In a latest report filed with the SEC, it was reported that Dr. Philip Frost who is the Director of Cocrystal Pharma Inc (OTCBB:COCP) and the CEO of Opko Health Inc. (NYSE:OPK) completed a transaction of 32,400 shares of Opko. The traded transaction done at an average price of $14.1 per share constitutes market value of $458,366.
Dr. Frost intends to increase his stake in Opko Health. He also purchased 122,400 OPK shares worth $1.73 million. After the last transaction, Dr. Frost owns 176.62 million shares of Opko Health which accounts for 41.58% of the company’s market capitalization.
Change of focus
The shareholder’s focus returned back on Cocrystal Pharma after Dr. Frost confirmed that he had resigned from role of Chairman with Teva Pharmaceutical Industries Ltd (ADR)(NYSE:TEVA). Now, he will focus on the operations and development activities of Opko Health and Cocrystal.
Dr. Frost owns substantial interest in Opko and Cocrystal. He has over 72% of COCP shares outstanding. After he said that his focus will be on Cocrystal and Opko, the stock prices jumped over 54% in five trading sessions. Frost Investments has 14% stake in Cocrystal.
The lead candidates
Cocrystal wants to utilize the several opportunities existing in the Hepatitis C antiviral segment. In order to achieve the set objectives, the company created a team under the leadership of Raymond F Schinazi who had established several Pharma firms including Pharmasset. He took all those firms to new height of success.
His Pharma company Pharmasset was taken by Gilead Sciences, Inc. (NASDAQ:GILD) in an acquisition deal worth $11 billion. The shareholders, investors and the market expect the company to perform better under Schinazi guidance. He is one of the names behind the success of Emtriva.
IN last trading session, COCP shares surged more than 2% to close at $1.02 with 429,699 shares traded.