UPDATE: Biozone Completes Acquisition of Cocrystal Discovery and Begins
Transformation to High Growth Biotech Company
Company Appoints World-Class Executive Team and Directors Including
Dr. Phillip Frost
ENGLEWOOD CLIFFS, NJ -- (Marketwired) -- 01/03/14 -- Biozone
Pharmaceuticals, Inc. (OTCQB: BZNE) today announced that it has
finalized its planned merger with Cocrystal Discovery, Inc., a
privately-held, biotechnology company developing antiviral
therapeutics for human diseases. Cocrystal Discovery has previously
received strategic investments from Teva Pharmaceuticals (NYSE:
TEVA), Opko Health (NYSE MKT: OPK) and The Frost Group.
Concurrent with the closing of the merger, Dr. Gary Wilcox has been
appointed Chief Executive Officer and Chairman of the Board. Dr.
Wilcox previously served on the Board of Directors and was Executive
Vice President of Operations at Icos Corporation from 1993 through
its sale to Eli Lilly for $2.3 billion in 2007. At Icos he led the
team developing Cialis, which now has annual sales over $2 billion.
Additionally, Dr. Roger Kornberg, has been appointed Chief Scientist
and a Director of the combined entities. Dr. Kornberg received the
2006 Nobel Prize in Chemistry and is Professor of Structural Biology
at Stanford University School of Medicine. Joining Dr. Wilcox and Dr.
Fornberg on the Board of Directors is Dr. Phillip Frost, Dr. Sam Lee,
Steven Rubin and Dr. Jane Hsiao. Dr. Frost is currently the Chairman
and CEO of Opko Health, Inc, and the Chairman of the Board of Teva
Pharmaceuticals. Dr. Hsiao is Vice Chairman and Chief Technical
Officer of Opko Health, Inc.
Newly Appointed CEO and Chairman, Dr. Gary Wilcox commented, "We are
keenly focused on bringing our small molecule inhibitors of the viral
replication complex to market. We believe in our ability to discover
oral, once-a-day, broad-spectrum antiviral drug candidates targeting
the polymerase enzyme of the Hepatitis C virus. This merger provides
us even greater resources to help bring products to market and offers
our shareholders an opportunity to realize significant value on their
Member of the Board of Directors Dr. Frost commented, "We are excited
about the team we have assembled with Dr. Wilcox's top-notch pedigree
sses in bringing products to market; I am confident in the
future of this company. There are many compelling advantages to the
technologies for small molecule inhibitors of the viral replication
Cocrystal Discovery has five therapeutic programs targeting the
Hepatitis C Virus (HCV), Influenza, the Human Rhinovirus (HRV),
Dengue, and the Norovirus. The Hepatitis C Virus is the cause of 170
million chronic infections worldwide and has created a market for the
treatment of $6 billion in 2012 that is projected to grow to $20
billion by 2020. Cocrystal Discovery is targeting two Hepatitis C
replication enzymes, with its Polymerase program at lead optimization
stage and its Helicase program at lead identification stage.
Cocrystal Discovery's Influenza, HRV, Dengue, and Norovius programs
are targeting unmet multi-billion dollar market opportunities with
Under the terms of the merger agreement, current shareholders of
Biozone Pharmaceuticals and Cocrystal Discovery will own
approximately 40% and 60% of the combined company, respectively. The
company plans to apply for a name change and ticker change in the
upcoming months to more accurately reflect its business moving
Cautionary Statement Regarding Forward-Looking Statements:
This press release contains forward-looking statements.
Forward-looking statements also are prefaced by words such as
"expect," "plan," "intend" and similar words. Forward-looking
statements are based on our current expectations and assumptions
regarding our business, the economy and other future conditions.
Because forward-looking statements relate to the future, they are
subject to inherent uncertainties, risks and changes in circumstances
that are difficult to predict. Our actual results may differ
materially from those contemplated by the forward-looking statements.
We caution you therefore against relying on any of these
forward-looking statements. They are neither statements of historical
fact nor guarantees or assurances of future performance. Important
factors that could cause actual results to differ materially from
those in the forward-looking statements include the ability to
finalize the agreement with Cocrystal Discovery, Inc. and receipt of
satisfactory fairness opinions.
Press spacebar to pause and continue. Press esc to stop.