Critical Outcome Technologies (COT) has completed an arm's length non-brokered private placement raising approximately US$500,000, consisting of a non-convertible debenture in the amount of US$400,000 and an equity placement of 769,230 units at a price of US$0.13 per unit for approximately US$100,000. This funding will enable the company to complete the final preclinical 28-day two-species toxicity studies for its lead oncology compound, COTI-2, as well as prepare its IND submission to the FDA.
COT noted that these are significant risk reduction milestones for the compound and will enhance the attractiveness of COTI-2 for licensing, as well as preparing the compound for a Phase I trial.
COTI-2 is a novel small molecule that acts by inhibiting Akt/protein kinase B phosphorylation that leads to caspase-9 activation in cancer cells resulting in tumour cell death. COTI-2 has demonstrated greater selectivity, as well as an improved safety profile and pharmacokinetics, in comparison to other Akt inhibitors. COTI-2 is easily synthesised and has good in vitro and in vivo efficacy against multiple human cancers, including small cell lung, non-small cell lung, colon, brain, ovarian, endometrial, triple negative breast and pancreatic. COTI-2 test results show it to be highly effective as a single-agent therapy and as a combination therapy in a number of animal models of human cancers.