Critical Outcome Technologies Inc. (COTI)
TSX VENTURE : COT
OTCQB : COTQF

Critical Outcome Technologies Inc. (COTI)

October 23, 2014 09:06 ET

Critical Outcome Technologies Provides Summary of Recent Achievements and Future Milestones at Annual General Meeting

Focus on the clinical development of lead compound, COTI-2, continues

LONDON, ONTARIO--(Marketwired - Oct. 23, 2014) - Critical Outcome Technologies Inc. (COTI) (TSX VENTURE:COT)(OTCQB:COTQF), the biopharmaceutical company using machine learning to rapidly develop targeted therapies, announced today that its President & Chief Executive Officer, Dr. Wayne Danter, provided a summary of the key business achievements during the past year and an overview of plans moving forward at the Company's Annual General and Special Meeting (AGM) of Shareholders held on Tuesday, October 21, 2014.

Highlights of the presentation included:

  • An overview of COTI-2, the Company's lead oncology compound, and recent milestones including: receipt of the Orphan Drug Designation for the treatment of ovarian cancer; important scientific test results from MD Anderson Cancer Center on COTI-2's p53 mechanism of action; continued strengthening of the patent portfolio; and progress with MD Anderson toward a Phase 1 clinical trial;

  • An outline of the next steps for COTI-2 development including: completing and filing an investigational new drug application with the U.S. Food and Drug Administration; plans and timing for first patient enrolment in the clinical trial; a brief of the patient profile for the trial; and the timeline for the trial's completion; and,

  • A brief review of current and future products in development with commercial potential.

A copy of the full presentation can be found on COTI's website www.criticaloutcome.com or at www.Slideshare.net/CriticalOutcome.

Other highlights of the AGM included:

  • The re-appointment of KPMG LLP as auditor of the Company and authorization for the directors to fix the auditor's remuneration;

  • The approval by the shareholders to fix the current complement of directors at five and empowering the Board of Directors (Board) thereafter to determine from time to time the number of directors of the Corporation within the minimum and maximum limits;

  • The election by the shareholders of the slate of five directors put forth by the management;

  • Ratification and approval of the Shareholder Rights Plan that became effective on September 25, 2014;

  • Ratification and approval of By-Law 1A implementing Advance Notice Requirements regarding the election of directors that was approved by the Board on August 26, 2014;

  • Approval of a special resolution authorizing the Board at its discretion at an appropriate time, if any, to consolidate the common shares of the Company on the basis of one post-consolidation common share for up to ten pre-consolidation common shares and to amend the Company's Articles accordingly;

  • Approval to amend the Company's stock option plan to allow for changes deemed advisable by the Board as a result of the Shareholder Rights Agreement and any future share consolidation; and,

  • Approval to continue the Company's rolling stock option plan.

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. For more information, visit www.criticaloutcome.com.

Follow @CriticalOutcome on Twitter at http://twitter.com/CriticalOutcome

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