Oxygen Biotherapeutics (NASDAQ:OXBT) reported a net loss of $10.3 million in the company’s fiscal year 2013 ending April 30, a year that saw the the company take a number of steps to keep its financial footing as it focused its efforts on its lead drug candidate, a potential traumatic brain injury treatment.
The Morrisville company narrowed its net loss compared to fiscal 2012, when Oxygen lost $15.7 million. While Oxygen has made progress advancing traumatic brain injury drug candidate Oxycyte through mid-stage clinical trials, it has struggled with the financial ability to support it. The company raised $1.9 million from a February securities offering; enough to start but not finish phase IIb studies on Oxycyte. Oxygen also needed to complete a reverse stock split in May in order to boost the company’s stock price and avoid delisting from the Nasdaq exchange.
Oxygen spent $2.4 million in R&D expenses for the fiscal year, virtually identical to R&D spending in the prior year. But the company closed the fiscal year with less money in the bank. As of April 30, the company had cash and cash equivalents totaling just $783,528 compared with $1.8 million at the end of fiscal 2012.