Oxygen Biotherapeutics Reports Second Quarter FY2011 Financial Results
DURHAM, N.C., Dec. 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) second quarter ended October 31, 2010.
Highlights (activity through December 9, 2010)
- Received $245,000 grant under the Patient Protection and Affordable Care Program Act
- Secured listing on leading on-line beauty retail websites for DERMACYTE skin care products: Dermstore.com and Beautyriche.com
- Granted DSMB Approval to proceed to second cohort of STOP-TBI Phase II-b trials
- In November, the Company issued a promissory note under Note Purchase Agreement with Vatea Fund in the amount of $600,000
"While still moderate at this stage, DERMACYTE sales continued to rise slowly, yet steadily, during the quarter. In October we hired a top-notch sales director whose 15 years of experience in dermatological and skin care sales will elevate our sales effort to the next level," said Chris Stern, Chairman & Chief Executive Officer of Oxygen Biotherapeutics. "Our efforts next quarter will focus on DERMACYTE sales and R&D, while managing expenses."Second Quarter Results Oxygen Biotherapeutics reported net revenue of $27,126 for the second quarter of fiscal 2011, compared to $6,561 for the comparable quarter the previous year due to increased sales of DERMACYTE products. Total operating expenses for the period ended October 31, 2010 were $2,083,863 compared to $2,593,051 for the same period in 2009. These expenses were driven primarily by an increase in R&D payroll and clinical trial costs, offset by a decrease in SG&A expenses due to a decrease in legal, accounting and consulting fees, as well as lower other income and interest expenses. For the second quarter period ended October 31, 2010, the Company reported a net loss of approximately $2.0 million, or $0.09 per share, compared to a net loss of approximately $2.6 million, or $0.13 per share for the same period in the prior year. The decrease in net loss for the quarter was primarily due to a decrease in legal, accounting and consulting fees, compensation, and lower development and manufacturing costs for Oxycyte. The net loss was partially offset by an increase in sales and marketing expenses related to the marketing and sales efforts for DERMACYTE products and an increase in research and development costs that can be attributed to our traumatic brain injury Phase II-b trials and payroll.
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