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Oxygen Biotherapeutics Reports First Quarter FY2013 Financial Results

Stocks in this article: OXBT

Oxygen Biotherapeutics, Inc. (NASDAQ: OXBT), a development stage biomedical company focused on developing intravenous and topical oxygen-carrier products, today announced results for the fiscal year (FY) 2013 first quarter ended July 31, 2012. The company also announced that management will host a conference call regarding these results on Friday, September 21, 2012 at 11:00 AM EDT. (see conference call access details below)

Company Highlights for the First Quarter

  • Completed GLP-validated bioanalytical method for detection of FtBu in models.
  • Completed studies to determine the pharmacokinetics of FtBu following intravenous delivery of Oxycyte in models.
  • Secured long-term clinical supply of GMP-grade Oxycyte ® to be used in ongoing clinical trials.
  • Raised $2.5 million in second installment of Registered Direct Series A Convertible Preferred Stock financing.
  • Signed a research agreement with the U.S. Navy to study using Oxycyte to treat hemorrhagic shock.

“Due to our commitment to focus on our core programs, over the last five quarters we steadily moved closer to reaching our most important objectives. We have advanced the important and required preclinical trial work that will address the FDA’s concerns about Oxycyte’s safety with the goal of having our NDA hold lifted. Important methods for the required pharmacokinetics analysis were completed, and now the PK analysis is underway. Early in the quarter, we secured our GMP-grade supply of Oxycyte and initiated the steps necessary to hire a new contract research organization to resume our Phase IIb trials by the end of this year. As importantly, we lowered our monthly burn rate 38 percent by eliminating non-essential expenses and curtailing spending on non-core programs,” said President and Chief Financial Officer Michael Jebsen.

“We believe the above mentioned accomplishments are vitally important to the long-term success of this company. In an effort to build value, our strategy for fiscal 2013 is to efficiently conduct our trials, advance the perfluorocarbon therapeutic modality, expand our intellectual property portfolio, and seek development partners or licensing agreements in our non-core areas. We plan to continue to identify and eliminate spending on non-core programs to ensure all of our resources are focused on executing this strategy and achieving our objectives.”

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