At the quarter end, the Company held cash, cash equivalents and short-term investments of $541,629. This balance reflected a non-brokered private placement that closed on January 30, 2013 for gross proceeds of $504,736. The quarter end balance reflected a decline of $1,172,042 since the April 30, 2012 year end with cash used in operating activities representing $1,620,307. "The Company's top priority is pursuing financing to sustain operations and execute on its business plan with an intention of closing a financing in late April or early May 2013," said Dr. Danter.
More detailed operating and financial results can be found in the Company's unaudited condensed interim financial statements and the Management Discussion and Analysis for the three and nine months ended January 31, 2013, which can both be found on SEDAR at www.sedar.com. This material is also available on the Company's website at www.criticaloutcome.com.
Notice to Readers
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 " ... expect to get test results from the collaborators' efforts toward the end of the fourth quarter on the compounds we provided" and "...with an intention of closing a financing in late April or early May 2013 ..." are forward-looking statements. These statements convey the Company's expectations of when it will get test results back from the parties to its collaboration agreements, and the timing of obtaining new financing, but COTI is not in a position at this time to determine when, or if these events will occur. 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 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.
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.
Critical Outcome Technologies Inc.
Chief Financial Officer
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