Oxygen Biotherapeutics, Inc. (NASDAQ: OXBT), a development stage biomedical company focused on developing oxygen-carrying intravenous and topical products, today announced results for the fiscal year (FY) ended April 30, 2012.
- Reduced total operating expenses approximately 20% year over year
- Closed a registered financing in December 2011 for up to $7.5 million in gross proceeds; the first tranche raised $3.5 million; second tranche raised $2.5 million; and a third tranche of $1.5 million is scheduled for September 2012, subject to obtaining shareholder approval
- Raised approximately $4.9 million in a private placement of unregistered convertible notes and warrants in June 2011
- Secured fully cGMP compliant supplier for manufacture of Oxycyte ® PFC emulsion to be used in upcoming clinical studies
- Initiated a program of preclinical studies to evaluate the effects of Oxycyte on immunocompetence and platelet function, biodistribution and transfusion under the cost-reimbursement grant sponsored by the United States Army
- Signed an agreement to collaborate with Aurum Biosciences to conduct preclinical research using Oxycyte to enhance imaging and for therapeutic intervention of acute ischemic stroke. The research is being conducted by Aurum Biosciences using our Oxycyte emulsion in combination with Aurum's proprietary Glasgow Oxygen Level Dependent (GOLD) Magnetic Resonance Imaging techniques
- Named Board member Dr. Ronald Blanck our Chairman of the Board of Directors
- Named Chris Rallis, former President & CEO of Triangle Pharmaceuticals and Anthony DiTonno, former CEO of Neurogesx, to the Board of Directors in December 2011
- Named CFO Michael B. Jebsen President and interim Chief Executive Officer in August 2011
We generate product revenue from the sale of Dermacyte through on-line retailers, physician and medical spa facilities, and through distribution agreements with unrelated companies. Net product revenue for the years ended April 30, 2012 and 2011 was $49,266 and $103,167, respectively. The decrease in product revenue was driven by our decision to suspend our existing marketing program and focus our efforts on reformulating and repackaging our existing retail products.