Highlights for the fiscal year included:
-- Receiving further positive test results from
MD Anderson Cancer Centerconfirming 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-2with 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.
"Fiscal 2015 is off to a great start," said Mr.
The Company reported a quarterly net loss of
The increased R&D expenditures related primarily to in vivo and in vitro testing that increased by
The Company reported a loss of
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.
During the year, the Company realized gross proceeds of approximately
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
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.
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FOR FURTHER INFORMATION PLEASE CONTACT:
Critical Outcome Technologies Inc.Dr. Wayne DanterPresident & CEO 519-858-5157 firstname.lastname@example.org Heisler Communications Trevor HeislerInvestor Relations 416-500-8061 email@example.com Source: Critical Outcome Technologies Inc.(COTI)