MORRISVILLE, N.C. – Oxygen Biotherapeutics (NASDAQ: OXBT) reported this week a net loss of $15.7 million (or 0.61 cents per share) for its recently completed fiscal year, up from a net loss of $10.4 million a year ago.
Total net revenue rose to nearly $364,000 up from $103,167 last year.
The development stage biomedical company focuses on developing oxygen-carrying intravenous and topical medical and cosmetic products that efficiently deliver oxygen to tissues in the body.
The company has developed a proprietary perfluorocarbon (PFC) therapeutic oxygen carrier called Oxycyt® that is currently in clinical and preclinical studies for intravenous delivery for indications such as traumatic brain injury, decompression sickness and stroke. They also are developing PFC-based creams and gels for topical delivery to the skin for dermatologic conditions and potentially wound care.
In addition, Oxygen has commercialized its Dermacyte line of skin care cosmetics for the anti-aging market. Dermacyte proved to be revenue generator for the company last fiscal year through on-line retailers, physician and medical spa facilities, and through distribution agreements with unrelated companies.
The company’s fiscal year ended on April 30. During this past fiscal year they reduced total operating expenses approximately 20 percent year over year.
“Our financial results show we clearly heard our shareholders directive for change: to exercise more fiscal control and return to our core business. We have made those changes,” said Michael Jebsen, Oxygen’s president and interim CEO and CFO in a prepared statement.
Total operating expenses for the year were $8,583,978 compared to $10,665,844 for the same period in 2011. The 20 percent decrease was the result of reductions in marketing and sales costs, general and administrative costs, and research and development costs.
The decrease in R&D was driven primarily by a reduction in costs incurred for the Phase IIb clinical trials; partially offset by increased costs incurred for the development of Oxycyte and Dermacyte, consulting fees and compensation, according to the company.
Oxygen ended the fiscal year with cash and cash equivalents totaling $1,879,872, compared with $951,944 in the prior year.