London, Ontario, Canada, October 13, 2011 / B3C newswire / - Critical Outcome Technologies Inc. (COTI) (TSX Venture: COT) announced today that a composition of matter patent has been granted by the United States Patent and Trademark Office (USPTO) on October 11, 2011, representing a major milestone for the Company and its most advanced oncology drug candidate, COTI-2.
“The granting of this patent by the examiners of the USPTO strengthens the commercial value of COTI-2,” said Dr. Wayne Danter, CEO. “It also provides significant validation of our proprietary drug discovery process, CHEMSAS® , and its ability to discover novel small molecules. This patent provides protection for COTI-2 until 2030 and is a valuable asset to us in the advancement of our licensing initiatives.”
COTI-2’s specific cellular targeting, low toxicity, and proven efficacy support a potentially dramatic change in the treatment of cancers that over express Akt/Akt2. Over expression of Akt/Akt2 is common in a broad range of human cancers, including ovarian, endometrial, pancreatic, breast, colorectal and lung. The percent of tumors producing excess active Akt/Akt2 ranges from 20% to 100% depending on the cancer type. This patent, under USPTO number 8034815, provides protection in a market where there are an estimated 490,000 new cases each year of cancers that over express Akt/Akt2.
The receipt of this patent triggers the issuance of 715,720 new common shares in the Company as payment for one-half of the contingent share consideration that formed part of the purchase consideration on the acquisition of 3015402 Ontario Inc. (formerly 6441513 Canada Inc.) operating as DDP Therapeutics (DDP) announced on November 27, 2007. This consideration has an approximate market value of $164,616 based upon the closing market price of the Company’s shares on October 11, 2011.
Information provided 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 “is a valuable asset to us in the advancement of our licensing initiatives” is a forward-looking statement. This statement conveys the Company’s efforts to secure a licensing deal, but COTI is not in a position at this time to determine when and if a deal with be finalized. Forward-looking statements, by their nature, are not guarantees of future performance and are based upon management’s current expectations, estimates, projections and assumptions. Risks that could impact on these forward-looking statements are outlined in the Company’s annual information form. 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.
About Critical Outcome Technologies Inc. (COTI)
COTI is a leading-edge company specializing in accelerating the discovery of small molecules thus enabling these new drugs to be brought to market in a more cost effective, efficient and timely manner. COTI’S proprietary artificial intelligence system, CHEMSAS®, utilizes a series of predictive computer models to identify compounds most likely to be successfully incorporated in disease-specific drug discovery, as well as subsequent optimization and preclinical development. These compounds are targeted for a variety of diseases, particularly those for which current treatments are either lacking or ineffective.
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