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Oxygen Biotherapeutics Reports Financial Results For Third Quarter FY2011

Stocks in this article: OXBT

MORRISVILLE, N.C., March 21, 2011 (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) third quarter ended January 31, 2011.

Highlights (activity through March 18, 2011)

  • Received $2.07 million two-year grant from the U.S. Army to study the use of the company's Oxycyte ® perfluorocarbon (PFC) emulsion for traumatic brain injury.
  • Signed research contract with Hackensack University Medical Center to study the wound healing properties of the company's Wundecyte™ gel. These studies are funded by the U.S. Department of Defense.
  • Signed agreement to sell DERMACYTE ® skin care products to Swiss company that will target the Swiss, European Union and Russian markets. Company ordered additional 10,000 units in March.
  • Signed agreement to sell DERMACYTE skin care products to Mexican company that will target the Mexican market.
  • Signed a Letter of Intent with Sarasota Medical Products to pursue joint research and development in chronic ischemic wound care.

"Finding solutions for oxygen deprived tissues continues to be a high priority of the U.S. military and we are pleased to be a part of the process to develop new and better treatments for our injured soldiers," said Chris Stern, Chairman & Chief Executive Officer of Oxygen Biotherapeutics. "It is our hope that TBI studies conducted with the Army grant will help us develop the safety profile of Oxycyte PFC and address questions raised by U.S. regulatory authorities. Likewise, we believe the wound studies with HUMC, also funded by the DoD, will provide valuable data necessary to move our topical PFC formulation for wound care forward."

Regarding the DERMACYTE business, Stern said: "During this quarter we set the stage for international sales of DERMACYTE products by entering into an agreement with DERMACYTE Switzerland Ltd. (DSL). They are meeting their contractual obligations by ordering 10,000 units of DERMACYTE this month. Our agreement with DSL sparked interest from Mexico, resulting in a similar agreement with Comercial Uni2 this month. Our goal is to enter into additional distribution agreements while we develop our domestic sales force now focused on medical practices in South Florida, Southern California and North Carolina."

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