Published on February 11, 2013 at 11:53 PM
Oxygen Biotherapeutics, Inc. ("OBI") (NASDAQ: OXBT), announced today that it has entered into a License and Supply Agreement with the Cosmetics Division of Valor SA of Lausanne, Switzerland, for Dermacyte, a perfluorocarbon based cosmetic product currently manufactured and distributed by Oxygen Biotherapeutics. Per the agreement, Valor was granted the exclusive right to sell, import, export, distribute, package, label and otherwise commercialize Dermacyte. Valor also is authorized to sublicense the license granted under this agreement provided that such sublicenses are consistent with the terms of the original licensing agreement.
Per the terms of the agreement, Valor must pay OBI an annual, non-refundable license fee as well as a royalty on all sales of Dermacyte when a specific agreed upon sales goal is achieved.
"We believe this licensing agreement is a big step forward in the reorganization process that our company has undertaken over the last year and a half," said Michael Jebsen, President and Chief Financial Officer of OBI. "We have returned to our roots as a drug development company creating our perfluorocarbon-based drug, Oxycyte®, for traumatic brain injury, stroke and decompression sickness. Currently we are working diligently to resume our TBI trials in Israel and Switzerland; we are collaborating with Aurum Biosciences to develop better MRI diagnostics for stroke patients; and we continue to provide Oxycyte to the U.S. Navy through a material transfer agreement, which is conducting preclinical studies using Oxycyte for decompression sickness. In addition, we continue to make significant progress in our domestic preclinical study program designed to further establish the safety profile of Oxycyte. We believe that program remains on track for completion in June with reports being written this summer."
Source: Oxygen Biotherapeutics, Inc.