Quarterly reports display a company’s progress from both operational and financial perspectives, and while reporting a loss can seem alarming, it only provides half of a company’s overall progress. Critical Outcome Technologies Inc. (COT:CA) , a biopharmaceutical company, is one example where their efforts in the field of cancer treatment and research outweighs the reports of dollars and cents.
The Ontario-based company has released their 2016 first quarter operating and financial results. Although they reported a loss of $985,120 due to an increase in sales, marketing, research and development efforts for the first quarter, ending on July 31, 2015, the company also reports several notable operational milestones. One of the major developments reported during this period is Critical Outcome’s small molecule activator of misfolded mutant p53 protein, named COTI-2, receiving investigational drug status (IND) from the US Food and Drug Administration (FDA).
"The receipt of the IND grant from the FDA has redoubled the company's efforts to move COTI-2 into the clinic as rapidly as possible," said Wayne Danter, President and CEO of Critical Outcome Technologies. "We look forward to continuing our work with MD Anderson Cancer Center and our supporting contract research organizations to realize our goal of transforming the treatment options for women with ovarian and other gynecological cancers."
Critical Outcome Builds Off Success in Ovarian Cancer Research
This announcement follows glowing praise of the company’s research and treatment development for ovarian and other gynecological cancers. In early September, the company announced that for an initial one-year term, Outreach 99 LLC will manage and direct Critical Outcome’s investor relations program. With the Outreach 99 team having 35 years of experience in life sciences, the Boston-based company put the work of Critical Outcome into context.
"Critical Outcome Technologies is entering into a very exciting period with their first compound beginning a Phase 1 clinical trial for ovarian cancer,” said Paul Papi, founder and president of Outreach 99 LLC. COTI 2 will be dosed in the first cohort of patients at University of Texas MD Anderson Cancer Center this month. Ovarian and other gynecological cancers affect nearly 90,000 women each year and the preclinical studies show that COTI 2 potentially represents an important new treatment option."
With an innovative treatment in IND status from the FDA and increased marketing and investor relations efforts, Critical Outcome is well-positioned to overcome their Q1 2016 loss, and continue their mission in the accelerated development of new effective treatment options.
Equities.com had an opportunity to speak with Wayne Danter, CEO of Critical Outcome Technologies, Inc. at the Rodman & Renshaw Conference 2015. The interview can be watched here. For more information about Critical Outcome Technologies, visit www.criticaloutcome.com.
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