LONDON, ONTARIO--(Marketwire - Oct. 29, 2010) - Critical Outcome Technologies Inc. (COTI) (TSX VENTURE:COT) announced today that at its Board meeting of October 28, 2010 the Board of Directors approved the granting of 1,182,171 stock options to its seven Directors under the Company's Stock Option Plan as a retainer for their service on the Board and its committees for the next year. The options have a five year life with 25% vesting at the end of each quarter from the date of grant. The exercise price is $0.165 and represents the closing price of the Company's common shares on October 27, 2010, the last trade reported on the TSX Venture Exchange prior to the meeting date.
"The use of stock options to compensate the board members allows us to conserve our cash as we move forward with our drug development plans and demonstrates the Directors' belief and commitment to the Company's future," advised Company Chairman, Mr. John Drake.
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 market opportunities such as: acute myelogenous leukemia and other cancers, multiple sclerosis, HIV integrase, and Alzheimer's disease.
For more information, please visit our website www.criticaloutcome.com.
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