DURHAM, N.C., Sept. 8 /PRNewswire-FirstCall/ -- Oxygen Biotherapeutics, Inc. (OTC Bulletin Board: OXBO) announced that it has formally notified Vatea Fund of the company's achievement of a milestone under the Securities Purchase Agreement dated June 8, 2009, as amended September 1, 2009. The milestone is a Clinical Trial for Oxycyte in Traumatic Brain Injury Approved by Swissmedic.
With the achievement of the milestone, the agreement calls for Vatea Fund to purchase 24 million shares of Oxygen Biotherapeutics stock from the company for $6 million with the transaction to close no later than December 10, 2009.
About Oxygen Biotherapeutics, Inc.
Oxygen Biotherapeutics is dedicated to commercializing innovative pharmaceuticals and medical devices in the field of oxygen therapeutics and Defense Medicine(TM). The company has under development a perfluorocarbon (PFC) therapeutic oxygen carrier and liquid ventilation product (Oxycyte(R)) 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. More information is available at www.oxybiomed.com.
|SOURCE Oxygen Biotherapeutics, Inc.|
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