DURHAM, N.C., Aug. 12 /PRNewswire-FirstCall/ -- Oxygen Biotherapeutics, Inc. today announced that the company has filed its annual report on Form 10-K for the fiscal year ended April 30, 2009. In addition to being available from the Securities And Exchange Commission website at www.SEC.gov, the 10-K can be downloaded from the company website at www.oxybiomed.com via the SEC Filings link on the Investors page.
“During the fiscal year we converted most of the five-year convertible debentures, reflected as long term debt on our balance sheet, to equity. In doing so, we eliminated all of the related interest obligation and the related discounts on this debt. When we eliminated our obligation we had to take a non-cash charge against income in the amount of the interest we would have had to pay had this conversion not occurred,” said Chris Stern, company chairman and CEO. “Most of that finance charge comes from financings from before 2008 that had drastic warrant clauses. Now, with these obligations eliminated, our balance sheet is much stronger. Combined with the recent financing agreement with Vatea Fund, we are in a financial position where we believe we have the working capital necessary to fund our operations and development pipeline and sustain the company until we generate revenue.”
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 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.
CONTACT: Abe Wischnia of Abe Wischnia & Associates, +1-619-795-2345, for
Oxygen Biotherapeutics, Inc.
Web site: http://www.oxybiomed.com/
