Critical Outcome Technologies Completes Private Placement
Funding better positions the Company and COTI-2 for Phase 1 Clinical study
(firmenpresse) - LONDON, ONTARIO -- (Marketwired) -- 11/26/14 -- Critical Outcome Technologies Inc. (TSX VENTURE: COT) (OTCQB: COTQF) ("COTI" or the "Company") the biopharmaceutical company that uses machine learning to rapidly develop targeted therapies, completed the third tranche of its previously announced non-brokered private placement with the issuance of 3,054,000 units (the "Units") at a price of USD $0.23 per Unit for gross Canadian dollar proceeds of approximately $793,000. In aggregate, the Company raised gross Canadian proceeds from the offering of approximately $2,629,000 through the sale of 10,177,760 Units.
"We are appreciative of the level of investor support during this critical and transformational period for the Company," said John Drake, Chairman of the Board. "This financing will support our ongoing operations as we continue to advance COTI-2 towards a Phase 1 clinical trial in gynecological cancers at the MD Anderson Cancer Centre in early 2015, which we believe will be a major risk reduction and value creating event."
"We believe COTI-2 is poised to make a dramatic change in the treatment of ovarian and other gynecological cancers where there is a p53 gene mutation present," said Dr. Wayne Danter, President and Chief Executive Officer. "We have made excellent progress over the past 24 months and are eager to move COTI-2 into the clinic. This funding will also support our efforts to extend the COTI-2 franchise to patients afflicted by other cancer indications with p53 mutations such as head and neck cancers."
Each Unit consisted of one common share and one warrant of the Company. Each warrant is exercisable for one common share of the Company at an exercise price of USD $0.34 per share for a period of 60 months from the date of issue. The Company paid finders'' fees to arm''s length third parties in connection with this tranche in the amount of $31,224 in cash and issued 120,320 compensation warrants. Each compensation warrant is exercisable into one common share of the Company at an exercise price of USD $0.26 per share for a period of 60 months from the date of issue. The expiration dates of the warrants and compensation warrants are subject to acceleration by the Company in certain circumstances.
The common shares and warrants issued by the Company 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 March 26, 2015 for the securities issued in this tranche. The offering is subject to final acceptance by the TSX Venture Exchange.
About Critical Outcome Technologies Inc. (COTI)
COTI is a biopharmaceutical company using machine learning to rapidly develop targeted therapies. COTI''s proprietary artificial intelligence platform, 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.
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, "... we continue to advance COTI-2 towards a Phase 1 clinical trial in gynecological cancers at the MD Anderson Cancer Centre in early 2015, which we believe will be a major risk reduction and value creating event" and "... funding will also support our efforts to extend the COTI-2 franchise to patients afflicted by other cancer indications with p53 mutations such as head and neck cancers" 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.
Contacts:
Critical Outcome Technologies Inc.
Dr. Wayne Danter
President & CEO
519-858-5157
Heisler Communications
Trevor Heisler
Investor Relations
416-500-8061
Follow (at)CriticalOutcome on Twitter at
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Datum: 26.11.2014 - 07:30 Uhr
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News-ID 1321366
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