EANS-Adhoc: Oxygen Biotherapeutics Reports Financial Results for Fiscal Year 2011
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ad-hoc disclosure transmitted by euro adhoc with the aim of a Europe-wide
distribution. The issuer is solely responsible for the content of this
announcement.
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15.07.2011
MORRISVILLE, NC, July 14, 2011 Oxygen Biotherapeutics, Inc. (NASDAQ and SIX
Swiss Exchange: OXBT), a development stage biomedical company focused on
developing oxygen-rich intravenous and topical products, today announced results
for the fiscal year (FY) ended April 30, 2011.
R&D Highlights
Completed the first cohort of our STOP-TBI Phase IIb clinical trial and
initiated efforts to expand trials to India. Received DSMB approval to proceed
to second cohort of the STOP-TBI Phase IIb clinical trial.
Entered into a Cooperative Research and Development Agreement with the U.S.
Naval Medical Research Center to conduct additional preclinical trials to assess
the safety and efficacy of Oxycyte for the prevention and treatment of
decompression sickness and related injuries.
U.S. Navy studies demonstrated decreased mortality in models that were given an
intravenous dose of Oxycyte PFC emulsion after the onset of decompression
sickness. This data was published in the June 2010 issue of Aviation Space and
Environmental Medicine.
Signed research contract funded by the Department of Defense with Hackensack
University Medical Center to study the wound healing properties of Wundecyte
gel. Studies are underway.
Signed a Letter of Intent with Sarasota Medical Products to pursue joint
research and development in chronic ischemic wound care.
Corporate Highlights
Raised $4.9 million in a private placement of Unregistered Convertible Notes
and Warrants in June 2011.
Received $2.07 million two-year grant from the U.S. Army to study the use of
Oxycyte® perfluorocarbon (PFC) emulsion for traumatic brain injury.
Raised nearly $5 million from a registered direct offering in May 2010.
DERMACYTE® Highlights
Launched two oxygenating skin care products, DERMACYTE Concentrate and
DERMACYTE Oxygenating Eye Complex in the U.S. via internet sales and direct
sales to dermatologists and medi-spas.
Expanded international sales of DERMACYTE by entering into agreements with two
distributors that will sell DERMACYTE® skin care products in the Swiss, Mexican,
European and Russian markets.
Secured listings on leading on-line beauty retail websites for DERMACYTE skin
care products: www.Dermstore.com and www.Beautyriche.com
"Fiscal year 2011 was a building year for our company. We achieved a broad
array of objectives across the topical, systemic and cosmetic programs within
our company. With that groundwork set, I feel enthusiastic about the prospects
of our topical and systemic research programs as well as our cosmetic business.
The coming year will be one focused on (a) generating more clinical results with
proof-of-concept studies for dermatological indications; (b) progressing our TBI
trials; (c) collaborations with dermatologists who want to conduct studies to
determine the benefits of DERMACYTE skin care products; and (c) growing
DERMACYTE sales," said Chris Stern, Chairman and Chief Executive Officer.
Financial Results
Net revenue for the fiscal year ended April 30, 2011 was $103,167 compared to
$8,353 for the same period in fiscal year 2010. Gross profit as a percent of
revenue was 32% compared with 17% for the previous year. This was primarily due
to increased sales volume of the Company´s two new DERMACYTE products that were
launched in fiscal 2011.
Marketing and sales expenses for the year ended April 30, 2011 were $875,634
compared with $283,104 for the comparable period in 2010. The increases in
marketing and sales expenses for the year were driven primarily by an increase
in the costs incurred for compensation, marketing and direct advertising for our
DERMACYTE product line, as well as trade shows, public relations and other
market development programs for our cosmetics.
General and Administrative (G&A) expenses increased from $6,952,036 to
$7,108,497 for the fiscal year 2012 compared with fiscal year 2011. The
increase in G&A expenses for the fiscal year 2011 was driven primarily by an
increase in legal and accounting fees, compensation, depreciation and
amortization, and impairment charges on certain intangible assets. This
increase was partially offset by a reduction in our costs for consulting.
