Tenax Therapeutics, Inc.NASDAQ
Oct. 21, 2013, 5:31 PM
- Oxygen Biotherapeutics (OXBT) is set to acquire the North American development and commercialization rights to levosimendan from privately-held Phyxius Pharma.
- OXBT will issue 3.4M common shares and convertible notes to Phyxius stockholders in a private placement.
- "Upon closing of this transaction OXBT will be a company that has a clear path to commercialization with a Phase 3 asset addressing a $600M market," the company notes, adding that levosimendan has Fast Track designation and "an agreed study protocol under the SPA."
- As part of the deal, Phyxius founder and CEO John Kelley will become the new CEO of OXBT. (PR)
- OXBT +38.6% AH