North Carolina biopharmaceutical company Oxygen Biotherapeutics (NASDAQ:OXBT) is teaming with a Scotland company to see if their respective technologies can work together in improving how to see and intervene in a stroke.
Morrisville, North Carolina-based Oxygen Biotherapeutics announced on Monday a letter of intent to conduct preclinical research with Aurum Biosciences, which is based in Glasgow, Scotland. Oxygen Biotherapeutics focuses on developing products that improve the delivery of oxygen to injured tissue. The company’s compound Oxycyte is currently in phase 2 clinical trials as a treatment for traumatic brain injury.
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The proposal with Aurum calls for the companies to conduct preclinical research for imaging and intervening in acute ischemic stroke. An ischemic stroke occurs when a clot blocks a blood vessel that carries oxygen to the brain. The research will use an Oxycyte emulsion with Aurum’s techniques to produce MRI images of a stroke. The companies said the research aims to identify which tissue has been damaged from a stroke and to determine the effectiveness of the stroke treatment being provided.
According to the American Stroke Association, approximately 795,000 Americans suffer a new or recurrent stroke each year. Stroke kills more than 135,000 people a year in the United States alone and is the third leading cause of death behind heart disease and cancer, according to the Centers for Disease Control and Prevention. Aurum’s technology comes from the Southern General Hospital in Glasgow and the University of Glasgow. Specific financial terms of Oxygen Biotherapeutics’ deal with Aurum were not disclosed. But under the letter of intent, Aurum will seek funding for the research. Aurum said that it is in the process of connecting with investors to support its R&D efforts. No target amount was specified.