LONDON, ONTARIO--(Marketwired - Dec 6, 2013) - Critical Outcome Technologies Inc. (COTI) (TSX VENTURE:COT), the bioinformatics and accelerated drug discovery company, announced today that it awarded 971,168 stock options to directors and officers under the Company's Stock Option Plan. The options awarded to directors were made as a retainer for their service on the Board and its committees for the ensuing year. The options have a five year life with 25% vesting occurring at the end of each quarter from the date of grant. The exercise price is $0.18 and represents the closing price of the Company's common shares on December 4, 2013, the last trading day reported on the TSX Venture Exchange prior to the meeting date.
"Our policy to compensate board members with stock options for their service, demonstrates the directors' belief and commitment to the Company's future," said Company Chairman, John Drake. "This allows us to utilize our cash for advancing key value-building initiatives, including our drug development activities and revenue generating efforts."
The stock options grant was approved by the Board of Directors at its board meeting following the Annual General and Special Meeting of Shareholders on December 5, 2013.
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.
Follow @CriticalOutcome on Twitter at https://twitter.com/CriticalOutcome.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.