|By Marketwired .||
|March 14, 2014 09:00 AM EDT||
LONDON, ONTARIO -- (Marketwired) -- 03/14/14 -- Critical Outcome Technologies Inc. (TSX VENTURE: COT) ("COTI" or the "Company"), the bioinformatics and accelerated drug discovery company, reported its financial and operating results today for the three and nine month periods ended January 31, 2014.
During the third quarter, the Company continued to receive positive results from experiments conducted with the Company's lead cancer drug candidate, COTI-2, in support of the 28-day two-species toxicity testing (contract signed February 11, 2014) and its investigational new drug filing with the U.S. Food and Drug Administration (FDA) planned for later in the calendar year. Repeat studies were also carried out at the M.D. Anderson Cancer Center concerning the impact of COTI-2 on various p53 mutations in support of their upcoming final report and the preparation of a joint scientific journal publication. The Company's efforts in licensing and financing during the quarter led to several announcements after the quarter-end.
"With the financing announced in early February, we have moved ahead with our two-species 28-day toxicity testing contract," said Dr. Wayne Danter, President and CEO. "This testing is the final toxicity testing required before we can prepare our investigational new drug filing with the FDA and will determine the safe starting dosage for COTI-2 in human trials."
"We are pleased that our efforts in the third quarter resulted in the receipt of a letter of intent to form a joint venture to fund the continued development of COTI-2 with considerable expertise and resources from our joint venture partner," continued Dr. Danter. "After a period of due diligence, we were able to announce this opportunity in late February and look forward to completing definitive agreements in the fourth quarter."
The Company had a net loss of $671,386, or $0.01 per share, for the quarter compared to a net loss of $696,785, or $0.01 per share, for the third quarter a year earlier. For the nine months ended January 31, 2014, the Company reported a loss of $1,769,658, or $0.02 per common share, compared to a loss of $2,182,223, or $0.03 per common share, for the same period last year. The expense reduction for the quarter and the year-to-date were attributable to expense reductions of $25,399 and $412,565 respectively in the Company's three functional expense areas.
Research and development expenditures decreased $17,872 for the quarter and $267,260 year-to-date primarily reflecting a decrease in the contract testing related to COTI-2 compared to the first nine months in fiscal 2013. General and administration expenditures increased $46,476 in the quarter and decreased $73,593 year-to-date related to an increase in professional fees, lower salaries and benefits due to a staffing reduction, and a decrease in share-based compensation. Sales and marketing expenditures decreased $65,158 in the quarter and $152,902 year-to-date resulting from lower salaries and benefits and a reduction in consulting expense. A decline in other income sources of $4,362 during the quarter and $52,315 year-to-date offset some of the expenditure cost savings and related primarily to a decrease in investment tax credits (ITC) calculated on the overall lower level of R&D contract expenses year-to-date compared to the prior year period and reductions to the amount of such expenses eligible for ITCs as set out in the federal budget of March 2012.
Efforts at identifying additional sources of financing during the third quarter, culminated in the closing of a non-brokered private placement of equity of $100,000, and of a non-convertible debenture of $400,000, for total gross proceeds of $500,000 following the quarter end. The Company continues to seek additional financing to support the development of its lead asset COTI-2 to a licensing agreement and fund its other activities, and in this regard, also announced following the quarter end, the engagement of a U.S. investment bank, Maxim Capital LLC. Maxim will act as a strategic advisor to the Company and will also act as the Company's exclusive placement agent for a best efforts private placement of securities of the Company to U.S. based accredited investors.
More detailed operating and financial results can be found in the Company's Unaudited Condensed Interim Financial Statements and Management Discussion and Analysis for the quarter ended January 31, 2014, which can be found on SEDAR at www.sedar.com. This material is also available on the Company's website at www.criticaloutcome.com.
About Critical Outcome Technologies Inc. (COTI)
COTI is a leading-edge technology company specializing in accelerating the discovery and development of small molecules - dramatically reducing the time and cost to bring new drugs to market. COTI'S proprietary artificial intelligence system, 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
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 "... its investigational new drug filing with the U.S. FDA planned for later in the calendar year..." and "... support of their upcoming final report and the preparation of a joint scientific journal publication..." and "... look forward to completing definitive agreements in the fourth quarter..." and "... continues to seek additional financing to support the development of its lead asset COTI-2 to a licensing agreement and fund its other activities..." 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.
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.
Identity is in everything and customers are looking to their providers to ensure the security of their identities, transactions and data. With the increased reliance on cloud-based services, service providers must build security and trust into their offerings, adding value to customers and improving the user experience. Making identity, security and privacy easy for customers provides a unique advantage over the competition.
Aug. 25, 2016 09:15 PM EDT Reads: 2,180
Qosmos has announced new milestones in the detection of encrypted traffic and in protocol signature coverage. Qosmos latest software can accurately classify traffic encrypted with SSL/TLS (e.g., Google, Facebook, WhatsApp), P2P traffic (e.g., BitTorrent, MuTorrent, Vuze), and Skype, while preserving the privacy of communication content. These new classification techniques mean that traffic optimization, policy enforcement, and user experience are largely unaffected by encryption. In respect wit...
