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Oxygen Biotherapeutics Reports Financial Results For Fiscal Year 2013

Oxygen Biotherapeutics, Inc., (“OBI”) (NASDAQ: OXBT) a developer of oxygen-carrying therapeutics, today announced results for the fiscal year (FY) ended April 30, 2013.

Financial Highlights:

  • Government grant revenue increased 263% year-over-year to $1.14 million due to progress of the underlying studies for FDA-required preclinical trials on Oxycyte® and the achievement of contractual milestones under the grant
  • Raised approximately $2.1 million in an offering of Series B preferred stock and warrants
  • Reduced operating expenses by 26% year-over-year as a result of focusing operations on Oxycyte® as a therapeutic for critical indications including TBI
  • Net operating loss narrowed by 37% and net loss attributable to common shareholder narrowed by 34% driven by increased revenues and reduced operating expenses
  • Out-licensed Dermaycte® product line in February 2013 to Valor SA of Switzerland in exchange for non–refundable annual licensing fees and royalty revenues

Clinical Highlights:

  • Made significant advancements in preclinical trials requested by the FDA to test the safety profile of Oxycyte® for the treatment of traumatic brain injury (TBI), with preclinicals scheduled for completion in the second quarter of fiscal year 2014
  • Secured exclusive long-term supply of cGMP-compliant Oxycyte® for ongoing clinical trials
  • Signed research agreement for the U.S. Navy to fund a study of Oxycyte® as potential treatment for hemorrhagic shock
  • Secured additional research agreement for the U.S. Navy to fund a study of Oxycyte® as an intravenous treatment for infected wounds and related injuries
  • Aurum Biosciences, the Company’s research partner for stroke indications, and the University of Glasgow, demonstrated in a study, the ability of Oxycyte® to supply oxygen to critical penumbral tissue in acute ischemic stroke

“In fiscal 2013 we successfully executed on focusing the Company’s operations on Oxycyte® for critical indications including TBI and stroke. During the 2013 fiscal year we conducted several FDA requested preclinical trials on Oxycyte® designed to address the FDA’s clinical hold on PFC emulsions,” stated Michael Jebsen, Interim CEO, President and Chief Financial Officer. “We also continue progress with our Phase IIb trials for Oxycyte® in the treatment of TBI in Switzerland and Israel. We further streamlined and reduced our operating expenses and have out-licensed our cosmetics line with the goal of creating high-margin licensing revenues. We seek additional out-licensing opportunities for a broad range of non-core indications of our platform oxygen-carrying technology.”

Stock quotes in this article: OXBT 

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