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Local Tech Wire

DURHAM, N.C. – Achieving a clinical trial for a brain injury treatment has triggered a $6 million milestone investment for

The company, which trades its stock over the counter under the symbol OXBO, has a contractual agreement with Vatea Fund pegged to the milestone. The agreement stipulates that Vatea buy 24 million shares of Oxygen Biotherapeutics by Dec. 10 for $6 million.

Oxygen Therapeutics is focused on oxygen-based therapeutics. Its “Oxycyte in Traumatic Brain Injury” has been accepted for a Phase II clinical trial in Switzerland. The acceptance was announced Aug. 14.