Aug. 25, 2016 09:00 PM EDT Reads: 1,686
Kubernetes, Docker and containers are changing the world, and how companies are deploying their software and running their infrastructure. With the shift in how applications are built and deployed, new challenges must be solved. In his session at @DevOpsSummit at19th Cloud Expo, Sebastian Scheele, co-founder of Loodse, will discuss the implications of containerized applications/infrastructures and their impact on the enterprise. In a real world example based on Kubernetes, he will show how to ...
Aug. 25, 2016 08:45 PM EDT Reads: 1,367
Using new techniques of information modeling, indexing, and processing, new cloud-based systems can support cloud-based workloads previously not possible for high-throughput insurance, banking, and case-based applications. In his session at 18th Cloud Expo, John Newton, CTO, Founder and Chairman of Alfresco, described how to scale cloud-based content management repositories to store, manage, and retrieve billions of documents and related information with fast and linear scalability. He addres...
Aug. 25, 2016 06:30 PM EDT Reads: 1,914
Is the ongoing quest for agility in the data center forcing you to evaluate how to be a part of infrastructure automation efforts? As organizations evolve toward bimodal IT operations, they are embracing new service delivery models and leveraging virtualization to increase infrastructure agility. Therefore, the network must evolve in parallel to become equally agile. Read this essential piece of Gartner research for recommendations on achieving greater agility.
Aug. 25, 2016 05:15 PM EDT Reads: 630
SYS-CON Events announced today that Hitrons Solutions will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Hitrons Solutions Inc. is distributor in the North American market for unique products and services of small and medium-size businesses, including cloud services and solutions, SEO marketing platforms, and mobile applications.
Aug. 25, 2016 04:15 PM EDT Reads: 420
Smart Cities are here to stay, but for their promise to be delivered, the data they produce must not be put in new siloes. In his session at @ThingsExpo, Mathias Herberts, Co-founder and CTO of Cityzen Data, will deep dive into best practices that will ensure a successful smart city journey.
Aug. 25, 2016 03:30 PM EDT Reads: 1,487
DevOps at Cloud Expo, taking place Nov 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 19th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long dev...
Aug. 25, 2016 03:15 PM EDT Reads: 2,212
Internet of @ThingsExpo, taking place November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 19th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The Internet of Things (IoT) is the most profound change in personal and enterprise IT since the creation of the Worldwide Web more than 20 years ago. All major researchers estimate there will be tens of billions devices - comp...
Aug. 25, 2016 02:00 PM EDT Reads: 3,546
SYS-CON Events announced today that Venafi, the Immune System for the Internet™ and the leading provider of Next Generation Trust Protection, will exhibit at @DevOpsSummit at 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Venafi is the Immune System for the Internet™ that protects the foundation of all cybersecurity – cryptographic keys and digital certificates – so they can’t be misused by bad guys in attacks...
Aug. 25, 2016 01:00 PM EDT Reads: 2,596
The 19th International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Digital Transformation, Microservices and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding business opportuni...
Aug. 25, 2016 01:00 PM EDT Reads: 3,891
As the world moves toward more DevOps and Microservices, application deployment to the cloud ought to become a lot simpler. The Microservices architecture, which is the basis of many new age distributed systems such as OpenStack, NetFlix and so on, is at the heart of Cloud Foundry - a complete developer-oriented Platform as a Service (PaaS) that is IaaS agnostic and supports vCloud, OpenStack and AWS. Serverless computing is revolutionizing computing. In his session at 19th Cloud Expo, Raghav...
Aug. 25, 2016 12:45 PM EDT Reads: 587
DevOps at Cloud Expo – being held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA – announces that its Call for Papers is open. Born out of proven success in agile development, cloud computing, and process automation, DevOps is a macro trend you cannot afford to miss. From showcase success stories from early adopters and web-scale businesses, DevOps is expanding to organizations of all sizes, including the world's largest enterprises – and delivering real results. Am...
Aug. 25, 2016 12:15 PM EDT Reads: 3,387
Fact: storage performance problems have only gotten more complicated, as applications not only have become largely virtualized, but also have moved to cloud-based infrastructures. Storage performance in virtualized environments isn’t just about IOPS anymore. Instead, you need to guarantee performance for individual VMs, helping applications maintain performance as the number of VMs continues to go up in real time. In his session at Cloud Expo, Dhiraj Sehgal, Product and Marketing at Tintri, wil...
Aug. 25, 2016 11:00 AM EDT Reads: 551
Ixia (Nasdaq: XXIA) has announced that NoviFlow Inc.has deployed IxNetwork® to validate the company’s designs and accelerate the delivery of its proven, reliable products. Based in Montréal, NoviFlow Inc. supports network carriers, hyperscale data center operators, and enterprises seeking greater network control and flexibility, network scalability, and the capacity to handle extremely large numbers of flows, while maintaining maximum network performance. To meet these requirements, NoviFlow in...
Aug. 25, 2016 11:00 AM EDT Reads: 1,829