Posts tagged “OxyBio”
Oxygen Biotherapeutics is prepping to start late-stage clinical trials on a drug candidate that could treat low cardiac outpput syndrome and the company is tapping the cardiac surgery trials experience of the Duke Clinical Research Institute to do it.
Oxygen Biotherapeutics now has a new chief executive officer with the closing of its Phyxius Pmara acquisition. On Thursday, the Morrisville-based company said John Kelley, the CEO of Phyxius, had formally taken over its CEO job.
With the exercise of those warrants, Oxygen net $6 million giving the Morrisville-based company more cash to apply toward clinical trials for levosimendan, a drug being studied to treat acute decompensated heart failure. Read more about Oxygen's plans.
The Morrisville-based life science firm says an unnamed investment fund has acquired 2.36 million shares of stock and has an option to buy the same number in the future. In exchange, the Triangle firm cuts its debt.
Oxygen Biotherapeutics' (NASDAQ:OXBT) recent securities offering net $1.9 million -- enough to open clinical trial sites in Switzerland and Israel to study traumatic brain injury drug candidate Oxycyte. Beyond must take other financial steps.
Oxygen Biotherapeutics reported this week a net loss of $15.7 million for its recently completed fiscal year, up from a net loss of $10.4 million a year ago. Total net revenue did rise, though, to nearly $364,000 from last year.
The funding follows a shakeup at Oxygen's executive offices and board. Former Chairman and CEO Chris Stern's positions at the company were terminated in August following an internal investigation that concluded Stern lied about his academic background and conducted undisclosed securities deals that he tried to cover up. Shortly afterward, two members of Oxygen's board of directors resigned after shareholders withheld their votes for the two directors.