LONDON, ONTARIO and BOSTON, MASSACHUSETTS–(Marketwired – Dec. 28, 2017) – Critical Outcome Technologies Inc. (“COTI” or the “Company”) (TSX VENTURE:COT)(OTCQB:COTQF), announced today that 346,428 stock options were awarded to directors under the Company's Stock Option Plan on December 20, 2017. The options have a five year life with 25% vesting at the end of each quarter during the first year following the grant date. The exercise price is $1.20 and represents the closing price of the Company's common shares on the TSX Venture Exchange on December 19, 2017, the last trading day prior to the award date.
“This award of stock options is in keeping with our philosophy of conserving cash and demonstrating the directors' belief in, and commitment to the Company's future”, said Company Chairman, John Drake. “As a result, the Board made no changes to the compensation program that has been in place during the past few years”.
About Critical Outcome Technologies Inc. (COTI)
COTI is a clinical stage biotech company that uses proprietary artificial intelligence technologies to pursue a targeted and transformational approach to treating cancer and other unmet medical needs. COTI's CHEMSAS® technology accelerates the discovery and development of novel drug therapies, allowing the Company to build a pipeline of potential drug candidates faster and with a higher probability of success than traditional methods.
The Company's lead compound, COTI-2, has a novel p53-dependent mechanism of action with selective and potent anti-cancer activity. P53 mutations occur in over 50% of all cancers. COTI-2 is initially being evaluated for the treatment of gynecologic cancers and head and neck squamous cell carcinoma 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 United States for COTI-2 for the treatment of ovarian cancer. Preclinical data suggests that COTI-2 could dramatically improve the treatment of cancers with mutations in the p53 gene.
The Company's second lead compound, COTI-219, is a novel oral small molecule compound targeting the mutant forms of KRAS without inhibiting normal KRAS function. KRAS mutations occur in up to 30% of all cancers and represent a tremendous unmet clinical need and a desirable drug target. COTI-219 is undergoing IND-enabling studies to support a regulatory submission in 2018.
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Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For more information, visit www.criticaloutcome.com.
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