DURHAM, N.C., Oct. 19 /PRNewswire-FirstCall/ -- Oxygen Biotherapeutics, Inc. (OTC Bulletin Board: OXBO) shareholders today voted to approve a 1-for-15 reverse stock split. The vote was part of a general meeting in which shareholders also voted to approve all of management's nominees to the company board of directors.
At the meeting, chairman and CEO Chris Stern also discussed plans for the formal launch of the company's Dermacyte(TM) Oxygen Concentrate Gel for the skin care market and discussed an expansion of the product development plan.
"The vote to approve the reverse stock split is the key component of our plan to move the listing of our stock from the over the counter bulletin board to a major exchange. We want to thank the shareholders who voted for this. We expect the reverse split will take effect in November. Shareholders will be getting more information about the details on this between now and then. In addition, we have initiated the process to move our listing to a major exchange. We will be working to facilitate and execute the listing move as fast as the stock exchange will allow us to do it," said Stern.
"It was great to be able to use today's meeting to talk about the launch of our first commercial product, Dermacyte Gel. It is now available for pre-order from the website BuyDermacyte.com and we expect to begin shipping product to fulfill orders in about four weeks. We have exciting plans for additional Dermacyte products and I expect this to begin generating revenues for the company."
The company also presented an updated product development plan which foresees a filing before the end of the year of an IND with the U.S. FDA for Oxycyte emulsion as a treatment for Carbon Monoxide poisoning.
Today' shareholder meeting was webcast live. A replay of the webcast may be found on the investor relations section of the company website. The replay will be archived for 90 days.
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 www.oxybiomed.com.
Caution Regarding Forward-Looking Statements
This news release contains certain forward-looking statements by Oxygen Biotherapeutics, Inc. that involve risks and uncertainties and reflect the company's judgment as of the date of this release. These statements include those referring to plans to move the listing of the company's shares to a major exchange, timing of the shipment of Dermacyte Gel to customers and expectations of revenue from those sales, and plans to file an Investigational New Drug application with the FDA for Oxycyte emulsion as a treatment for Carbon Monoxide poisoning. There can be no assurance that those plans and expectations will be realized in the estimated time frame or at all. There be no assurance that Dermacyte or Dermacyte-related products will generate any revenue for the company nor that the FDA or any other government agency in any country will allow the company to initiate the contemplated clinical trials. 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 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.
SOURCE Oxygen Biotherapeutics, Inc.
|SOURCE Oxygen Biotherapeutics, Inc.|
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