LONDON, ONTARIO--(Marketwire - Dec. 6, 2012) - Critical Outcome Technologies Inc. (COTI) (TSX VENTURE:COT) announced today that it has entered into a drug discovery agreement with a multinational pharmaceutical company whereby COTI will use its proprietary artificial intelligence drug discovery system, CHEMSAS®, to identify and optimize a number of small molecules against a target of commercial interest to the pharmaceutical company.
Under the terms of the agreement, COTI will be responsible for the discovery, profiling and optimization of targeted drug candidates in a two step approach. COTI will identify and deliver an initial set of compounds discovered using CHEMSAS®. The pharmaceutical company will then evaluate these compounds and provide COTI with the results of their analysis. Based upon this feedback, COTI will further optimize the compounds. The pharmaceutical company will test and evaluate the final optimized compounds and during an option period, decide the suitability of the molecules as leads for the proposed cellular target and conclude a license. If a licensing agreement is not reached, COTI will retain all intellectual property rights to the data and compounds and will be able to engage other interested parties for this program.
"We are very excited to be working with a leading global pharmaceutical company on a project that has the opportunity to highlight the abilities of our proprietary artificial intelligence drug discovery engine, CHEMSAS®," said Dr. Wayne Danter, President and CEO of COTI. "This is another example of the agreements we are entering into to validate our technology and we look forward to having the opportunity of combining the drug candidates discovered by CHEMSAS® with the proven capabilities of a major pharmaceutical company in order to address a substantial medical need."
About Critical Outcome Technologies Inc.
COTI is a leading-edge company specializing in accelerating the discovery of small molecules thus enabling these new drugs to be brought to market in a more cost effective, efficient and timely manner. COTI'S proprietary artificial intelligence system, CHEMSAS®, utilizes a series of predictive computer models to identify compounds with high probability of being successfully incorporated in disease-specific drug discovery, as well as subsequent optimization and preclinical development. 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.