Critical Outcome Technologies Completes Private Placement
06 Février 2014 - 3:13PM
Marketwired
Critical Outcome Technologies Completes Private Placement
Company to commence 28-Day Two-Species Toxicity Testing for
COTI-2
LONDON, ONTARIO--(Marketwired - Feb 6, 2014) - Critical Outcome
Technologies Inc. (TSX-VENTURE:COT) ("COTI" or the "Corporation"),
the bioinformatics and accelerated drug discovery company,
announced today that it has completed an arm's length non-brokered
private placement raising approximately $500,000 consisting of a
non-convertible debenture (the "Debenture") in the amount of
$400,000 and an equity placement of 769,230 units (the "Units") at
a price of $0.13 per Unit for approximately $100,000.
"This funding will enable us to complete the final preclinical
28-day two-species toxicity studies for our lead oncology compound,
COTI-2, as well as prepare our investigational new drug submission
to the U.S. Food and Drug Administration," said Dr. Wayne Danter,
President and CEO. "These are significant risk reduction milestones
for the compound and will enhance the attractiveness of COTI-2 for
licensing as well as preparing the compound for a Phase 1 human
clinical trial.
"With strong interest to get COTI-2 into the clinic, we are
pleased to be able to obtain the funding to move this important
asset forward expeditiously," said John Drake, Chairman of the
Board. "These testing activities are important steps toward our
objective of bringing a first-in-class treatment to the millions of
people suffering from many common cancers."
The Debenture has a term of one year from the date of issuance
and bears interest at a rate of 10% with interest only payable on a
monthly basis. In addition to the interest cost of the Debenture,
the Company issued 1,250,000 common share purchase warrants (the
"Debenture Warrants") with an exercise price of $0.20 and a
one-year term with vesting occurring immediately upon issuance of
the Debenture. A redemption fee of $40,000 is payable by the
Company upon early repayment of the Debenture. The lender has the
option to apply the redemption fee to a participation in any equity
financing undertaken by the Company in calendar 2014 related to the
repayment of the Debenture on the same terms and conditions as that
financing.
Each Unit consisted of one common share and one common share
warrant (the "Equity Warrant") of the Corporation. Each Equity
Warrant can be exercised for one common share of the Corporation at
an exercise price of $0.26 per share for a period of 60 months from
the date of issuance.
The common shares and Equity Warrants comprising the Units, as
well as the Debenture Warrants and common shares issuable upon the
exercise of the Equity and Debenture Warrants are subject to
restrictions on resale, which expire on June 5, 2014 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
http://twitter.com/CriticalOutcome
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 "… to complete the
final preclinical 28-day two-species toxicity studies for our lead
oncology compound, COTI-2, as well as prepare our investigational
new drug submission to the U.S. Food and Drug Administration" and
"… will enhance the attractiveness of COTI-2 for licensing as well
as preparing the compound for a Phase 1 human clinical trial" are
forward-looking statements. 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.
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.
Critical Outcome Technologies Inc.Dr. Wayne DanterPresident
&
CEO519-858-5157wdanter@criticaloutcome.comwww.criticaloutcome.comHeisler
CommunicationsTrevor HeislerInvestor
Relations416-500-8061trevor@heislercommunications.com
Cotinga Pharmaceuticals (TSXV:COT)
Graphique Historique de l'Action
De Nov 2024 à Déc 2024
Cotinga Pharmaceuticals (TSXV:COT)
Graphique Historique de l'Action
De Déc 2023 à Déc 2024