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SEBIO News » Oxygen raises $7.5M through share issue

December 9, 2011

Oxygen raises $7.5M through share issue

Filed under: Uncategorized — admin @ 8:31 am

Morrisville, NC - Morrisville’s Oxygen Biotherapeutics will sell new shares of the company to an institutional investor, raising up to $7.5 million in the process.Oxygen (Nasdaq: OXBT) has dealt with some corporate issues lately. The company terminated Chris Stern as CEO for alleged inaccuracies on his resumé, was warned by Nasdaq because its audit committee was out of compliance, and removed its shares from the Swiss Exchange. But interim CEO Michael B. Jebsen is looking forward, not back.

“The ($7.5 million in) proceeds, along with our recent initiatives to reduce our cash burn rate, should serve to support our initiatives through the end of calendar year 2012,” he said through a news release.

Oxygen is selling the preferred stock at $2.22 per share through William Blair & Company , a Chicago-based investment group. The preferred shares come with a 7 percent dividend.

Oxygen plans to use the proceeds to further develop Oxycyte — an oxygen carrier targeted for a variety of uses — for trials and for general working capital.

http://www.bizjournals.com/triangle/news/2011/12/09/oxygen-raises-75m-through-share-issue.html

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