Oxygen Biotherapeutics, Inc., OXBT a developer of oxygen-carrying
therapeutics, today announced it has signed a Definitive Agreement
(“Agreement”) to acquire certain assets of Phyxius Pharma, a privately-held
biopharmaceutical company focused on the development and near-term
commercialization of levosimendan to prevent and treat cardiac surgery
patients at risk for developing low cardiac output syndrome (LCOS), a
significant unmet medical need addressing an estimated $600 million market in
the U.S. According to the terms of the Agreement, Oxygen Biotherapeutics will
acquire the exclusive rights to develop and commercialize levosimendan in
North America, as well as integrating three key Phyxius Pharma executives into
the Company's management team. The transaction is valued at approximately $4.8
million in stock as of October 18, 2013, based on Oxygen Biotherapeutics
issuing an aggregate of approximately 3.4 million shares of its common stock
and securities convertible into common stock to Phyxius Pharma's stockholders
in a private placement. Upon closing of the transaction, Phyxius Pharma
Co-Founder and CEO, John Kelley is to become CEO of Oxygen Biotherapeutics.
Ladenburg Thalmann & Co. Inc., a subsidiary of Ladenburg Thalmann Financial
Services Inc. (NYSE MKT:LTS) acted as a financial advisor for the transaction.
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