North Carolina biotechnology firm Oxygen Biotherapeutics (NASDAQ:OXBT) is researching a treatment for traumatic brain injury, but the company is preparing to raise $4.6 million for work on its other lines of business.
Oxygen Biotherapeutics, based in Morrsiville, North Carolina, said that it has entered into an agreement to sell securities in a private placement to an unnamed institutional investor. The convertible notes will bear a 15 percent interest rate payable in cash or stock that will mature in three years. The notes can be converted to Oxygen stock at any time after issuance at $2.225 per share.
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Oxygen Biotherapeutics develops products that enhance the delivery of oxygen to damaged tissue. The company is currently in the midst of clinical trials on a drug candidate intended to improve oxygen delivery for brain injury patients. The new funds will be used for Oxygen Biotherapeutics’ dermatology and cosmetics business, which has a commercialized skin care product.
The company is also developing a wound care product based on the same principles of enhanced oxygen delivery. The U.S. Department of Defense is funding preclinical work on the wound care candidate.
North Carolina biotechnology firm Oxygen Biotherapeutics (NASDAQ:OXBT) is researching a treatment for traumatic brain injury but the company is preparing to raise $4.6 million for work on its other lines of business.
Oxygen, based in Morrsiville, North Carolina, said that it has entered into an agreement to sell securities in a private placement to an unnamed institutional investor. The convertible notes will bear a 15 percent interest rate payable in cash or stock and it matures in three years. The note can be converted to Oxygen stock at any time after issuance at $2.225 per share.
Oxygen develops products that enhance the delivery of oxygen to damaged tissue. The company is currently in the midst of clinical trials on a drug candidat
North Carolina biotechnology firm Oxygen Biotherapeutics (NASDAQ:OXBT) is researching a treatment for traumatic brain injury but the company is preparing to raise $4.6 million for work on its other lines of business. Oxygen, based in Morrsiville, North Carolina, said that it has entered into an agreement to sell securities in a private placement to an unnamed institutional investor. The convertible notes will bear a 15 percent interest rate payable in cash or stock and it matures in three years. The note can be converted to Oxygen stock at any time after issuance at $2.225 per share. Oxygen develops products that enhance the delivery of oxygen to damaged tissue. The company is currently in the midst of clinical trials on a drug candidate intended to improve oxygen delivery for brain injury patients. The new funds will be used for Oxygen’s dermatology and cosmetics business, which has a commercialized skin care product. The company is also developing a wound care product based on the same principles of enhanced oxygen delivery. The U.S. Department of Defense is funding preclinical work on the wound care candidate.e intended to improve oxygen delivery for brain injury patients. The new funds will be used for Oxygen’s dermatology and cosmetics business, which has a commercialized skin care product. The company is also developing a wound care product based on the same principles of enhanced oxygen delivery. The U.S. Department of Defense is funding preclinical work on the wound care candidate.
