LONDON, ONTARIO -- (Marketwired) -- 05/06/13 -- Critical Outcome Technologies Inc. ("COTI" or the "Company") (TSX VENTURE: COT) announced today that all three of the collaboration research and development (R&D) projects announced in the fall of 2012 are on time and progressing well. These collaborations include: (1) a drug discovery project with Western University; (2) a co-development project with Delmar Chemicals Inc.; and (3) a drug discovery project with a major global pharmaceutical company.
"Success with these projects will provide ongoing independent third party validation of CHEMSAS® as a powerful artificial intelligence drug discovery engine across multiple targets and as a commercial asset," said Dr. Wayne Danter, President and CEO. "Each of these co-development discovery projects has significant revenue generating potential, and based upon recently completing a few pilot projects, we are seeking to add additional collaborations during 2013."
(1) Anti-scarring compounds meet Western University's development criteria
On September 6, 2012, the Company announced a commercial discovery agreement with Dr. Arthur Brown and Western University to identify and advance potential therapies for minimizing Central Nervous System (CNS) scarring following trauma or stroke. A small library of potential lead compounds were identified by COTI in October and provided to Dr. Brown to test for activity against the specific cellular target. "We are very pleased that so far, two of the compounds discovered by COTI met the pre-determined development criteria and we are eager to continue to work with COTI to refine and move one or more compounds further into preclinical development and towards a commercial licensing transaction," said Dr. Arthur Brown.
(2) Angiogenesis compounds in synthesis at Delmar Chemicals Inc.
On September 12, 2012, the Company announced a collaboration with Delmar Chemicals Inc. ("DCI") of Montreal, Canada, to identify and develop novel small molecules for therapeutic targets identified as being of specific interest to major pharmaceutical companies. The initial project is targeted at angiogenesis inhibiting small molecules identified to be of potential interest in the Open Innovation Drug Discovery ("OIDD") program. Since then, COTI has identified a series of novel structures that were submitted and successfully passed the OIDD programs initial computational screens focused on novelty, synthetic feasibility and potential toxicity. Composition of matter patentability of these optimized structures has also been confirmed. "We are very pleased to have identified these drug candidates and the first three compounds in the series are now being synthesized at DCI. We anticipate transferring these compounds to the OIDD program for in-house testing in the second quarter of 2013," commented Dr. Danter.
(3) Compounds meet or exceed initial target objectives of multinational pharmaceutical company
On December 6, 2012, the Company announced a drug discovery agreement with a major pharmaceutical company (Pharma) to use CHEMSAS® to identify and optimize a number of small molecules against a specific and difficult target of commercial interest to the Pharma. COTI successfully completed its part of the first phase of the project and submitted a number of identified compounds for wet lab testing by the Pharma in the first quarter of 2013. Initial test results received from the Pharma indicate a number of the submitted compounds meet or exceed the project target objectives. Complete test results and the final report on the first phase are expected in the second quarter of 2013. The data and conclusions from this report will be used to refine and optimize final candidates for the Pharma to evaluate in the second phase of the project. Depending upon the results of the second phase testing, either a licensing deal will be concluded or COTI will retain all data and intellectual property and will be free to engage other parties who may have an interest in the target.
About Critical Outcome Technologies Inc.
COTI is a leading-edge technology 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®, 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.
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Critical Outcome Technologies Inc.
Dr. Wayne Danter
President & CEO
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