Oxygen Biotherapeutics, Inc. (OTC Bulletin Board: OXBO) shareholders recently 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. Oxygen Biotherapeutics Takes its first step to move share listing to a major exchange.
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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. 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.
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