Company Appoints Independent Director With Pharmaceutical Development Operational Expertise
LONDON, ON--(May 14, 2015) - Critical Outcome Technologies Inc. ("COTI" or the "Company") (COT:CA) (COTQF) is very pleased to announce that Ms. Alison Silva has been appointed to the Board of Directors ("Board") of the Company as an independent director, subject to final regulatory approval.
Ms. Silva is currently Executive Vice President and Chief Operating Officer (COO) of Synlogic, a Boston-based synthetic biology company backed by Atlas Venture, New Enterprises Associates and the Bill & Melinda Gates Foundation. In this role, she is leading the regulatory strategy, drug development, and operational aspects of the company's focus on the discovery and development of engineered therapeutic microbes. Synlogic was recently nominated by Nature Biotechnology as one of the top emerging startups of 2014. She is also a Principal and Co-founder of The Orphan Group, a specialty consulting firm dedicated to assisting companies with their orphan drug development strategy, implementation and lifecycle product management. Prior to founding The Orphan Group, Ms. Silva held the position of COO at SLA Pharma, a GI-oncology focused biotech, where she was primarily responsible for heading up their U.S. corporate and clinical operations for their pipeline of orphan drug candidates. Prior to joining SLA Pharma, Ms. Silva was Vice President, Drug Development of Marina Biotech following its acquisition of Cequent Pharmaceuticals in 2010 where she held the same role. Both Marina and Cequent focused on the discovery and development of RNAi therapeutics in the orphan drug space where she led the drug development efforts of their lead candidate in Familial Adenomatous Polyposis from the initial licensing stage through clinical development. Ms. Silva began her career in drug development in clinical operations in various positions at Pfizer, Massachusetts General Hospital and the University of Massachusetts. Alison holds a BA in Biology and Mathematics from Clark University, and a MS from Clark University and UMass Medical Center.
"We are very pleased to add the knowledge, skill set and energy of Alison to our Board as we transition to a clinical stage pharmaceutical company," said John Drake, Chairman of the Board. "Her experience in drug development operations and the orphan drug space will be particularly helpful to the Board and management."
"Through her company The Orphan Group, Alison was instrumental in our successful application for the Orphan Drug designation for our lead compound, COTI-2, in June of last year," said Dr. Wayne Danter, President and CEO. "I very much look forward to working with her as we advance COTI-2 and other programs through the clinic."
The Board approved a grant of 104,350 stock options to Ms. Silva under the Company's stock option plan on a basis consistent with the Company's compensation practice for its directors. The options have a five-year life and will vest equally on July 21 and October 21, 2015. The exercise price is $0.29 and represents the closing price of the Company's common shares on the TSX Venture Exchange on the last trading day preceding the date of grant.
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, "… subject to final regulatory approval" and "… as we transition to a clinical stage pharmaceutical company" and "… look forward to working with her as we advance COTI-2 and other programs through the clinic" are forward-looking statements. 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.
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For more information, visit www.criticaloutcome.com or contact:
Critical Outcome Technologies Inc.
Dr. Wayne Danter
President & CEO
Stonegate Capital Partners
Investor Relations - United States
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