|By Marketwired .||
|July 24, 2014 04:20 PM EDT||
LONDON, ONTARIO -- (Marketwired) -- 07/24/14 -- Critical Outcome Technologies Inc. ("COTI" or the "Company") (TSX VENTURE:COT)(OTCQB:COTQF) reported its financial and operating results today for the fourth quarter and the year ended April 30, 2014 ("FYE 2014").
Highlights for the fiscal year included:
-- Receiving further positive test results from MD Anderson Cancer Center confirming 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-2 with 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. Wayne Danter, COTI's President & Chief Executive Officer. "First, is the development and commercialization of COTI-2; second, the advancement of research and development collaborations entered into during the prior fiscal year; and third, the application of the core functionality of CHEMSAS® and the Company's scientific and technical knowledge in the development of new product applications."
"Fiscal 2015 is off to a great start," said Mr. John Drake, COTI's Chairman. "In June, COTI-2 received an Orphan Drug Designation from the U.S. Food and Drug Administration for the treatment of ovarian cancer. This is an important milestone for COTI-2 and moves us one step closer to bringing this exciting compound to ovarian cancer patients. Also in June, our common shares commenced trading on the OTCQB, improving our visibility and exposure in the U.S. We look forward to keeping you abreast of what we expect to be an exciting year for our Company."
The Company reported a quarterly net loss of $1,226,521 or $0.01 per share, compared to a net loss of $443,579 or $0.01 per share, for the fourth quarter a year earlier. The increase of $782,942 in the loss related primarily to an increase of $502,261 in research and development ("R&D") expenditures and $312,122 in general and administrative ("G&A") expenditures partially offset by an increase of $42,495 in investment tax credits.
The increased R&D expenditures related primarily to in vivo and in vitro testing that increased by $414,497 reflecting the 28-day two-species toxicity tests being conducted for COTI-2 and the related supporting tests necessary to prepare an IND filing with the U.S. Food and Drug Administration. The major cause of the G&A increase was higher spending for strategic financial advisory services of $276,592 to assist in the Company's plans to raise capital in the U.S.
The Company reported a loss of $2,996,179 or $0.03 per share for FYE 2014 compared to a net loss of $2,625,804 or $0.03 per share for fiscal 2013. The increased loss of $370,375 resulted primarily from increases in R&D expense of $242,999 and G&A expense of $239,781 partially offset by a decrease in sales and marketing ("S&M") expense of $176,376.
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 $2.8 million through private placements with accredited investors and the issuance of a debenture to provide funding for operations. At FYE 2014, the Company had $830,275 in cash and cash equivalents to provide funding for operations in fiscal 2015 compared to $169,347 at FYE 2013. Subsequent to year-end, the Company announced a private placement financing for approximately $895,000 to further support operations.
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, 2014, which can be found on SEDAR at www.sedar.com.
About Critical Outcome Technologies Inc. (COTI)
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®, 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.
Follow @CriticalOutcome on Twitter at http://twitter.com/CriticalOutcome
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.
The Internet of Things (IoT) is making everything it touches smarter – smart devices, smart cars and smart cities. And lucky us, we’re just beginning to reap the benefits as we work toward a networked society. However, this technology-driven innovation is impacting more than just individuals. The IoT has an environmental impact as well, which brings us to the theme of this month’s #IoTuesday Twitter chat. The ability to remove inefficiencies through connected objects is driving change throughout every sector, including waste management. BigBelly Solar, located just outside of Boston, is trans...
Oct. 21, 2014 12:00 AM EDT Reads: 1,087
SYS-CON Events announced today that Matrix.org has been named “Silver Sponsor” of Internet of @ThingsExpo, which will take place on November 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA. Matrix is an ambitious new open standard for open, distributed, real-time communication over IP. It defines a new approach for interoperable Instant Messaging and VoIP based on pragmatic HTTP APIs and WebRTC, and provides open source reference implementations to showcase and bootstrap the new standard. Our focus is on simplicity, security, and supporting the fullest feature set.
Oct. 20, 2014 11:45 PM EDT Reads: 968
Predicted by Gartner to add $1.9 trillion to the global economy by 2020, the Internet of Everything (IoE) is based on the idea that devices, systems and services will connect in simple, transparent ways, enabling seamless interactions among devices across brands and sectors. As this vision unfolds, it is clear that no single company can accomplish the level of interoperability required to support the horizontal aspects of the IoE. The AllSeen Alliance, announced in December 2013, was formed with the goal to advance IoE adoption and innovation in the connected home, healthcare, education, aut...
