Oxygen Biotherapeutics, Inc. and Virginia Commonwealth University (VCU) today announced that they have signed a memorandum of understanding (MOU) to establish a federal defense appropriation-funded joint venture focusing on developing new treatments for military battlefield injuries.
COSTA MESA, Calif.--(BUSINESS WIRE)--Oxygen Biotherapeutics, Inc. (OTCBB:OXBO) and Virginia Commonwealth University (VCU) today announced that they have signed a memorandum of understanding (MOU) to establish a federal defense appropriation-funded joint venture focusing on developing new treatments for military battlefield injuries.
The joint venture intends to establish an entity to be known as the Purple Heart Injury Laboratories (PHIL) in Richmond, VA, as jointly managed and operated research laboratories focusing on healing battlefield injuries with new therapies and concepts. This facility will be a core segment of Virginia Commonwealth University Reanimation Engineering Shock Center (VCURES). The initial $15 million funding for the joint venture will be sought through an appropriation request in the 2009/2010 federal defense budget.
“The effort will combine the power of the cooperative efforts of the U. S. military, a tier-one research university and an aggressive business model to assure rapid development of life-saving technologies and therapies for the U.S. Warfighter and hasten the transition of those technologies to commercial uses for the civilian population,” said Chris J. Stern, DBA, Oxygen Biotherapeutics, Inc. chairman and CEO. “If approved, the appropriation would jump-start an entity whose research focus will create high-paying jobs that can lead to important and valuable improvements in medical treatments and outcomes. The potential is enormous and everyone involved will win.”
“We are pleased to expand the association with Oxygen Biotherapeutics, Inc.,” said Ivelina Metcheva, Ph.D., MBA, Director of VCU Tech Transfer and President of the VCU Intellectual Property Foundation. “VCURES has a nine-year history of research in battlefield injury, acute trauma, shock and resuscitation, and has produced intellectual property now being converted into monitors and therapies for the U.S. Warfighters.”
With the signing of the MOU, the company and VCU will work to finalize a definitive agreement and work jointly to generate the funding to create and run PHIL. Future announcements with additional details will be made in due course.
About Oxygen Biotherapeutics, Inc.
Oxygen Biotherapeutics, Inc. is dedicated to commercializing innovative pharmaceuticals and medical devices in the field of oxygen therapeutics and continuous substrate monitoring. The company has under development a perfluorocarbon therapeutic oxygen carrier and liquid ventilation product (Oxycyte®) and an implantable glucose sensor. These products are based upon core technologies that include biomedical applications for PFCs and medical and industrial applications for biosensors. Each of the product candidates is designed with advantages over currently marketed products in major markets including traumatic brain injury, sickle cell crisis pain, trauma, wound care, acute respiratory distress syndrome, stroke, myocardial infarction, surgery, and diabetes.
About Virginia Commonwealth University Tech Transfer
The VCU Tech Transfer was founded in 1994 to promote commercialization of VCU-developed intellectual property by evaluating, protecting and licensing it to industry. VCU Tech Transfer reviews and evaluates nearly 80 new inventions per year and it has generated more $10 million in licensing revenue since its formation. For more: http://www.research.vcu.edu/ott
Caution Regarding Forward-Looking Statements
This news release contains certain forward-looking statements by Oxygen Biotherapeutics, Inc. that involve risks and uncertainties and reflect the company's judgment as of the date of this release. These statements include those referring to plans for a joint venture for the creation of the Purple Heart Injury Laboratories, federal defense funding for the joint venture, the development of life-saving technologies and therapies for the military, and their transition to commercial uses. Actual events or results may differ from Oxygen Biotherapeutics, Inc.'s expectations. There can be no assurance that the memorandum of understanding will lead to a definitive agreement, that any federal defense appropriation request will be approved or that any government money will actually be provided, or that any such joint venture will be able to generate the funds from any source sufficient to begin and sustain operations. Nor can there be any assurance that any research conducted by the joint venture will be successful or that any such research will lead to approved products for military or civilian use. Additional information concerning these and other risk factors affecting Oxygen Biotherapeutics, Inc.'s business can be found in the company's public periodic filings with the Securities and Exchange Commission, which are available via www.oxybiomed.com. Oxygen Biotherapeutics, Inc. disclaims any intent or obligation to update these forward-looking statements beyond the date of this release. This caution is made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.
