LONDON, ONTARIO--(Marketwire - July 12, 2012) - Critical Outcome Technologies Inc. (COTI) (TSX VENTURE:COT) is very pleased to announce that Mr. Thomas Wellner was appointed an independent director at its Board of Directors (Board) meeting on July 11, 2012.
Mr. Wellner is a recognized leader in the pharmaceutical and biotechnology industry. In February 2012 he joined CML Healthcare Inc. (TSX:CLC), Canada's largest community based laboratory testing and diagnostic imaging services company with 115 laboratory collection centres and 103 imaging centres in Canada, as President and CEO. He began his career at Eli Lilly & Company and gained a broad range of operational leadership experience over his 20 years with Lilly including Global Brand Development Leader - Insulin's and Devices, General Manager of Lilly Deutschland GmbH and Executive Director, Marketing, Sales & IT, Lilly European Operations, UK. In April 2008, Mr. Wellner accepted the role of President and CEO of Therapure Biopharma Inc., a privately held biopharmaceutical company, where he led the building of a rapidly growing contract bio-manufacturing and drug development company from a collection of life science assets.
Mr. Wellner holds a Bachelor of Science with Honours in Life Sciences from Queen's University and sits on the board of directors for Atlantic Healthcare, a private specialty pharmaceutical company based in the UK; DiaMedica (TSX VENTURE:DMA), a biopharmaceutical company with a focus on diabetes; and Freshbooks, a private Cloud based accounting and billing services company located in Toronto. He is also a member of the Board of Governors at Rothesay Netherwood School in Atlantic, Canada.
"We are very pleased to welcome Tom to the Board," said John Drake, Chairman of COTI. "His wealth of experience across a broad spectrum of the pharmaceutical industry including; drug development in both large and small Pharma, domestic and international operations, marketing and brand management, deal making and leadership skills, and his broad contact network will be of significant value to the Company."
The Board approved the granting of 17,838 stock options to Mr. Wellner under the Company's stock option plan as a retainer for his service on the Board consistent with compensation practice for its directors. The options have a five-year life and will be fully vested on September 27, 2012. The exercise price is $0.28 and represents the closing price of the Company's common shares on the TSV Venture Exchange on July 10, 2012, the day prior to the Board meeting.
About Critical Outcome Technologies Inc. (COTI)
COTI is a leading-edge company specializing in accelerating the discovery of small molecules thus enabling these new drugs to be brought to market in a more cost effective, efficient and timely manner. COTI'S proprietary artificial intelligence system, CHEMSAS®, utilizes a series of predictive computer models to identify compounds with high probability of being successfully incorporated in disease-specific drug discovery, as well as subsequent optimization and preclinical development. These compounds are targeted for a variety of diseases, particularly those for which current treatments are either lacking or ineffective.
For more information, visit www.criticaloutcome.com.
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