Oxygen Biotherapeutics, Inc. Announces Completion of Second Financing Tranche with Vatea Fund
30 November 2009 - 2:30PM
PR Newswire (US)
DURHAM, N.C., Nov. 30 /PRNewswire-FirstCall/ -- Oxygen
Biotherapeutics, Inc. (OTC:OXBT) (BULLETIN BOARD: OXBT) announced
that the company has received $3 million from Vatea Fund as partial
payment for the company's achievement of a milestone under the
Securities Purchase Agreement dated June 8, 2009, as amended
September 1, 2009. The milestone triggering this tranche was
achieved in September, but the payment was only due by December 10.
The Vatea Fund is expected to deliver the remaining $3 million by
the end of this week to complete this latest financing tranche.
Adjusted for the recent one-for-15 reverse split, the achievement
of the milestone calls for Vatea Fund to purchase 1.6 million
shares of Oxygen Biotherapeutics stock from the company for $6
million with the transaction to close no later than December 10,
2009. "This latest financing should have us entering calendar year
2010 in great shape," said company chairman and CEO Chris Stern.
"With this latest tranche, Vatea Fund will have closed on $11
million of a committed $20 million in milestone-triggered
financing. With cash in the bank, an improved balance sheet, a
pending listing market change, expected revenue from product sales,
Oxycyte Traumatic Brain Injury trials in progress, and $9 million
more in financing committed from the Vatea Fund, the company should
be in an excellent position to pursue its development plans and
commercial goals." About Oxygen Biotherapeutics, Inc. Oxygen
Biotherapeutics, Inc. is dedicated to commercializing innovative
pharmaceuticals and medical devices in the field of oxygen
therapeutics and Defense Medicine(TM). The company has developed a
perfluorocarbon (PFC) therapeutic oxygen carrier and liquid
ventilation product (Oxycyte(TM)) and has out-licensed an
implantable glucose sensor. These products are based upon core
technologies that include biomedical applications for PFCs as well
as medical and industrial applications for biosensors. Each of the
product candidates is designed with advantages over currently
marketed products in major markets including traumatic brain
injury, sickle cell crisis, trauma, wound care, decompression
sickness, acute respiratory distress syndrome, stroke, myocardial
infarction, surgery, diabetes wounds and ulcers, and cosmetic
applications which are being marketed under the Dermacyte name.
More information is available at http://www.oxybiomed.com/. Caution
Regarding Forward-Looking Statements This news release contains
certain forward-looking statements by Oxygen Biotherapeutics, Inc.
referring to expectations of revenue from cosmetic sales that
involve risks and uncertainties and reflect the company's judgment
as of the date of this release. There can be no assurance that
cosmetic sales will contribute any meaningful revenue to the
company. Additional information concerning these and other risk
factors affecting Oxygen Biotherapeutics, Inc.'s business can be
found in the company's public periodic filings with the Securities
and Exchange Commission, which are available via
http://www.oxybiomed.com/. Oxygen Biotherapeutics, Inc. 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. DATASOURCE: Oxygen Biotherapeutics, Inc. CONTACT: Abe
Wischnia of Abe Wischnia & Associates, +1-619-795-2345, for
Oxygen Biotherapeutics, Inc. Web Site: http://www.oxybiomed.com/
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