LONDON, ONTARIO--(Marketwire - Sep 26, 2012) - Critical Outcome Technologies Inc. (COTI) (TSX VENTURE:COT) announced today that at its Board meeting of September 25, 2012 the Board of Directors approved the granting of 1,592,506 stock options to its eight Directors under the Company''s Stock Option Plan as a retainer for their service on the Board and its committees for the next year. The options have a five year life with 25% vesting at the end of each quarter from the date of grant. The exercise price is $0.16 and represents the closing price of the Company''s common shares on September 24, 2012, the last trade reported on the TSX Venture Exchange prior to the meeting date.
"The use of stock options to compensate the board members allows us to conserve our cash, as we move forward with our drug development plans and licensing efforts for COTI‐2, our lead oncology compound, and demonstrates the Directors'' belief and commitment to the Company''s future," advised Company Chairman, Mr. John Drake.
The Company also announced that the Chief Executive Officer was granted 250,000 share options from the Company''s Stock Option Plan as part of the compensation provided under his employment agreement. These 250,000 options have a life of five years and are exercisable at a price of $0.16 per share with vesting occurring immediately.
About Critical Outcome Technologies Inc. (COTI)
COTI is a leading‐edge company specializing in accelerating the discovery of small molecules to enable 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 most likely to be 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, please visit our website www.criticaloutcome.com or contact us at 519‐858‐5157.