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Slide #43. Oxygen Biotherapeutics, Inc. — Certain assets of Phyxius Pharma
Oxygen Biotherapeutics, Inc. (OXBT)
Certain assets of Phyxius Pharma
Oxygen Biotherapeutics, Inc., (NASDAQ:OXBT) a developer of oxygen-carrying therapeutics, today announced it has signed a Definitive Agreement ("Agreement") to acquire certain assets of Phyxius Pharma, a privately-held biopharmaceutical company focused on the development and near-term commercialization of levosimendan to prevent and treat cardiac surgery patients at risk for developing low cardiac output syndrome (LCOS), a significant unmet medical need addressing an estimated $600 million market in the U.S. According to the terms of the Agreement, Oxygen Biotherapeutics will acquire the exclusive rights to develop and commercialize levosimendan in North America, as well as integrating three key Phyxius Pharma executives into the Company's management team. The transaction is valued at approximately $4.8 million in stock as of October 18, 2013, based on Oxygen Biotherapeutics issuing an aggregate of approximately 3.4 million shares of its common stock and securities convertible into common stock to Phyxius Pharma's stockholders in a private placement. Upon closing of the transaction, Phyxius Pharma Co-Founder and CEO, John Kelley is to become CEO of Oxygen Biotherapeutics.
Oxygen Biotherapeutics is engaged in developing biotechnology products with a focus on oxygen delivery to specific target tissues. Co. is developing Oxycyte®, a systemic perfluorocarbon product for use in situations of acute ischemia, which is in clinical trial for the treatment of traumatic brain injury. Co. is also developing its topical products: Dermacyte® line of topical cosmetic products for skin health and other cosmetic benefits; and Wundecyte™ gel developed under a contract agreement with a lab in Virginia that is designed to be used as a wound-healing gel. Co. also has under development Vitavent™, an oxygen exchange fluid for facilitating the treatment of lung conditions.
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Strong Buy (4.00 out of 4)
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