Critical Outcome Technologies Inc. (COTI)

Critical Outcome Technologies Inc. (COTI)

October 07, 2009 09:22 ET

Critical Outcome Technologies Inc. Receives U.S. Patent Related to Its Acute Myelogenous Leukemia Program

LONDON, ONTARIO--(Marketwire - Oct. 7, 2009) - Critical Outcome Technologies Inc. (COTI) (TSX VENTURE:COT) announced today that a patent for its protein tyrosine kinase inhibitors within the Company's Acute Myelogenous Leukemia (AML) program was granted by the United States Patent Office (USPTO) on September 8, 2009. According to the National Cancer Institute tyrosine kinase inhibitors interfere with cell communication and may prevent tumor growth by inhibiting the uncontrolled white blood cell proliferation common in leukemia. This patent, under USPTO # 7,585,866 B2, provides protection in a market where approximately 18,500 new cases of AML are diagnosed worldwide each year and the trend in overall incidence of AML is expected to grow by 7% in the next 6 years.

"We are quite pleased to announce another important milestone in the growth and development of our Company," said COTI President and Chief Scientific Officer, Dr. Wayne Danter. "The granting of this patent by the examiners of the USPTO represents a further validation of the value of the CHEMSAS® process for discovering novel targeted lead compounds. As a result, we have an additional valuable asset that can be licensed to partners to further develop these drug candidates for the treatment of one of the most serious forms of cancer in adults."

The Company plans to begin preclinical development of a lead compound from this library and aggressively pursue licensing opportunities with leading North American and European pharmaceutical partners in 2010. European patents for these AML compounds were previously granted under European patent numbers 1 551 824 and 1 542 989. The granting of additional patents on these compounds in North America are expected shortly and will further strengthen the Company's patent portfolio and provide additional impetus to licensing negotiations.

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. Specifically, the statement "are expected shortly" is a forward-looking statement. 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.

About Critical Outcome Technologies Inc. (COTI)

COTI is formed around a unique computational platform technology called CHEMSAS®, which allows for the accelerated identification, profiling and optimization of targeted small molecules potentially effective in the treatment of human diseases for which current therapy is either lacking or ineffective. Currently, six targeted libraries of lead compounds are under active development; small cell lung cancer, multiple sclerosis, HIV integrase inhibitors, acute myelogenous leukemia, colorectal cancer and Alzheimer's disease.

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Contact Information

  • Critical Outcome Technologies Inc. (COTI)
    Michael Barr
    Director of Business Development and Marketing