London, Ontario (June 16, 2010):Critical Outcome Technologies Inc.(COTI) (TSX Venture:COT), announced today the implementation of organizational changes designed to optimize current resources and position the Company for success in fiscal 2011 and beyond.
The Company’s current Chief Executive Officer (CEO), Mr. Michael Cloutier will be resigning effective July 1, 2010 to pursue a leadership role in philanthropy.Mr. Cloutier has been COTI’s CEO since November 2008 and has skillfully guided the company through strategic planning for the future, the development of many new corporate and government relationships and the recent completion of a private placement financing.Mr. Cloutier will remain an active member of the Board of Directors (Board) and continue to have an important role in advising the management team.
“As a management team we are committed to delivering maximum return on capital for our shareholders by efficiently and effectively managing the business.We have determined that this organizational change will position the Company to reach its short and long term goals, including the priority to realize a licensing deal for COTI-2, while optimizing the use of the Company’s cash resources.I remain committed to assisting the organization by providing strategic counsel in my continuing role on the Board,” said Mr. Cloutier.
Dr. Wayne R. Danter, COTI’s founder and current President will become the Company’s President and CEO effective July 1, 2010.This change will have an immediate effect in reducing the Company’s management costs while retaining access to the advice and counsel of Mr. Cloutier.
“On behalf of the management committee I would like to thank Mr. Cloutier for his skillful guidance of the Company through difficult economic times in the global biotech sector.Mr. Cloutier’s commitment to maximizing shareholder value is and has always been exemplary.We are happy for Mike as he embarks on a new and challenging leadership role in philanthropy.We are also delighted to have his continuing counsel both as a member of our Board and as a senior advisor to the management committee,” said Dr. Wayne Danter.
Mr. John Drake, COTI’s Chairman of the Board added, “On behalf of the Board, I wish Mr. Cloutier every success in his new leadership role and I wish to thank him for his stewardship and professionalism in leading COTI during the past 20 months.We are pleased to retain his skills and counsel on our Board.We are delighted that Dr. Danter has accepted the opportunity to lead COTI moving forward.As founder he is committed to the success of the Company and the vision that COTI will be a world leading drug discovery organization.”
About Critical Outcome Technologies Inc. (COTI)
COTI is formed around a unique computational platform technology called CHEMSAS®, which allows for accelerated identification and optimization of targeted small molecules potentially effective in the treatment of human diseases for which current therapy is either lacking or ineffective.COTI is focused on preparing its lead anti-cancer compound, COTI-2, for an Investigational New Drug filing in the USA in 2011.In addition to COTI-2, the company has a significant preclinical pipeline targeting large market opportunities such as:adult acute leukemia and other cancers, multiple sclerosis, HIV integrase, and Alzheimer’s disease.For further information, visit www.criticaloutcome.com.
For further information, please contact:
Michael Barr Director of Business Development and Marketing 519-858-5157 mbarr@criticaloutcome.com
