Oxygen Biotherapeutics President and COO Richard Kiral is retiring today after more than a decade at the pharmaceutical development company.
Kiral’s employment agreement with Oxygen Biotherapeutics (NASDAQ:OXBT) allows him to retire after reaching age 70, which occurred earlier this year. On March 28, the Morrisville, North Carolina-based company entered into a resignation of employment and consulting agreement with Kiral. Kiral will serve out his term on the company’s board of directors, but he will not stand for re-election. Under the new agreement, Kiral will serve as an independent consultant for two years.
When Investment Rhymes with Canada
Canada has a proud history of achievement in the areas of science and technology, and the field of biomanufacturing and life sciences is no exception.
Oxygen Biotherapeutics develops products that enhance the delivery of oxygen to injured tissues in the body. The company achieves this through a proprietary perfluorocarbon, a compound that holds more oxygen than the blood’s oxygen-carrying protein hemoglobin. A perfluorocarbon treatment called Oxycyte is currently in clinical trials for use in traumatic brain injuries. The company has also launched cosmetic product Dermacyte, which is aimed at the skin care market.
Before joining Oxygen Biotherapeutics in 1999, Kiral had held various research and management positions at pharmaceutical and medical device companies. Besides serving as COO of Oxygen Biotherapeutics, Kiral has also worked as vice president of R&D at the company.
Oxygen Biotherapeutics was prepared for Kiral’s departure. CEO Chris Stern said in a statement that knowing that Kiral was considering retirement, the company in the last quarter hired a director of pharmaceutical research and development with perfluorocarbon and formulation experience.
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