R&D expenses increased year over year primarily due to increases in R&D testing related to COTI-2, higher scientific consulting fees and lower government assistance, offset by lower synthesis costs related to COTI-2. The increase in S&M expenses year over year related to an increase in consulting fees and marketing and travel, offset by a decrease in salaries and benefits from staffing reductions. The decrease in G&A expenses related to lower consulting fees primarily associated with the 2012 IFRS accounting transition and lower salaries and benefits due to a staffing reduction, offset by an increase in amortization expense and share-based compensation.
During the year, the Company realized gross proceeds of $504,736 on a private placement with accredited investors to provide funding for operations. At FYE 2013, the Company had $169,347 in cash, cash equivalents and short-term investments to provide funding for operations in fiscal 2014 compared to $1,718,671 at FYE 2012. Subsequent to year-end, the Company announced several financings that raised $1,030,000 to support operations and as announced on August 16, 2013, anticipates closing an additional financing tranche by the end of August.
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 April 30, 2013, which can be found on SEDAR at www.sedar.com.
About Critical Outcome Technologies Inc. (COTI)
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.
For more information, visit www.criticaloutcome.com.
Follow @CriticalOutcome on Twitter at http://twitter.com/CriticalOutcome.
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 "... if successful, represents significant revenue potential in the coming years" and "... anticipates closing an additional financing tranche by the end of August" are forward- looking statements. 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.
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.
Dr. Wayne Danter
President & CEO
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