DURHAM, N.C., Sept. 9, 2010 (GLOBE NEWSWIRE) -- Oxygen Biotherapeutics, Inc. (Nasdaq:OXBT) (SIX Swiss Exchange:OXBT), a development stage biomedical company focused on developing oxygen-rich intravenous and topical products, today announced results for the fiscal year (FY) first quarter ended July 31, 2010.
Oxygen Biotherapeutics reported a net loss of approximately $3 million, or $0.13 per share, for the three months ended July 31, 2010, compared to a net loss of $2.4 million, or $0.15 per share for the same period in the prior year. The increase in net loss over the same period last year was primarily due to an increase in costs associated with our Phase II-b trial for traumatic brain injury, market analysis and direct marketing expenses for DERMACYTE cosmetics, and an increase in legal and accounting fees for services provided for filing registration statements and listing with the Swiss SIX Stock Exchange.
The Company reported other income of $27,217 for the quarter, a 28% increase over other income of $21,283 for the same period in the prior year. The increase in other income was due to online sales of our DERMACYTE Concentrate skin care product, which began in late April.As of July 31, 2010, the Company had cash and cash equivalents totaling $2.8 million, up from $632,706 at April 30, 2010. "Fiscal year 2011 began with raising approximately $5 million via two financing vehicles. That capital enabled us to move our clinical and preclinical research for Oxycyte forward as well as to ramp up our sales and marketing efforts behind our newly introduced DERMACYTE cosmetic line," said Chris Stern, Chairman and Chief Executive Officer of Oxygen Biotherapeutics. "Much of the work we've done involves research, planning and behind the scene actions that are necessary to drive our programs forward and to build market awareness for DERMACYTE."