Oxygen Biotherapeutics Announces Fiscal Year 2014 Financial Results
• Acquired strategic assets from Phyxius Pharma, including lead candidate levosimendan; named John Kelley as CEO
• Activated sites for Phase 3 LEVO-CTS trial for levosimendan in LCOS in the U.S., with data expected in first calendar quarter of 2016
• Raised $55.0 million in net proceeds through secondary offering in March 2014
Conference call today at 8:30am ET
Tuesday, July 29, 2014 8:00 am EDT
Public Company Information:
MORRISVILLE, N.C.--(BUSINESS WIRE)--Oxygen Biotherapeutics, Inc. (NASDAQ: OXBT) a specialty pharmaceutical company focused on developing and commercializing a portfolio of products for the critical care market, today announced financial results for the fiscal year ended April 30, 2014, and provided a corporate update. more..
Currently, we have two product candidates in clinical development. Levosimendan (Phase 3) is being developed for use in cardiac surgery patients at risk of Low Cardiac Output Syndrome (LCOS). Oxycyte PFC emulsion (Phase 2), is being developed to treat patients with traumatic brain injury (TBI).
Levosimendan- Phase 3
Levosimendan is under development in North America for reduction in morbidity and mortality of cardiac surgery patients at risk of low cardiac output syndrome (LCOS). The FDA has granted Fast Track status for levosimendan and agreed to Phase 3 clinical trial protocol under a Special Protocol Assessment (SPA). The FDA has provided guidance that a single successful trial will be sufficient to support approval of levosimendan in this indication.
The Phase 3 clinical trial will study if levosimendan administered before and during surgery will reduce the incidence of morbidity and mortality in cardiac surgery patients at risk. There is substantial scientific evidence for the use of levosimendan in cardiovascular surgery, with over 25 published articles in peer reviewed journals and evidence of mortality reduction in some cardiac surgery trials of more than 50%.
Oxycyte® – Phase 2
The ongoing clinical trial in traumatic brain injury (TBI) is a double-blind, placebo–controlled, dose-escalation study. The first cohort of patients has been successfully completed in Israel and Switzerland with an independent data safety monitoring board approving advancement to the next higher dose. Enrollment in the second cohort, which began in May 2013, is progressing and we have recently made submissions to regulatory authorities to expand the trial into more European countries.
Phase 1 and 2a clinical development studies were conducted in the United States; however, the current trial is on clinical hold in the US due to FDA concerns regarding class effects (e.g., thrombocytopenia and immunosuppression) of earlier perfluorocarbon-based emulsion products. In 2011, we received a $2.07 million cost reimbursement award from the U.S. Army to conduct safety related preclinical studies for Oxycyte PFC emulsion that will enable us to address the agency’s questions.