LONDON, ONTARIO--(Marketwire - 06/16/10) - Critical Outcome Technologies Inc., announced today the implementation of organizational changes designed to optimize current resources and position the Company for success in fiscal 2011 and beyond.
The Company’s current Chief Executive Officer (CEO), Mr. Michael Cloutier will be resigning effective July 1, 2010 to pursue a leadership role in philanthropy. Mr. Cloutier has been COTI’s CEO since November 2008 and has skillfully guided the company through strategic planning for the future, the development of many new corporate and government relationships and the recent completion of a private placement financing. Mr. Cloutier will remain an active member of the Board of Directors (Board) and continue to have an important role in advising the management team.
“As a management team we are committed to delivering maximum return on capital for our shareholders by efficiently and effectively managing the business. We have determined that this organizational change will position the Company to reach its short and long term goals, including the priority to realize a licensing deal for COTI-2, while optimizing the use of the Company’s cash resources. I remain committed to assisting the organization by providing strategic counsel in my continuing role on the Board,” said Mr. Cloutier.
Dr. Wayne R. Danter, COTI’s founder and current President will become the Company’s President and CEO effective July 1, 2010. This change will have an immediate effect in reducing the Company’s management costs while retaining access to the advice and counsel of Mr. Cloutier.
“On behalf of the management committee I would like to thank Mr. Cloutier for his skillful guidance of the Company through difficult economic times in the global biotech sector. Mr. Cloutier’s commitment to maximizing shareholder value is and has always been exemplary. We are happy for Mike as he embarks on a new and challenging leadership role in philanthropy. We are also delighted to have his continuing counsel both as a member of our Board and as a senior advisor to the management committee,” said Dr. Wayne Danter.
Mr. John Drake, COTI’s Chairman of the Board added, “On behalf of the Board, I wish Mr. Cloutier every success in his new leadership role and I wish to thank him for his stewardship and professionalism in leading COTI during the past 20 months. We are pleased to retain his skills and counsel on our Board. We are delighted that Dr. Danter has accepted the opportunity to lead COTI moving forward. As founder he is committed to the success of the Company and the vision that COTI will be a world leading drug discovery organization.”
As President and CEO, Dr. Danter will be evaluating the organizational structure and skill sets necessary to realize on the potential of its research and development and computational production areas during the next few months. During this evaluation period, Dr. Danter will maintain his responsibilities as Chief Scientific Officer until an appropriate transition can be made.
Mr. Michael Barr the Company’s current Director of Business Development and Marketing will assume the role of Vice President of Business Development and Marketing in recognition of his abilities and contributions since joining the Company in 2006. Mr. Barr will continue to lead the effort to secure a near term licensing deal for COTI-2 and will have operational responsibility for the business development and marketing area. Mr. Barr will assume his new role as of July 1, 2010.
The Company is currently focused on obtaining a licensing deal for COTI-2, preparing COTI-2 for an investigational new drug submission to the United States Food and Drug Administration in preparation for a Phase 1 clinical trial, completing a drug discovery co-development project and continuing the development of the Company pipeline of new drug candidates to follow COTI-2 for licensing. The Company has also begun the commercial and scientific evaluation of several new business applications based on its CHEMSAS® technology with the intention to unveil these new revenue models in mid to late 2011.
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 “the Company intends to unveil these new business applications in mid to late 2011" is a forward-looking statement. 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.
About Critical Outcome Technologies Inc. (COTI)
COTI is formed around a unique computational platform technology called CHEMSAS®, which allows for accelerated identification and optimization of targeted small molecules potentially effective in the treatment of human diseases for which current therapy is either lacking or ineffective. COTI is focused on preparing its lead anti-cancer compound, COTI-2, for an Investigational New Drug filing in the USA in 2011. In addition to COTI-2, the company has a significant preclinical pipeline targeting large market opportunities such as: adult acute leukemia and other cancers, multiple sclerosis, HIV integrase, and Alzheimer’s disease. For further information, visit www.criticaloutcome.com.
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Contacts: Critical Outcome Technologies Inc. (COTI) Michael Barr Director of Business Development and Marketing 519-858-5157 mbarr@criticaloutcome.com
