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Oxygen Biotherapeutics Reports Financial Results For The Third Quarter FY2013

Stocks in this article: OXBT

These preclinical studies are designed to address safety concerns expressed by the U.S. Food and Drug Administration (FDA)and to develop a more robust and comprehensive safety profile for Oxycyte. The results will be used to respond to questions posed by the FDA which led to Oxycyte being placed on clinical hold in the United States in 2008. The Company expects to complete this two-year preclinical program in July with results being publicly reported soon thereafter.

Dermacyte cosmetic sales revenue declined as the company moved resources out of this non-core business. The decrease was primarily due to the elimination of our internal sales force and the suspension of our direct marketing and advertising programs. In addition, during the fourth quarter, the Company licensed Dermacyte products to Valor Cosmetics of Lausanne, Switzerland. Valor has exclusive worldwide rights to distribute, market and sell Dermacyte either under the Dermacyte brand or its own brand name and packaging.

Selling, general and administrative expenses were $1,441,500 for the quarter ended January 31, 2013 compared to $1,422,103 for the same period in the prior year. The slight increase for the period was due primarily to the accrual for litigation settlement costs offset by decreases in costs incurred for legal and professional fees, facilities, and other general and administrative expenses.

Research and Development expenses were $369,447 for the quarter ended January 31, 2013 compared to $599,935 for the same period in the prior year. The decrease for the period was due primarily to reductions in costs incurred for personnel, consultants, facilities and other general expenses.

Selling, general and administrative expenses were $3,127,133 for the nine months ended January 31, 2013, compared to $4,883,903 for the same period in the prior year. The decrease for the period was due primarily to the reversal of accrued 409A costs and reductions in the costs incurred for personnel, legal and professional fees, facilities, and other general and administrative expenses; partially offset by the accrual for litigation settlement costs.

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