Critical Outcome Technologies Inc.
Posted: Tue Jan 02, 2007 4:49 pm
Most of it is blah, blah, blah investment and stock stuff but there's mention of them identifying potential oral multiple sclerosis treatments at the end
Critical Outcome Technologies Inc. Reports Second Quarter 2007 Financial Results
Tuesday January 2, 3:11 pm ET
LONDON, ONTARIO--(CCNMatthews - Jan. 2, 2007) - Critical Outcome Technologies Inc. (TSX VENTURE:COT - News) today announced its financial results for the second quarter ended October 31, 2006. The Company continued its development stage activities focused on developing its molecular libraries and building customer relationships for the sale or licence of its two lead molecule libraries; small cell lung cancer (10% ownership interest) and multiple sclerosis and did not generate any revenues from operations during the quarter. The Company reported a net loss for the period of $101,633 or $0.00 per share compared to a net loss of $56,066 or $0.01 per share for the three months ended October 31, 2005.
Revenues from operations for the first six months ending October 31, 2006 were $2,500 from screening services. A net loss of $264,721 or $0.01 per share was incurred for this period compared to a net loss of $93,521 or $0.01 per share in the comparable period in 2005. These results reflect the increased business activity of the company in fiscal 2007, as it advances its technology and molecular libraries forward to market. At October 31, 2006 the Company had $2,237,599 in cash and cash equivalents.
"On October 11, we successfully completed our first major financing, which raised net proceeds of $2,178,386. This provides us the opportunity to move some of our molecular libraries forward through our development cycle in a substantial way," stated Dr. Wayne Danter, President & CSO. "We believe the amalgamation completed on October 13, which led to our listing on the TSX Venture Exchange, provides the public forum and profile for our Company and its molecular libraries to meet our goal of bringing these exciting drug candidates forward to their ultimate goal of meeting major unmet medical needs. For example, by the end of October we had completed the discovery, optimization, patentability due diligence and final selection of our library of orally available inhibitors of VEGF and PDGF receptor kinases as potential therapies for acute multiple sclerosis."
About Critical Outcome Technologies Inc. (COTI)
COTI is formed around a unique computational platform technology called CHEMSASĀ®, which allows for the accelerated identification, profiling and optimization of targeted small molecules potentially effective in the treatment of human diseases for which current therapy is either lacking or ineffective. COTI's business is focused on the discovery and pre-clinical development of libraries of optimized lead molecules for the treatment of specific cancers, HIV and multiple sclerosis. Currently, five targeted libraries of lead compounds (small cell lung cancer, multiple sclerosis, HIV integrase inhibitors, colorectal cancer, and acute myelogenous leukemia in adults) are under active development. For more information on COTI, visit www.criticaloutcome.com.
Critical Outcome Technologies Inc. Reports Second Quarter 2007 Financial Results
Tuesday January 2, 3:11 pm ET
LONDON, ONTARIO--(CCNMatthews - Jan. 2, 2007) - Critical Outcome Technologies Inc. (TSX VENTURE:COT - News) today announced its financial results for the second quarter ended October 31, 2006. The Company continued its development stage activities focused on developing its molecular libraries and building customer relationships for the sale or licence of its two lead molecule libraries; small cell lung cancer (10% ownership interest) and multiple sclerosis and did not generate any revenues from operations during the quarter. The Company reported a net loss for the period of $101,633 or $0.00 per share compared to a net loss of $56,066 or $0.01 per share for the three months ended October 31, 2005.
Revenues from operations for the first six months ending October 31, 2006 were $2,500 from screening services. A net loss of $264,721 or $0.01 per share was incurred for this period compared to a net loss of $93,521 or $0.01 per share in the comparable period in 2005. These results reflect the increased business activity of the company in fiscal 2007, as it advances its technology and molecular libraries forward to market. At October 31, 2006 the Company had $2,237,599 in cash and cash equivalents.
"On October 11, we successfully completed our first major financing, which raised net proceeds of $2,178,386. This provides us the opportunity to move some of our molecular libraries forward through our development cycle in a substantial way," stated Dr. Wayne Danter, President & CSO. "We believe the amalgamation completed on October 13, which led to our listing on the TSX Venture Exchange, provides the public forum and profile for our Company and its molecular libraries to meet our goal of bringing these exciting drug candidates forward to their ultimate goal of meeting major unmet medical needs. For example, by the end of October we had completed the discovery, optimization, patentability due diligence and final selection of our library of orally available inhibitors of VEGF and PDGF receptor kinases as potential therapies for acute multiple sclerosis."
About Critical Outcome Technologies Inc. (COTI)
COTI is formed around a unique computational platform technology called CHEMSASĀ®, which allows for the accelerated identification, profiling and optimization of targeted small molecules potentially effective in the treatment of human diseases for which current therapy is either lacking or ineffective. COTI's business is focused on the discovery and pre-clinical development of libraries of optimized lead molecules for the treatment of specific cancers, HIV and multiple sclerosis. Currently, five targeted libraries of lead compounds (small cell lung cancer, multiple sclerosis, HIV integrase inhibitors, colorectal cancer, and acute myelogenous leukemia in adults) are under active development. For more information on COTI, visit www.criticaloutcome.com.