Critical Outcome Technologies Inc. Reports Fiscal 2012 First Quarter Financial Results |
| Marketwire.com - Oct 27, 2011 |
LONDON, ONTARIO--(Marketwire - Oct. 26, 2011) - Critical Outcome Technologies Inc. (COTI) (TSX VENTURE:COT) announced fiscal 2012 first quarter financial results today for the three month period ended July 31, 2011. The Company reported a net loss of $642,255 or $0.01 per common share for the three months ended July 31, 2011 compared to a net loss of $558,950 or $0.01 per common share for the comparable quarter ended July 31, 2010. This increased loss of $83,305 related primarily to General and Administrative expense where the comparable prior year quarter benefited from a recovery of unvested stock-based compensation expense of $98,339. All major expense categories during the first quarter of 2011 were otherwise consistent with the comparable quarter in 2010.
"The Company continued to make steady progress in developing its drug candidate pipeline during the first quarter of fiscal 2012 with primary focus on COTI-2, the Company's lead oncology compound," said Dr. Wayne Danter, President and Chief Executive Officer. "In May, we announced the initiation of a project to develop an optimal oral formulation of COTI-2 and in June, we announced preliminary results from pharmacodynamic animal experiments demonstrating significant single agent efficacy in an animal model of human ovarian cancer using a cancer cell line (OVCAR-3) that specifically over expresses AKT2."
Research and product development expenses were $205,941 in the first quarter 2011 compared to $196,374 in 2010.
"We continued our COTI-2 out-licensing initiatives," noted Dr. Danter, "including attendance at the BIO Conference in Washington in June and subsequent to quarter end in September 2011 participated at BioPharm America in Boston. At these conferences, we had several face-to-face discussions with prospective licensees and were able to share the details of our positive pharmacodynamic test results. The interest and feedback at the conferences and in follow-on communications has been very encouraging as we work to achieve the risk reduction scientific milestones announced in May that enhance the value of a licensing agreement."
Sales and Marketing expenses were $57,718 in the first quarter 2011 compared to $62,527 in 2010.
At the quarter end, the Company held cash and cash equivalents of $1,256,961. This balance reflected a decline of $537,660 since the April 30, 2011 year end with cash used in operating activities representing $543,031. The Company also held a short-term investment with a market value of $301,236 at the quarter end compared to $300,296 at April 30, 2011. The Company continues to focus on addressing its cash position for operations beyond the current fiscal year with a focus on cash generation from revenue opportunities such as licensing COTI-2, collaborations and other applications of the CHEMSASŪ technology as well as evaluating financing alternatives.
More detailed operating and financial results can be found in the Company's condensed interim financial statements and the Management Discussion and Analysis for the three month period ended July 31, 2011, which can be found on SEDAR at www.sedar.com.
About Critical Outcome Technologies Inc. (COTI)
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, CHEMSASŪ, 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 the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contact Information
Critical Outcome Technologies Inc. (COTI)
Mr. Gene Kelly
Chief Financial Officer
519-858-5157
gkelly@criticaloutcome.com
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- Posted: 2011-10-27 15:28:36
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