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Oxygen Biotherapeutics Reports Second Quarter FY2013 Financial Results

Stocks in this article: OXBT

Oxygen Biotherapeutics, Inc. (NASDAQ: OXBT), a development stage biomedical company focused on developing oxygen-rich intravenous and topical products, today announced results for the three and six months ended October 31, 2012. Oxygen’s management will host a live teleconference on Monday, December 17, 2012 at 11 a.m. EST to discuss the results. (See access details below.)

Highlights (through Dec. 14, 2012)

  • We completed one study that showed that Oxycyte ® had little to no effect on platelet activation, aggregation or adhesion when tested in vitro at clinically relevant concentrations on normal human blood. We have initiated a repeat study using blood from traumatic brain injury patients.
  • Revenue earned under our U.S. Army funded research grant was $509,000 for the second quarter of 2013 compared to $78,000 for the three months ended October 31, 2011.
  • Initiated four studies to assess the impact of Oxycyte on the overall health of the immune system, bacterial opsonization and phagocytic activity, innate immunity, and its effect on the primary immune response cells of the liver and spleen.
  • Net cash used in operating activities was $1.1 million for the second quarter of 2013 compared to $2.5 million for the same period in the prior year.
  • Reduced financial loss from operations to $0.7 million for the second quarter of 2013 compared to $2.1 million for same period last year.
  • Secured a new Cooperative R&D Agreement with the U.S. Navy to research using Oxycyte PFC Emulsion as an intravenous treatment for infected wounds and related injuries.
  • Engaged global contract research organization Pharmaceutical Product Development (PPD) to manage STOP-TBI Phase IIb trial for Oxycyte PFC Emulsion.

Second-Quarter Results

Oxygen Biotherapeutics reported net revenue of $514,872 for the second quarter of fiscal 2013, compared to $95,159 for the comparable quarter in the previous fiscal year. The increase was due primarily to direct cost reimbursements for work performed under our preclinical Oxycyte PFC studies funded by the U.S. Army, partially offset by a decrease in product sales. The decrease in product sales was due to a reduction in the size of our internal sales force during the quarter and termination of existing distribution agreements in the prior year.

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