Oct. 20, 2014 11:15 PM EDT Reads: 1,472
SYS-CON Events announced today that Red Hat, the world's leading provider of open source solutions, will exhibit at Internet of @ThingsExpo, which will take place on November 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA. Red Hat is the world's leading provider of open source software solutions, using a community-powered approach to reliable and high-performing cloud, Linux, middleware, storage and virtualization technologies. Red Hat also offers award-winning support, training, and consulting services. As the connective hub in a global network of enterprises, partners, a...
Oct. 20, 2014 09:45 PM EDT Reads: 1,011
SUNNYVALE, Calif., Oct. 20, 2014 /PRNewswire/ -- Spansion Inc. (NYSE: CODE), a global leader in embedded systems, today added 96 new products to the Spansion® FM4 Family of flexible microcontrollers (MCUs). Based on the ARM® Cortex®-M4F core, the new MCUs boast a 200 MHz operating frequency and support a diverse set of on-chip peripherals for enhanced human machine interfaces (HMIs) and machine-to-machine (M2M) communications. The rich set of periphera...
Oct. 20, 2014 09:30 PM EDT Reads: 806
The only place to be June 9-11 is Cloud Expo & @ThingsExpo 2015 East at the Javits Center in New York City. Join us there as delegates from all over the world come to listen to and engage with speakers & sponsors from the leading Cloud Computing, IoT & Big Data companies. Cloud Expo & @ThingsExpo are the leading events covering the booming market of Cloud Computing, IoT & Big Data for the enterprise. Speakers from all over the world will be hand-picked for their ability to explore the economic strategies that utility/cloud computing provides. Whether public, private, or in a hybrid form, clo...
Oct. 20, 2014 07:00 PM EDT Reads: 1,816
Software AG helps organizations transform into Digital Enterprises, so they can differentiate from competitors and better engage customers, partners and employees. Using the Software AG Suite, companies can close the gap between business and IT to create digital systems of differentiation that drive front-line agility. We offer four on-ramps to the Digital Enterprise: alignment through collaborative process analysis; transformation through portfolio management; agility through process automation and integration; and visibility through intelligent business operations and big data.
Oct. 20, 2014 03:45 PM EDT Reads: 1,545
The Transparent Cloud-computing Consortium (abbreviation: T-Cloud Consortium) will conduct research activities into changes in the computing model as a result of collaboration between "device" and "cloud" and the creation of new value and markets through organic data processing High speed and high quality networks, and dramatic improvements in computer processing capabilities, have greatly changed the nature of applications and made the storing and processing of data on the network commonplace.
Oct. 20, 2014 02:00 PM EDT Reads: 1,530
Be Among the First 100 to Attend & Receive a Smart Beacon. The Physical Web is an open web project within the Chrome team at Google. Scott Jenson leads a team that is working to leverage the scalability and openness of the web to talk to smart devices. The Physical Web uses bluetooth low energy beacons to broadcast an URL wirelessly using an open protocol. Nearby devices can find all URLs in the room, rank them and let the user pick one from a list. Each device is, in effect, a gateway to a web page. This unlocks entirely new use cases so devices can offer tiny bits of information or simple i...
Oct. 20, 2014 02:00 PM EDT Reads: 1,721
The Internet of Things (IoT) is going to require a new way of thinking and of developing software for speed, security and innovation. This requires IT leaders to balance business as usual while anticipating for the next market and technology trends. Cloud provides the right IT asset portfolio to help today’s IT leaders manage the old and prepare for the new. Today the cloud conversation is evolving from private and public to hybrid. This session will provide use cases and insights to reinforce the value of the network in helping organizations to maximize their company’s cloud experience.
Oct. 20, 2014 12:00 PM EDT Reads: 1,806
Things are being built upon cloud foundations to transform organizations. This CEO Power Panel at 15th Cloud Expo, moderated by Roger Strukhoff, Cloud Expo and @ThingsExpo conference chair, will address the big issues involving these technologies and, more important, the results they will achieve. How important are public, private, and hybrid cloud to the enterprise? How does one define Big Data? And how is the IoT tying all this together?
