Oxygen Biotherapeutics Receives $6 Million in Net Proceeds from Warrant
MORRISVILLE, N.C. -- November 8, 2013
Oxygen Biotherapeutics, Inc., (NASDAQ:OXBT) a developer of oxygen-carrying
therapeutics, today announced the Company has received approximately $6
million through the exercise of 2,294,874 warrants between November 4, 2013
and November 6, 2013. These warrants were issued by the Company in connection
with its July 2013 Series C 8% Convertible Preferred Stock financing.
Following these warrant exercises, 9,112,307 shares of the Company’s common
stock were issued and outstanding as of November 7, 2013.
“The exercise of these warrants increases our current cash on hand to
approximately $8.4 million. Upon closing of the previously announced Phyxius
Pharma transaction, we expect to be in a position to commence the Phase 3 FDA
trial of levosimendan for the prevention and treatment of low cardiac output
syndrome in heart surgery patients,” stated Michael Jebsen, Oxygen
Biotherapeutics President, CFO and Interim CEO.
About Oxygen Biotherapeutics, Inc.
Oxygen Biotherapeutics, Inc. is developing medical products that efficiently
deliver oxygen to tissues in the body. The company has developed a proprietary
perfluorocarbon (PFC) therapeutic oxygen carrier called Oxycyte^® that is
currently in clinical and preclinical studies for intravenous delivery for
indications such as traumatic brain injury, decompression sickness and stroke.
The company is also developing PFC-based creams and gels for topical delivery
to the skin for dermatologic conditions and potentially wound care.
Caution Regarding Forward-Looking Statements
This news release contains certain forward-looking statements by the Company
that involve risks and uncertainties and reflect the company’s judgment as of
the date of this release. The forward-looking statements are subject to a
number of risks and uncertainties, including, but not limited to, the
likelihood of the consummation of the Phyxius transaction, as well as the
successful integration of Phyxius into the Company, the Company’s actual cash
flows following consummation of the Phyxius transaction, delays in new product
introductions and customer acceptance of these new products, and other risks
and uncertainties as described in our filings with the Securities and Exchange
Commission, including in the current Form 10-Q filed on September 17, 2013,
and our annual report on Form 10-K filed on June 26, 2013, as well as other
filings with the SEC. The company disclaims any intent or obligation to update
these forward-looking statements beyond the date of this release. This caution
is made under the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995.
Robert Haag, 1-866-976-IRTH (4784)
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