For the 12-month period ending April 30, 2011, research and development expenses
decreased 10% from $2,974,709 compared to $2,681,713 for the 12-month period
ending April 20, 2010. The decrease in R&D was driven primarily by a reduction
in development costs, partially offset by an increase in compensation and costs
associated with the Phase IIb traumatic brain injury clinical trials for Oxycyte
emulsion.
During the 12-months ended April 30, 2011, other income increased approximately
$435,000 compared to the same period in the prior year. This increase was due
to the award of nearly $250,000 under the Patient Protection and Affordable Care
Act of 2010, which was received in November 2010, and the impairment on our
investments in Glucometrics and Purple Heart Injury Labs of approximately
$210,000 recorded in the prior year.
Interest expense increased approximately $17,000 for fiscal year 2012 due to the
accretion of premium due on the promissory notes issued under the Note Purchase
Agreement with our largest shareholder, the Vatea Fund, as compared to the
interest recognized from the amortization of the discounts and issue costs upon
conversion of the notes payable in the prior year.
Total operating expenses for the year ended April 30, 2011 were $10,665,844
compared to $10,209,849 for the same period in 2010.
For the fiscal year ended April 30, 2011, we reported a net loss of $10,448,296,
or $0.45 per share, compared to a net loss of $10,507,376, or $0.54 per share
for fiscal year 2010.
For the full year ended April 30, 2011, the Company had cash and cash
equivalents totaling $951,944, compared with $632,706 at April 30, 2010.
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. These statements include the expansion of development
of the Oxycyte and DERMACYTE product lines and the timing of the introduction of
those new products. The forward-looking statements are subject to a number of
risks and uncertainties including matters beyond the company's control that
could lead to 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
reports on Form 10-Q and Form-10K. 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.
end of ad-hoc-announcement
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Conference Call
Management will host a conference call on Friday, July 15, 2011 at 11 a.m. EDT.
To access the live teleconference, dial (800) 688-0836 (U.S. and Canada) or
(617) 614-4072 (international.) The participant pass code is 26134845. A live
webcast will be available on our web site
http://www.oxybiomed.com/investors.htm. A replay of the webcast will be
available on the Oxygen Biotherapeutics website or by phone for a limited time.
To access the replay by phone, call (888) 286-8010 (U.S. and Canada) or (617)
801-6888 (international) for a limited time. The pass code for the replay is
98577075.
About Oxygen Biotherapeutics, Inc.
Headquartered in Morrisville, NC, Oxygen Biotherapeutics, Inc. is developing
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 Oxycyte that is being formulated for both intravenous and
topical delivery. Potential indications include traumatic brain injury,
decompression sickness, wounds and dermatologic indications. This year, the
company launched its DERMACYTE® line of oxygen-rich skin care products. More
information is available at www.oxybiomed.com or www.dermacyteUS.com.
Further inquiry note:
Für weitere Auskünfte wenden Sie sich an:
Ellen Corliss
Vice President, Corporate Communications
& Investor Relations
Oxygen Biotherapeutics, Inc
One Copley Pkwy, Suite 490
Morrisville, NC 27560
Direct Telephone: +1 919 855 2112
Direct Fax: +1 919 806 4417
Email: e.corliss@oxybiomed.com
Dr. Chris Stern
Chairman of the Board & CEO
Oxygen Biotherapeutics, Inc
One Copley Pkwy, Suite 490
Morrisville, NC 27560
Direct Tel.: +1 919 855 2151
Direct Fax: +1 419 710 8764
Email: c.stern@oxybiomed.com
end of announcement euro adhoc
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issuer: Oxygen Biotherapeutics Inc.
2530 Meridian Pkwy
US-27713 Durham, NC
phone: +1(919)7607606
FAX: +1(419)7108764
mail: c.stern@oxybiomed.com
WWW: www.oxybiomed.com
sector: Biotechnology
ISIN: US69207P2092
indexes: SSIRT
stockmarkets: Nasdaq: New York, Main Standard: SIX Swiss Exchange
language: English
ad-hoc disclosure transmitted by euro adhoc with the aim of a Europe-wide distribution. The issuer is solely responsible for the content of this announcement. Contracts 28.01.2011 DURHAM, NC, January 28, 2011 - Oxygen Biotherapeutics, Inc. (NASDAQ & SIX Swiss Exchange: OXBT) today announced it has signed ...