Critical Outcome Technologies Inc. Completes Financing
04 Juin 2014 - 3:00PM
Marketwired
Critical Outcome Technologies Inc. Completes Financing
LONDON, ONTARIO--(Marketwired - Jun 4, 2014) - Critical Outcome
Technologies Inc. (TSX-VENTURE:COT) ("COTI" or the "Corporation")
the bioinformatics and accelerated drug discovery company, is
pleased to announce the completion of the final tranche of its
previously announced non-brokered private placement with the
issuance of 5,595,135 units (the "Units") at a price of $0.16 per
Unit for gross proceeds of approximately $895,000. In aggregate,
the Corporation raised gross proceeds from the offering of
approximately $1,432,000 through the sale of 8,951,385 Units.
"This financing supports our ongoing operations in advancing our
lead cancer drug candidate, COTI-2, into a Phase 1 clinical trial
by the end of this year," said John Drake, Chairman of the Board.
"Our near term milestones are progressing nicely. We recently
completed the dosing and post-dosing observation segments of the
final pre-clinical two-species toxicity studies and are excited to
have the resources and investor support to complete the necessary
work for filing the Investigational New Drug application for COTI-2
late this summer. These are important risk reduction and value
creating events that will enhance the attractiveness of COTI-2 for
licensing."
"We are proud of the progress we have made and look forward to
getting into the clinic," said Dr. Wayne Danter, President and
Chief Executive Officer. "We will then be able to expand upon the
preclinical work demonstrating that COTI-2 is potentially
transformational in the treatment of ovarian cancer and other
cancers where there is a p53 gene mutation present in afflicted
patients."
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 $0.28 per share for a
period of 24 months from the date of issue. The Corporation paid
finders' fees to arm's length third parties in connection with this
tranche in the amount of $35,058 in cash and issued 219,110
compensation warrants. In aggregate, the Corporation paid finders'
fees of $73,777 in cash and issued 461,110 compensation warrants in
connection with the offering. Each compensation warrant is
exercisable into one common share of the Corporation at an exercise
price of $0.22 per share for a period of 24 months from the date of
issue.
The common shares and warrants issued by the Corporation under
the offering are subject to restrictions on resale in accordance
with applicable securities laws and the policies of the TSX Venture
Exchange. These restrictions will expire on September 1, 2014 for
the securities issued on the first closing and October 4, 2014 for
this final closing. The offering is subject to final acceptance by
the TSX Venture Exchange.
About Critical Outcome
Technologies Inc. (COTI)
COTI is a leading-edge bioinformatics 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, "… in advancing our
lead cancer drug candidate, COTI-2, into a Phase 1 clinical trial
by the end of this year" and "… to complete the necessary work for
filing the Investigational New Drug application for COTI-2 late
this summer. These are important risk reduction and value creating
events that will enhance the attractiveness of COTI-2 for
licensing" 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
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