Critical Outcome Technologies Inc. (COTI)

Critical Outcome Technologies Inc. (COTI)

April 01, 2011 10:07 ET

Critical Outcome Technologies Inc. Announces Board Changes

LONDON, ONTARIO--(Marketwire - April 1, 2011) - Critical Outcome Technologies Inc. (COTI) (TSX VENTURE:COT) is very pleased to announce that at its Board of Directors (Board) meeting held on March 31, 2011, Dr. Brent Norton M.D., M.B.A., ICD.D. was appointed a new member of the Board effective April 1, 2011.

Dr. Norton is an accomplished leader in the Life Science industry with significant experience as a Founder, President, CEO and Director of several successful Life Science companies. Having completed his medical training at McGill University, Dr. Norton subsequently obtained a Masters of Business Administration at the University of Western Ontario's Richard Ivey School of Business and is a certified director from the Institute of Corporate Directors.

Dr. Norton is also a director of Novadaq Technologies Inc., (TSX:NDQ) and PLC Medical Systems (OTCBB:PLCSF); an advisor to the Richard Ivey School of Business Healthcare MBA sector and the Ivey Center for Health Innovation and Leadership; a director of the Ontario Bioscience Industry Organization and a director of the Osler Bluff Ski Club.

"Dr. Norton has built commercial licensing relationships with two of the top five medical companies in the world and initiated sponsored or co-sponsored licensing and development programs with several major multinational medical companies," said Mr. John Drake, Chairman of COTI. "His experience in this area will be invaluable to our Board and the management team as we move forward with the risk reduction milestones and subsequent out- licensing of our lead compound, COTI-2, following the close of our recent financing."

The Board approved the granting of 56,818 stock options to Dr. Norton under the Company's Stock Option Plan as a retainer for his service on the Board consistent with compensation practices for its directors. The options have a five year life and will be fully vested by October 28, 2011. The exercise price is $0.15 and represents the closing price of the Company's common shares on the TSX Venture Exchange on March 30, 2011 the day prior to the Board meeting.

The Company also announced today that Mr. Michael Cloutier resigned from the Board on March 31, 2011 in accordance with the terms of his appointment as President and CEO of the Canadian Diabetes Association in 2010 and their conflict of interest policy.

"We thank Michael for his continued support of our Company since assuming his new position," said Mr. Drake. "On behalf of the Board and the Company, I wish Michael every success and extend our appreciation for his contributions since joining the COTI board in September 2008."

About Critical Outcome Technologies Inc. (COTI)

COTI is formed around a unique computational platform technology called CHEMSAS®, which allows for accelerated identification and optimization of targeted small molecules potentially effective in the treatment of human diseases for which current therapy is either lacking or ineffective. COTI is focused on preparing its lead anti-cancer compound, COTI-2, for an Investigational New Drug filing in the USA in 2012. In addition to COTI-2, the company has a significant preclinical pipeline targeting market opportunities such as: acute myelogenous leukemia and other cancers, multiple sclerosis, HIV integrase, and Alzheimer's disease.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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