|
LONDON, ONTARIO--(Marketwire - March 26, 2012) - Critical Outcome Technologies Inc. (TSX VENTURE:COT) ("COTI" or the "Corporation") is pleased to announce that it has completed the first tranche of a non-brokered private placement and issued 3,125,000 units (the "Units") at a price of $0.16 per Unit for gross proceeds of $500,000.
"We are very pleased to have closed this financing as part of our initiative to strengthen our balance sheet," said John Drake, Chairman of the Board. "We intend to use the net proceeds of the offering primarily to achieve the previously identified specific developmental milestones for our lead preclinical oncology asset, COTI-2. These milestones address important risk reduction points identified by potential licensees and required by the United States Food and Drug Administration for an investigational new drug submission. Consequently, these will be key value building milestones for the compound." |
