LONDON, ONTARIO--(Marketwired - Aug. 16, 2013) - Critical Outcome Technologies Inc. (TSX VENTURE:COT) ("COTI" or the "Corporation") is pleased to announce the completion of the first tranche of a non-brokered private placement and issued 4,991,666 units (the "Units") at a price of $0.12 per Unit for gross proceeds of $500,000.
"This financing strengthens our balance sheet and will assist us in advancing our lead asset, COTI-2, through several key value-building milestones," said John Drake, Chairman of the Board. "These near-term milestones include the completion of the final preclinical toxicity studies and the preparation of the investigational new drug submission that are important risk reduction milestones enhancing the attractiveness of COTI-2 for licensing."
Each Unit consists of one common share and one warrant of the Corporation. Each warrant is exercisable for one common share of the Corporation at an exercise price of $0.26 per share for a period of 18 months from the date of issue.
The common shares and warrants comprising the Units, as well as the common shares issuable upon the exercise of the warrants are subject to restrictions on resale, which expire on December 17, 2013 in accordance with applicable securities laws and the policies of the TSX Venture Exchange. The offering is subject to final acceptance by the TSX Venture Exchange.
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 policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.