Additional Support for Upcoming Phase 1 Clinical Trial for Lead Cancer Drug Candidate, COTI-2
LONDON, ON--(June 30, 2015) -
This news release is intended for distribution in Canada only and is not intended for distribution to United States newswire services or dissemination in the United States.
Critical Outcome Technologies Inc. (COT:CA) (COTQF) ("COTI" or the "Corporation") is pleased to announce the closing of the first tranche of a non-brokered private placement of 1,500,000 units (the "Units") at a price of CAD $0.30 per Unit for gross proceeds of CAD $450,000.
"Having received acceptance of our investigational new drug application in May, we are targeting the commencement of the COTI-2 Phase 1 human trial for late summer," said Dr. Wayne Danter, President & CEO. "This funding will help support the COTI-2 trial as we move forward with our first treatment in humans that will demonstrate the potential of COTI-2 to positively impact patients with cancers that have p53 gene mutations."
Each Unit consists of one Common Share and one half Warrant of the Corporation. Each whole Warrant is exercisable for one Common Share of the Corporation at an exercise price of CAD $0.42 per share for a period of 24 months from the date of closing. In addition to cash costs, the Corporation also issued 90,000 Compensation Warrants exercisable to acquire one Common Share upon payment of CAD $0.315 for a period of 24 months from the date of closing. Both the Warrants and Compensation Warrants are subject to acceleration of the Expiration Date by the Corporation in certain circumstances.
The Common Shares and Warrants comprising the Units, as well as the Common Shares issuable upon the exercise of the Warrants, are subject to restrictions on resale which expire on October 30, 2015 in accordance with applicable securities laws and the policies of the TSX Venture Exchange. The offering is subject to final acceptance by the TSX Venture Exchange.
The securities referred to in this news release have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent U.S. registration or an applicable exemption from the U.S. registration requirements. This news release does not constitute an offer for sale of securities or a solicitation for offers to buy any securities. Any public offering of securities in the United States must be made by means of a prospectus containing detailed information about the company and management, as well as financial statements.
About Critical Outcome Technologies Inc.
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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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. For example, the statement, "… we are targeting to commence the Phase 1 human trial for COTI-2 in late summer" 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.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For more information, visit www.criticaloutcome.com or contact:
Critical Outcome Technologies Inc.
Dr. Wayne Danter
President & CEO
Investor Relations - Canada
Stonegate Capital Partners
Investor Relations - United States
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