Critical Outcome Technologies Reports Year-End Financial and Operating Results

LONDON, ONTARIO--(Marketwired - July 24, 2014) - Critical Outcome Technologies Inc. ("COTI" or the "Company") (TSX VENTURE:COT)(OTCQB:COTQF) reported its financial and operating results today for the fourth quarter and the year ended April 30, 2014 ("FYE 2014").

Highlights for the fiscal year included:

• Receiving further positive test results from MD Anderson Cancer Center confirming that the Company's lead cancer drug candidate, COTI-2, is most active in mutant p53 tumors and the effect seen in many specific p53 mutations is striking, suggesting that clinical trials are warranted;
• Receiving a fifth patent grant from the United States Patent & Trademark Office for COTI-2 with this latest patent related to using COTI-2 in various combination therapies;
• Initiating the final toxicity studies including the 28-day two-species study for COTI-2 as the last major test data needed to prepare an Investigational New Drug ("IND") filing leading to a Phase 1 clinical trial; and,
• Submitting an application for Orphan Drug Designation for COTI-2 in the treatment of ovarian cancer.

"In fiscal 2014, we made substantial progress with respect to three core initiatives focused on future revenue generation," said Dr. Wayne Danter, COTI's President & Chief Executive Officer. "First, is the development and commercialization of COTI-2; second, the advancement of research and development collaborations entered into during the prior fiscal year; and third, the application of the core functionality of CHEMSAS® and the Company's scientific and technical knowledge in the development of new product applications."

"Fiscal 2015 is off to a great start," said Mr. John Drake, COTI's Chairman. "In June, COTI-2 received an Orphan Drug Designation from the U.S. Food and Drug Administration for the treatment of ovarian cancer. This is an important milestone for COTI-2 and moves us one step closer to bringing this exciting compound to ovarian cancer patients. Also in June, our common shares commenced trading on the OTCQB, improving our visibility and exposure in the U.S. We look forward to keeping you abreast of what we expect to be an exciting year for our Company."