Critical Outcome Technologies Inc. (COTI)

Critical Outcome Technologies Inc. (COTI)

November 17, 2014 18:26 ET

Critical Outcome Technologies Inc. Announces Warrant Term Amendment

LONDON, ONTARIO--(Marketwired - Nov. 17, 2014) - Critical Outcome Technologies Inc. (COTI) (TSX VENTURE:COT)(OTCQB:COTQF), the biopharmaceutical company that uses machine learning to rapidly develop targeted therapies, announced today that it is amending the expiry date of 2,412,397 common share purchase warrants ("Warrants") issued as part of a non-brokered private placement on May 31, 2013, that were scheduled to expire on November 30, 2014. Each Warrant entitled its holder to purchase one common share of the Company at an exercise price of $0.26 per share for a period of 18 months from the date of issue.

"The Company has amended expiring warrants in the past in response to the difficult market conditions experienced over the past few years," said Dr. Wayne Danter, President and Chief Executive Officer. "We are encouraged that the value of the Company is starting to be realized as our lead oncology compound, COTI-2, advances toward the clinic and that the general market for biotechnology stocks has improved markedly during the year. Because of this, we do not expect it will be necessary to amend any other outstanding warrants as the Company and COTI-2 move forward."

The expiry date is being extended to 5:00 p.m. (Toronto time) on July 31, 2015, (the "New Expiry Date"), provided that the New Expiry Date of the Warrants will be accelerated to 21 days if, for any ten consecutive trading days (the "Premium Trading Days"), the closing price of the common shares equals or exceeds $0.35. The reduced exercise period will begin seven calendar days after the tenth Premium Trading Day. All other terms and conditions of the Warrants remain unchanged.

The Company will deliver a Notice of Amendment reflecting the amended expiry date to the registered holders of the Warrants.

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.

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