DURHAM, N.C., Nov. 30 /PRNewswire-FirstCall/ -- Oxygen Biotherapeutics, Inc. (OTC Bulletin Board: OXBT) announced that the company has received $3 million from Vatea Fund as partial payment for the company's achievement of a milestone under the Securities Purchase Agreement dated June 8, 2009, as amended September 1, 2009. The milestone triggering this tranche was achieved in September, but the payment was only due by December 10. The Vatea Fund is expected to deliver the remaining $3 million by the end of this week to complete this latest financing tranche.

Adjusted for the recent one-for-15 reverse split, the achievement of the milestone calls for Vatea Fund to purchase 1.6 million shares of Oxygen Biotherapeutics stock from the company for $6 million with the transaction to close no later than December 10, 2009.

"This latest financing should have us entering calendar year 2010 in great shape," said company chairman and CEO Chris Stern. "With this latest tranche, Vatea Fund will have closed on $11 million of a committed $20 million in milestone-triggered financing. With cash in the bank, an improved balance sheet, a pending listing market change, expected revenue from product sales, Oxycyte Traumatic Brain Injury trials in progress, and $9 million more in financing committed from the Vatea Fund, the company should be in an excellent position to pursue its development plans and commercial goals."

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. referring to expectations of revenue from cosmetic sales that involve risks and uncertainties and reflect the company's judgment as of the date of this release. There can be no assurance that cosmetic sales will contribute any meaningful revenue to the company. 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.

Back to top

RELATED LINKS
http://www.oxybiomed.com/