Oxygen Biotherapeutics, Inc. (NASDAQ: OXBT), a development stage biomedical company focused on developing oxygen-carrying intravenous and topical products, today announced financial results for the three and nine month periods ending January 31, 2013.
Third Quarter 2013 Financial Snapshot
- Cash and cash equivalents were $0.8 million at January 31, 2013.
- Net product sales from Dermacyte ® were $2,900 for the third quarter of 2013 compared to $4,700 for the three months ended January 31, 2012.
- Revenue earned under our U.S. Army research grant increased to $221,051 for the third quarter of 2013 compared to $146,101 for the three months ended January 31, 2012.
- Net loss from operations decreased 16% for the third quarter of 2013 to $1.6 million compared to $1.9 million for the three months ended January 31, 2012.
- Net cash used for operating activities decreased to $700,000 for the third quarter of 2013 compared to $2.3 million for the three months ended January 31, 2012.
“Activities during our most recent quarter related to three primary and time consuming achievements needed to resume our Phase IIb traumatic brain injury studies abroad, to further our preclinical studies designed to elaborate the safety profile of Oxycyte, our leading drug candidate, and capital raising activities that resulted in securing enough cash to finance activities to help us achieve the next major milestones necessary to drive our company forward, ” said Michael Jebsen, Interim Chief Executive Officer, Chief Financial Officer and President.
Oxygen Biotherapeutics reported net revenue of $222,388 and $1,009,356 for the three and nine months ended January 31, 2012, respectively compared to $148,262 and $268,294 for the same periods in the comparable periods in fiscal 2012. This increase is primarily due to government grant revenue earned under the U.S. Army-funded grant awarded to the company in June 2011 to conduct preclinical studies for Oxycyte® perfluorocarbon (PFC) emulsion.