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Oxygen Biotherapeutics Reports Financial Results For Third Quarter FY2011

Stocks in this article: OXBT

Conference Call

Management will host a conference call on Tuesday, March 22, 2011 at 11 a.m. EDT. To access the live teleconference, dial (866) 578-5784 (U.S. and Canada) or (617) 213-8056 (international.)  The participant pass code is 93886225. A live webcast will be available on our web site http://www.oxybiomed.com/investors.htm .

A replay of the webcast will be available on the Oxygen Biotherapeutics website or by phone for a limited time. To access the replay by phone, call (888) 286-8010 (U.S. and Canada) or (617) 801-6888 (international) for a limited time. The pass code for the replay is 38473378.

About Oxygen Biotherapeutics, Inc.

Headquartered in Morrisvile, NC, Oxygen Biotherapeutics, Inc. is developing medical and cosmetic products that efficiently deliver oxygen to tissues in the body. The company has developed a proprietary perfluorocarbon (PFC) therapeutic oxygen carrier called Oxycyte that is being formulated for both intravenous and topical delivery. Potential indications include traumatic brain injury, decompression sickness, wounds and dermatologic indications. This year, the company launched its DERMACYTE ® line of oxygen-rich skin care products. More information is available at www.oxybiomed.com or www.dermacyteUS.com .

The Oxygen Biotherapeutics, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=7277

Financial Tables Follow

The accompanying notes found in the Company's Form 10-Q filed with the SEC

on March 21, 2011 are an integral part of these Financial Statements.

                                                                                               

OXYGEN BIOTHERAPEUTICS, INC.
(a development stage enterprise)
CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited)
     
  January 31, 2011 (Unaudited) April 30, 2010
ASSETS    
Current assets    
Cash and cash equivalents  $ 522,340  $ 632,706
Accounts receivable  7,812  72,055
Inventory  409,430  535,090
Prepaid expenses 340,065  249,780
Other current assets  36,607  695,195
Total current assets  1,316,254  2,184,826
Property and equipment, net  439,627  383,959
Intangible assets, net  967,612  907,710
Other assets  129,740  52,651
Total assets  $ 2,853,233  $ 3,529,146
LIABILITIES AND STOCKHOLDERS' EQUITY    
Current liabilities    
Accounts payable  $ 724,114  $ 499,044
Accrued liabilities 910,758  843,903
Notes payable 69,825  56,394
Total current liabilities  1,704,697  1,399,341
Long-term notes payable, net  2,041,694  --
Long-term portion of convertible debt, net  --  2,767
Total liabilities  3,746,391  1,402,108
     
Stockholders' equity    
Preferred stock, undesignated, authorized 10,000,000 shares; none issued or outstanding -- --
Common stock, par value $.0001 per share; authorized 400,000,000 shares; issued and outstanding 23,386,460 and 21,457,265, respectively  2,339  2,146
Stock subscription receivable  --  500,000
Additional paid-in capital  88,170,504  83,092,470
Deficit accumulated during the development stage  (89,066,001)  (81,467,578)
Total stockholders' equity  (893,158)  2,127,038
Total liabilities and stockholders' equity  $ 2,853,233  $ 3,529,146
 
 
OXYGEN BIOTHERAPEUTICS, INC.
(a development stage enterprise)
STATEMENT OF OPERATIONS
(unaudited)
     
  Three months ended January 31, Nine months ended January 31,
  2011 2010 2011 2010
  (Unaudited) (Unaudited) (Unaudited) (Unaudited)
Revenue  $ 52,562  $ 30,768  $ 95,543  $ 37,329
Cost of sales  25,973  18,603  36,718  18,603
Net Revenue  26,589  12,165  58,825  18,726
         
Operating Expenses        
Selling, general, and administrative  2,282,823  1,753,715  5,677,105  5,478,927
Research and development  498,521  1,011,061  2,216,413  2,169,435
Loss on impairment of long-lived assets  --  --  --  --
Total operating expenses  2,781,344  2,764,776  7,893,518  7,648,362
         
Net operating loss  2,754,755  2,752,611  7,834,693  7,629,636
         
Interest expense  43,093  2,612  49,682  153,311
Loss on extinguishment of debt                               --                                 --                               --                                 --
Other income  (253,661)  (1,511)  (285,952)  (43,345)
Net loss  $ 2,544,187  $ 2,753,712  $ 7,598,423  $ 7,739,602
         
Net loss per share, basic and diluted  $ (0.11)  $ (0.13)  $ (0.33)  $ (0.41)
         
Weighted average number of common shares outstanding, basic and diluted  23,391,155  20,614,082  23,331,614  18,845,881
         

Caution Regarding Forward-Looking Statements

This news release contains certain forward-looking statements by the company that involve risks and uncertainties and reflect the company's judgment as of the date of this release. These statements include the expansion of development of the Oxycyte and DERMACYTE product lines and the timing of the introduction of those new products. The forward-looking statements are subject to a number of risks and uncertainties including matters beyond the company's control that could lead to delays in new product introductions and customer acceptance of these new products, and other risks and uncertainties as described in our filings with the Securities and Exchange Commission, including in the current reports on Form 10-Q and Form-10K. The company disclaims any intent or obligation to update these forward-looking statements beyond the date of this release. This caution is made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.

CONTACT: Ellen Corliss
         Vice President
         Corporate Communications
         & Investor Relations
         (919) 855-2112

Oxygen Biotherapeutics, Inc. logo

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