Critical Outcome Technologies cancels C$5.5 million units placement

By Devika Patel

Knoxville, Tenn., Aug. 24 - Critical Outcome Technologies Inc. said it has canceled plans for a C$5.5 million private placement of units. The deal priced June 10.

The offering received strong interest from investors. However, market conditions and investor circumstances prevented a conclusion that met the needs of the company within placement timeframes.

"We remain focused on advancing COTI-2, our lead oncology compound, towards a phase 1 filing," chief executive officer Michael Cloutier said in a press release. "We will continue to monitor the capital markets and investor interest in the coming months and are confident that we will obtain the financing necessary to ensure the success of the company."

Based in London, Ont., Critical helps deliver new drug therapies.

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