LONDON, ONTARIO -- (Marketwired) -- 12/18/14 -- Critical Outcome Technologies Inc. ("COTI" or the "Company") (TSX VENTURE: COT)(OTCQB: COTQF), the biopharmaceutical company that uses machine learning to rapidly develop targeted therapies, announced today that it is amending the expiry date of 2,003,498 common share purchase warrants ("Warrants") issued as part of a non-brokered private placement on June 21, 2013, that were scheduled to expire on December 20, 2014. Each Warrant entitled its holder to purchase one common share of the Company at an exercise price of $0.26 per share for a period of 18 months from the date of issue. These Warrants represented the second tranche of the Company's spring 2013 private placement.
"The amendment of these Warrants, on similar terms and conditions as the first tranche amended last month, marks the completion of the amendments relating to our spring 2013 financing," said Dr. Wayne Danter, President and Chief Executive Officer. "As we noted on the first tranche amendment, the value of the Company is starting to be realized as our lead oncology compound, COTI-2, advances toward the clinic. This value recognition should gain further momentum as we file our IND and move into the clinic in early 2015. Accordingly, we do not anticipate amending any other outstanding warrants as the Company and COTI-2 move forward."
The expiry date is being extended to 5:00 p.m. (Toronto time) on August 20, 2015, (the "New Expiry Date"), provided that the New Expiry Date of the Warrants will be accelerated to 21 days if, for any ten consecutive trading days (the "Premium Trading Days"), the closing price of the common shares equals or exceeds $0.35. The reduced exercise period will begin seven calendar days after the tenth Premium Trading Day. All other terms and conditions of the Warrants remain unchanged.
The Company will deliver a Notice of Amendment reflecting the amended expiry date to the registered holders of the Warrants.
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.
For more information, visit www.criticaloutcome.com
Follow @CriticalOutcome on Twitter at http://twitter.com/CriticalOutcome
Neither 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.
Contacts:
Critical Outcome Technologies Inc.
Dr. Wayne Danter
President & CEO
519-858-5157
wdanter@criticaloutcome.com
Heisler Communications
Trevor Heisler
Investor Relations
416-500-8061
trevor@heislercommunications.com
