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Local Tech Wire
DURHAM, N.C. – After having pulled off a reverse 15-for-1 stock plan in November, (OTC: OXBT) is moving its stock to the Nasdaq Capital Market this week.
Oxygen shares closed at $5.45 on Friday when the company announced toe Nasdaq approval.
Its shares had traded for as low as 40 cents over the past year and as high as $8.25 after the reverse split.
"Moving up from the OTC Bulletin Board to the NASDAQ is a very important milestone for our company," said Chairman and Chief Executive Officer Chris Stern in a statement. "Being listed on the NASDAQ provides us with greater visibility for our company, more liquidity for our stock and the opportunity to further expand our investor base. I believe that this move will deliver increased value for our shareholders now and down the road."
The company said it anticipates its shares will begin trading on the Nasdaq this week.
OxyBio 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.