Oct. 20, 2014 12:00 PM EDT Reads: 1,559
TechCrunch reported that "Berlin-based relayr, maker of the WunderBar, an Internet of Things (IoT) hardware dev kit which resembles a chunky chocolate bar, has closed a $2.3 million seed round, from unnamed U.S. and Switzerland-based investors. The startup had previously raised a €250,000 friend and family round, and had been on track to close a €500,000 seed earlier this year — but received a higher funding offer from a different set of investors, which is the $2.3M round it’s reporting."
Oct. 20, 2014 09:00 AM EDT Reads: 1,492
The Industrial Internet revolution is now underway, enabled by connected machines and billions of devices that communicate and collaborate. The massive amounts of Big Data requiring real-time analysis is flooding legacy IT systems and giving way to cloud environments that can handle the unpredictable workloads. Yet many barriers remain until we can fully realize the opportunities and benefits from the convergence of machines and devices with Big Data and the cloud, including interoperability, data security and privacy.
Oct. 19, 2014 10:00 PM EDT Reads: 1,455
All major researchers estimate there will be tens of billions devices - computers, smartphones, tablets, and sensors - connected to the Internet by 2020. This number will continue to grow at a rapid pace for the next several decades. Over the summer Gartner released its much anticipated annual Hype Cycle report and the big news is that Internet of Things has now replaced Big Data as the most hyped technology. Indeed, we're hearing more and more about this fascinating new technological paradigm. Every other IT news item seems to be about IoT and its implications on the future of digital busines...
Oct. 19, 2014 09:00 PM EDT Reads: 1,694
Cultural, regulatory, environmental, political and economic (CREPE) conditions over the past decade are creating cross-industry solution spaces that require processes and technologies from both the Internet of Things (IoT), and Data Management and Analytics (DMA). These solution spaces are evolving into Sensor Analytics Ecosystems (SAE) that represent significant new opportunities for organizations of all types. Public Utilities throughout the world, providing electricity, natural gas and water, are pursuing SmartGrid initiatives that represent one of the more mature examples of SAE. We have s...
Oct. 19, 2014 07:30 PM EDT Reads: 1,371
The Internet of Things needs an entirely new security model, or does it? Can we save some old and tested controls for the latest emerging and different technology environments? In his session at Internet of @ThingsExpo, Davi Ottenheimer, EMC Senior Director of Trust, will review hands-on lessons with IoT devices and reveal privacy options and a new risk balance you might not expect.
Oct. 19, 2014 11:00 AM EDT Reads: 1,862
IoT is still a vague buzzword for many people. In his session at Internet of @ThingsExpo, Mike Kavis, Vice President & Principal Cloud Architect at Cloud Technology Partners, will discuss the business value of IoT that goes far beyond the general public's perception that IoT is all about wearables and home consumer services. The presentation will also discuss how IoT is perceived by investors and how venture capitalist access this space. Other topics to discuss are barriers to success, what is new, what is old, and what the future may hold.
Oct. 19, 2014 11:00 AM EDT Reads: 1,661
Swiss innovators dizmo Inc. launches its ground-breaking software, which turns any digital surface into an immersive platform. The dizmo platform seamlessly connects digital and physical objects in the home and at the workplace. Dizmo breaks down traditional boundaries between device, operating systems, apps and software, transforming the way users work, play and live. It supports orchestration and collaboration in an unparalleled way enabling any data to instantaneously be accessed on any surface, anywhere and made interactive. Dizmo brings fantasies as seen in Sci-fi movies such as Iro...
Oct. 18, 2014 10:00 PM EDT Reads: 1,816
There’s Big Data, then there’s really Big Data from the Internet of Things. IoT is evolving to include many data possibilities like new types of event, log and network data. The volumes are enormous, generating tens of billions of logs per day, which raise data challenges. Early IoT deployments are relying heavily on both the cloud and managed service providers to navigate these challenges. In her session at 6th Big Data Expo®, Hannah Smalltree, Director at Treasure Data, to discuss how IoT, Big Data and deployments are processing massive data volumes from wearables, utilities and other mach...
Oct. 18, 2014 05:00 PM EDT Reads: 1,888
This Internet of Nouns trend is still in the early stages and many of our already connected gadgets do provide human benefits over the typical infotainment. Internet of Things or IoT. You know, where everyday objects have software, chips, and sensors to capture data and report back. Household items like refrigerators, toilets and thermostats along with clothing, cars and soon, the entire home will be connected. Many of these devices provide actionable data - or just fun entertainment - so people can make decisions about whatever is being monitored. It can also help save lives.
Oct. 18, 2014 03:30 PM EDT Reads: 1,623