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TheStreet Open House

Oxygen Biotherapeutics Reports Financial Results For Fiscal Year 2012

Stocks in this article: OXBT

Annual Meeting of Stockholders

The Company also announced it will host its Annual Meeting of Stockholders on Friday, August 31, 2012, at 9 a.m. EDT, at the offices of Smith, Anderson, Blount, Dorsett, Mitchell & Jernigan, L.L.P. located at Wells Fargo Capitol Center, 150 Fayetteville Street, 23 rd Floor, Room 2368, Raleigh, NC 27601. The Annual Meeting is open to stockholders of record as of July 23, 2012. This event will be broadcast via a conference call and webcast. To access the live meeting via telephone, dial 800-901-5241 (U.S. & Canada) or 617-786-2963 (international) and enter the pass code 58960968. To access the live webcast, go to the Investor section of the Company’s website and click on the available link. A question and answer session is available only in person or via the teleconference, and is not accessible via the webcast. Stockholders who attend the meeting in person should be prepared to provide photo identification for admission.

About Oxygen Biotherapeutics, Inc.

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 currently in clinical and preclinical studies for intravenous delivery for indications such as traumatic brain injury, decompression sickness and stroke. The company is also developing PFC-based creams and gels for topical delivery to the skin for dermatologic conditions and potentially wound care. In addition, the Company has commercialized its Dermacyte ® line of skin care cosmetics for the anti-aging market.

Financial Tables Follow

The accompanying notes found in the Company’s Form 10-K filed with the SEC on July 24, 2012 are an integral part of these Financial Statements.

     

OXYGEN BIOTHERAPEUTICS, INC.

(a development stage enterprise)

 

BALANCE SHEETS

 
April 30, 2012 April 30, 2011
ASSETS
Current assets
Cash and cash equivalents $ 1,879,872 $ 951,944
Accounts receivable 13,385 138,867
Government grant receivable 35,650
Inventory 83,370 257,382
Prepaid expenses 455,946 275,876
Other current assets   162,809     8,142  
Total current assets 2,631,032 1,632,211
Property and equipment, net 293,606 442,586
Debt issuance costs, net 278,659
Intangible assets, net 872,971 699,951
Other assets   65,666     147,608  
Total assets $ 4,141,934   $ 2,922,356  
LIABILITIES AND STOCKHOLDERS’ DEFICIT
Current liabilities
Accounts payable $ 542,809 $ 889,376
Accrued liabilities 1,273,837 1,250,573
Convertible preferred stock 1,247,266
Current portion of notes payable, net   62,958     43,295  
Total current liabilities 3,126,870 2,183,244
Long-term portion of notes payable, net   1,361,110     4,463,635  
Total liabilities 4,487,980 6,646,879
 
Commitments and contingencies; see Note I.
 
Stockholders' deficit
Preferred stock, undesignated, authorized 9,992,500 shares; see Note E.
Common stock, par value $.0001 per share; authorized 400,000,000 shares; issued and outstanding 29,417,718 and 23,393,307, respectively 2,942 2,339
Additional paid-in capital 107,279,296 88,189,012
Deficit accumulated during the development stage   (107,628,284 )   (91,915,874 )
Total stockholders’ deficit   (346,046 )   (3,724,523 )
Total liabilities and stockholders' deficit $ 4,141,934   $ 2,922,356  
   

OXYGEN BIOTHERAPEUTICS, INC.

(a development stage enterprise)

 

STATEMENTS OF OPERATIONS

 
Year ended April 30,
2012     2011  
Product revenue

$

100,519

$ 322,349
Cost of sales   51,253     219,182  
Net product revenue 49,266 103,167
Government grant revenue   314,515      
Total net revenue 363,781 103,167
 
Operating expenses
Selling, general, and administrative 6,091,806 7,682,087
Research and development 2,462,638 2,681,713
Loss on impairment of long-lived assets   29,534     302,044  
Total operating expenses 8,583,978 10,665,844
   
Net operating loss 8,220,197 10,562,677
 
Interest expense 7,412,054 171,563
Other expense (income)   80,159     (285,944 )
Net loss $ 15,712,410   $ 10,448,296  
 
Net loss per share, basic $ (0.61 ) $ (0.45 )
Weighted average number of common shares outstanding, basic 25,928,263 23,346,496
 
Net loss per share, diluted $ (0.70 ) $ (0.45 )
Weighted average number of common shares outstanding, diluted 27,752,386 23,346,496
 

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, the timing of the introduction of those new products, stockholder approval of the December 2011 financing, the closing of the additional installment of such financing, and the progress of our research programs, including clinical testing. 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.

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