Mr Drake will continue as the chairman of the board of directors of Critical Outcome Technologies (COTI), a position which he has held since March 2007, and will assume an important new role as senior advisor to the management team. Mr Cloutier was previously appointed to the board of directors of COTI at the September 2008 annual general meeting and will continue to serve as a director of the company.
Mr Cloutier has more than 26 years of pharmaceutical industry experience having held a number of senior management roles in Canada and internationally. He currently serves as the chairman of the Canadian Stroke Network and is the vice chairman of the Canadian Orthopaedic Foundation.
Wayne Danter, president and chief scientific officer of COTI, said: “The appointment of Mr Cloutier as CEO represents a significant milestone in the growth and development of COTI. Mr Cloutier’s knowledge, skills and leadership experience in the global pharmaceutical industry will be an asset in developing COTI into a leading drug discovery company in that industry. He will have an immediate impact as the company drives towards completing a licensing deal for its lead product COTI-2 and realizing multiple partnering opportunities.”