed 122% at the time of writing because it announced that it is going to conduct another COVID-19 antiviral candidate.
The company says it also plans to launch the COVID-19 program with additional antiviral compounds for development, apart from CDI-45205. With the company designing new chemical scaffolds, it allows it to improve in vitro potency and pharmacokinetic properties. Lead discovery and optimization are ongoing.
In addition, the company is also developing novel COVID-19 inhibitors that block viral replication and transcription.
“We believe that, due to their novel mechanism of action, our protease inhibitors are likely to be effective against new variants of SARS-CoV-2. This may include the recent variants first identified in the United Kingdom, South Africa, Brazil and India, which may be more contagious forms of the virus and may evade immunity produced by vaccines or previous infectionSam Lee, Ph.D., President of Cocrystal
Cocrystal Pharma was one of the stocks that was moving heavy in market opening. The market value of their outstanding shares is at around $122.2 million.