LONDON, ONTARIO--(Marketwired - Dec. 6, 2013) - Critical Outcome Technologies Inc. (COTI) (TSX VENTURE:COT), the bioinformatics and accelerated drug discovery company, announced today that its President & Chief Executive Officer, Dr. Wayne Danter, provided a business and scientific developments update of the Company at its Annual General and Special Meeting (AGM) of Shareholders held on Thursday, December 5, 2013.
Highlights of the presentation included:
- An overview of the Company's core business technology, CHEMSAS®, and the two pronged commercialization strategy to generate revenue from this platform;
- An outline of the progress to date for three previously announced collaborations that utilized CHEMSAS® for lead discovery;
- A review of the key scientific and business advancements made for the Company's lead cancer drug candidate, COTI-2, and the next milestones for the compound in progressing towards out-licensing that is likely to include Phase 1 clinical trial financing; and,
- A brief overview of future product development with commercial potential including a new application called Rosalind that provides personalized drug treatment recommendations based on the genetic profile of a patient's cancer.
Other highlights of the AGM included:
- The approval by the shareholders to fix the current complement of directors at five and empowering the Board of Directors thereafter to determine from time to time the number of directors of the Corporation within the minimum and maximum limits;
- The election by the shareholders of the slate of five directors put forth by the management;
- The re-appointment of KPMG LLP as auditor of the Company and authorization for the directors to fix the auditor's remuneration;
- Approval to amend the stock option plan allowing the expiry date of options held by members of the Board who were not standing for re-election at the 2013 AGM to be the earlier of (a) April 30, 2015 or (b) the original expiry date of such options; and,
- The approval to continue the Company's rolling stock option plan.
About Critical Outcome Technologies Inc. (COTI)
COTI is a leading-edge technology company specializing in accelerating the discovery and development of small molecules - dramatically reducing the time and cost to bring new drugs to market. COTI'S proprietary artificial intelligence system, CHEMSAS®, utilizes a series of predictive computer models to identify compounds with a high probability of being successfully developed from disease specific drug discovery through chemical optimization and preclinical testing. These compounds are targeted for a variety of diseases, particularly those for which current treatments are either lacking or ineffective.
For more information, visit www.criticaloutcome.com.
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Notice to Readers
Information contained in this press release may contain certain statements, which constitute "forward-looking statements" within the meaning of the Securities Act (Ontario) and applicable securities laws. For example, the statement "Focus on clinical development of lead compound, COTI-2" and "… that is likely to include Phase 1 clinical trial financing …" are forward-looking statements as they imply that the development being done for COTI-2 going forward is to enable Phase 1 human clinical trials to occur and that the Company may raise additional capital. Forward‐looking statements, by their nature, are not guarantees of future performance and are based upon management's current expectations, estimates, projections and assumptions. COTI operates in a highly competitive environment that involves significant risks and uncertainties, which could cause actual results to differ materially from those anticipated in these forward‐looking statements. Management of COTI considers the assumptions on which these forward‐looking statements are based to be reasonable, but as a result of the many risk factors, cautions the reader that actual results could differ materially from those expressed or implied in these forward-looking statements. Information in this press release should be considered accurate only as of the date of the release and may be superseded by more recent information disclosed in later press releases, filings with the securities regulatory authorities or otherwise.
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