Critical Outcome Closes Second Tranche of Private Placement

Critical Outcome Technologies (TSXV:COT; OTCQB:COTQF) announced the closing of the second tranche of a $2 million non-brokered private placement.
As quoted in the press release:

In the second tranche, the Company issued 482,686 units (the “Units”) at a price of CAD $1.16 per Unit, for additional gross proceeds of approximately CAD $560,000 and aggregate gross proceeds of CAD $2,054,504. COTI plans to use the net proceeds from this private placement to support the progression of its Phase 1 clinical trial of COTI-2 in head and neck squamous cell carcinoma (HNSCC), to continue the analysis of the recently completed dose escalation portion of its Phase 1 clinical trial of COTI-2 in gynecological malignancies, and to support the preclinical development of COTI-219, its novel, small molecule compound that targets mutant forms of KRAS.
“The funds raised in this tranche further strengthen our balance sheet, and provide additional capital to advance our primary corporate objective of progressing our Phase 1 clinical programs, executing on our strategic initiative to broaden the indication scope for COTI-2,” said Alison Silva, President and CEO.

Click here to read the full press release.

Source: www.marketwired.com