SOURCE: Critical Outcome Technologies Inc. (COTI)

Critical Outcome Technologies Inc. (COTI)

October 14, 2016 08:46 ET

Critical Outcome Technologies Provides Update on Recent Achievements and Future Strategic Objectives at Annual General Meeting

Together With COTI-2 and COTI-219, the Company Is Building a Compelling Pipeline of Novel, Oral, Small Molecules Targeting Previously "Undruggable" Cancer Targets

LONDON, ON and BOSTON, MA--(Marketwired - October 14, 2016) - Critical Outcome Technologies Inc. ("COTI" or the "Company") (TSX VENTURE: COT) (OTCQB: COTQF), announced today that its Chief Executive Officer, Dr. Wayne Danter, and President, Ms. Alison Silva, provided a summary of the key milestones achieved during the past year and highlighted the Company's strategic objectives moving forward at the Company's Annual General and Special Meeting of Shareholders ("AGM") held on Thursday, October 13, 2016.

Highlights of the presentation included:

  • A review of the key scientific data demonstrating COTI-2's potential as a breakthrough therapy for many cancers;
  • An update on the COTI-2 clinical trial and the competitive landscape for therapies targeting p53;
  • A brief overview of COTI-219, recently announced as the Company's next clinical trial candidate, as an inhibitor of KRAS activation and mutant tumours; and,
  • A recap of performance on the Fiscal 2016 objectives, followed by a review of corporate objectives for Fiscal 2017 and beyond.

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

Other highlights of the AGM included:

  • The approval by the shareholders to fix the complement of directors at eight and empower the Board of Directors 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 eight directors put forth by management;
  • The re-appointment of KPMG LLP as auditor of the Company and authorization for the directors to fix the auditor's remuneration;
  • The authorization by shareholders for the directors to consolidate the common shares of the Company on the basis of up to ten pre-consolidation shares for one post-consolidation share at their discretion as to an appropriate time, and to amend the Company Articles accordingly;
  • The approval by the shareholders of amendments to the Company's organization by-law, shareholder rights plan and its stock option plan; and,
  • Approval to continue the Company's rolling stock option plan.

About Critical Outcome Technologies Inc. (COTI)

COTI is a clinical stage biotechnology company advancing innovative and targeted therapies for the treatment of cancer. The Company's lead compound, COTI‐2, has a novel p53‐dependent mechanism of action with selective and potent anti‐cancer activity. COTI‐2 is being initially evaluated for the treatment of gynecologic cancers, which includes ovarian, cervical, and endometrial cancers in a Phase 1 clinical trial at the MD Anderson Cancer Center at the University of Texas and the Lurie Cancer Center at Northwestern University. The Company has secured orphan drug status in the U.S. for COTI‐2 for the treatment of ovarian cancer in patients failing first line therapies and is planning additional studies in other cancer indications such as head and neck, Li‐Fraumeni Syndrome, and acute myelogenous leukemia. These studies are supported by more than ten animal xenograft models showing both single and combination agent activity of COTI‐2 with other leading cancer drugs. Preclinical data provides evidence to suggest a potentially dramatic change in the treatment of cancers with mutations of the p53 gene.

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