Oxygen Biotherapeutics Inc., (NASDAQ:OXBT) Buoyant About Phyxius Pharma Acquisition
Oxygen Biotherapeutics, Inc., (NASDAQ:OXBT), a developer of oxygen-carrying therapeutics, is definitely giving some thrilling experience to investors. In recent times, shares of the biotech company have seen many ups and downs more frequently than ever. However, last time was when Oxygen Biotherapeutics announced its plans to acquire certain assets of a privately-held firm Phyxius Pharma Inc.
Before moving to the acquisition details, there’s another most recent announcement that came from Oxygen Biotherapeutics is that the company has received about $6 million through the exercise of 2.29 million (2,294,874) warrants between Nov 4 and Nov 6, 2013.
In connection with the company’s July 2013 Series C 8% Convertible Preferred Stock financing, these warrants were issued by Oxygen Biotherapeutics. Following these warrant exercises, 9.11 million, or 9,112,307, shares of Oxygen’s common stock were issued and outstanding, as of Nov 7, 2013. The exercise of these warrants boosts the company’s current cash on hand to about $8.4 million, the company said.
About a week ago, Oxygen and its partner Phyxius announced positive trial results of Phyxius’s heart medication ‘levosimendan’. Tests at the Duke University School of Medicine showed that the drug has the ability to reduce deaths and other adverse outcomes from open heart surgery by as much as 50%. Just after the test results, Oxygen announced its intention to acquire Phyxius’ rights to levosimendan. Oxygen is buying the North American development and commercialization rights to levosimendan from Phyxius Pharma. Interestingly, John Kelley, founder & CEO of Phyxius, will be Oxygen Biotherapeutics, Inc., (NASDAQ:OXBT)’s new CEO, as part of the deal.
Upon closing of the Phyxius Pharma transaction, Oxygen expects to start the Phase III FDA trial of levosimendan.
On the other hand, Oxygen’s peer Anacor Pharmaceuticals (NASDAQ:ANAC), a biopharmaceutical company which develops small-molecule therapeutics, reported an increase in revenues of $3.6 million for the quarter ending September 30, 2013, compared to $2.5 million for the same period in 2012. The company targets at least $160.0 million in cash, cash equivalents, short-term investments, and restricted investments for full year 2013.