IND Indy Diarytech Limited Com

Critical Outcome Technologies Inc. ("COTI" or the "Company") (TSX
VENTURE:COT)(OTCQB:COTQF) reported its financial and operating results today for
the fourth quarter and the year ended April 30, 2014 ("FYE 2014"). 


Highlights for the fiscal year included:



--  Receiving further positive test results from MD Anderson Cancer Center
    confirming that the Company's lead cancer drug candidate, COTI-2, is
    most active in mutant p53 tumors and the effect seen in many specific
    p53 mutations is striking, suggesting that clinical trials are
    warranted; 
--  Receiving a fifth patent grant from the United States Patent & Trademark
    Office for COTI-2 with this latest patent related to using COTI-2 in
    various combination therapies; 
--  Initiating the final toxicity studies including the 28-day two-species
    study for COTI-2 as the last major test data needed to prepare an
    Investigational New Drug ("IND") filing leading to a Phase 1 clinical
    trial; and, 
--  Submitting an application for Orphan Drug Designation for COTI-2 in the
    treatment of ovarian cancer. 



"In fiscal 2014, we made substantial progress with respect to three core
initiatives focused on future revenue generation," said Dr. Wayne Danter, COTI's
President & Chief Executive Officer. "First, is the development and
commercialization of COTI-2; second, the advancement of research and development
collaborations entered into during the prior fiscal year; and third, the
application of the core functionality of CHEMSAS(R) and the Company's scientific
and technical knowledge in the development of new product applications."


"Fiscal 2015 is off to a great start," said Mr. John Drake, COTI's Chairman. "In
June, COTI-2 received an Orphan Drug Designation from the U.S. Food and Drug
Administration for the treatment of ovarian cancer. This is an important
milestone for COTI-2 and moves us one step closer to bringing this exciting
compound to ovarian cancer patients. Also in June, our common shares commenced
trading on the OTCQB, improving our visibility and exposure in the U.S. We look
forward to keeping you abreast of what we expect to be an exciting year for our
Company."


Financial Results

Fourth Quarter 

The Company reported a quarterly net loss of $1,226,521 or $0.01 per share,
compared to a net loss of $443,579 or $0.01 per share, for the fourth quarter a
year earlier. The increase of $782,942 in the loss related primarily to an
increase of $502,261 in research and development ("R&D") expenditures and
$312,122 in general and administrative ("G&A") expenditures partially offset by
an increase of $42,495 in investment tax credits.


The increased R&D expenditures related primarily to in vivo and in vitro testing
that increased by $414,497 reflecting the 28-day two-species toxicity tests
being conducted for COTI-2 and the related supporting tests necessary to prepare
an IND filing with the U.S. Food and Drug Administration. The major cause of the
G&A increase was higher spending for strategic financial advisory services of
$276,592 to assist in the Company's plans to raise capital in the U.S.


Fiscal Year

The Company reported a loss of $2,996,179 or $0.03 per share for FYE 2014
compared to a net loss of $2,625,804 or $0.03 per share for fiscal 2013. The
increased loss of $370,375 resulted primarily from increases in R&D expense of
$242,999 and G&A expense of $239,781 partially offset by a decrease in sales and
marketing ("S&M") expense of $176,376.


R&D expenses increased year-over-year primarily due to increases in testing
related to COTI-2, with the primary focus of the testing being the final
two-species toxicity testing package and the associated tests supporting the
preparation of a COTI-2 IND filing. The increase in G&A expenses related to
higher consulting fees primarily associated with U.S. financial advisory
services offset by a decrease in salaries and benefits, and share-based
compensation. The decrease in S&M expenses year-over-year related to decreases
in consulting fees, marketing and travel, and salaries and benefits related to a
staffing reduction.


Financing

During the year, the Company realized gross proceeds of approximately $2.8
million through private placements with accredited investors and the issuance of
a debenture to provide funding for operations. At FYE 2014, the Company had
$830,275 in cash and cash equivalents to provide funding for operations in
fiscal 2015 compared to $169,347 at FYE 2013. Subsequent to year-end, the
Company announced a private placement financing for approximately $895,000 to
further support operations.


More detailed operating and financial results can be found in the Company's
Annual Audited Financial Statements and Management Discussion and Analysis for
the year ended April 30, 2014, which can be found on SEDAR at www.sedar.com.


About Critical Outcome Technologies Inc. (COTI) 

COTI is a leading-edge bioinformatics 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(R), 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.


Follow @CriticalOutcome on Twitter at http://twitter.com/CriticalOutcome 

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.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Critical Outcome Technologies Inc.
Dr. Wayne Danter
President & CEO
519-858-5157
wdanter@criticaloutcome.com
www.criticaloutcome.com


Heisler Communications
Trevor Heisler
Investor Relations
416-500-8061
trevor@heislercommunications.com

Indy Diarytech Limited Com (TSXV:IND)
Historical Stock Chart
From Oct 2024 to Nov 2024

Indy Diarytech Limited Com (TSXV:IND)
Historical Stock Chart
From Nov 2023 to Nov 2024