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New Company, Cocrystal Discovery, Inc. Formed and Funded to Exploit a Novel Approach for Developing New Anti-Viral Drugs


9/19/2008 7:50:08 AM

SEATTLE--(BUSINESS WIRE)--Cocrystal Discovery, Inc., a privately held biopharmaceutical company focused on the discovery and development of novel antiviral therapeutics for the treatment of serious and chronic viral diseases, announced today that it had completed a $10 million private placement with an investor group led by The Frost Group.

Cocrystal is dedicated to the discovery and development of antiviral compounds that target replication enzymes. The company will focus initially on hepatitis and influenza, diseases that affect millions of people in both developed and underdeveloped countries.

The founders of Cocrystal are: Gary Wilcox, Ph.D. – Dr. Wilcox was previously Executive Vice President of Operations and a member of the Board of Directors of Icos Corporation. Prior to Icos he was Chairman, President and CEO of Ingene, Inc. He has over 25 years of experience in the biotechnology industry.

Roger Kornberg, Ph.D. – Dr. Kornberg is Professor of Structural Biology at Stanford University and the recipient of the Nobel Prize in Chemistry in 2006 for his pioneering work in structural biology.

Sam Lee, Ph.D. – Dr. Lee was a Scientist at Icos Corporation for 8 years where he led drug discovery teams using a structural biology approach. His postdoctoral work at Stanford University centered on the replication enzymes of herpes viruses.

“I am very enthusiastic about the team we have assembled at Cocrystal. We are delighted to have the Frost Group as investors. Phil Frost, who joins our Board, is one of the great entrepreneurs in America. His accomplishments as CEO of Key Pharmaceutical and IVAX Corporation were extraordinary,” commented Gary Wilcox, CEO of Cocrystal.

“We are excited about the opportunity to work with a world-class scientific team,” said Dr. Frost. “We look forward to working together with the team in building Cocrystal into a significant player in the antiviral therapeutics market.”

About The Frost Group:

The Frost Group, LLC, is a private investment firm based in Miami. The Frost Group is led by Dr. Phillip Frost, and includes Jane Hsiao, Ph.D., Rao Uppaluri, Ph.D., and Steven D. Rubin, a team that has been together in various capacities for over 22 years. Since its formation in October 2006, the Frost Group has invested over $160 million in various companies and technologies in the United States and abroad. These investments, which range from small minority investments to controlling majority stakes, span a wide range of innovative and technology platforms in the areas of pharmaceuticals, diagnostic devices, medical devices, developmental education and entertainment for children, telecommunications, sports licensing, aircraft leasing, fixed based aircraft operations, software for seismic data analysis, and new materials for computer chips.

Contact:

Cocrystal Discovery, Inc., Seattle Gary Wilcox, 206-605-6911 glwilcox2@hotmail.com

Source: Cocrystal Discovery, Inc.


Read at BioSpace.com

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