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Nanocap Biotech Stock Rips 180% Higher On Coronavirus Drug Licensing

Nanocap Biotech Stock Rips 180% Higher On Coronavirus Drug Licensing

Cocrystal Pharma Inc (NASDAQ: COCP) shares are skyrocketing Monday following a licensing agreement the company reached with the Kansas State University Research Foundation.

Cocrystal said the agreement with KSURF gives it an exclusive, royalty-bearing right and license to certain antiviral compounds for the treatment of norovirus and coronavirus infections covered by the latter's patents.

The company said it intends to pursue R&D of these antiviral compounds, including preclinical and clinical development.

"There is an urgent demand to address the public health threat that the coronavirus continues to present, and we believe that our proprietary drug discovery platform has the capability to do just that. We intend to seek opportunities for collaborations as we advance these programs," said Dr. Sam Lee, President of Cocrystal.

Cocrystal's stock was up 190% to $1.46 per share at time of publication.

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