Oxygen Biotherapeutics reported wider net loss in 2014 as the Morrisville company in part because of costs related to its licensing of its cardiovascular drug in October.
For the fiscal year ending April 30, Oxygen had a net loss of $19.5 million, or $2.71 per share, compared to a loss of $9.4 million, or $6.29 per share in 2013.
The net loss included $7.9 million in compensation costs related to Oxygen’s acquisition of levosimendan, a drug to prevent and treat cardiac surgery patients at risk of developing low cardiac output syndrome, or LCOS. Oxygen believes levosimendan targets a $600 million market in the U.S.
The company’s research and development expenses increased to $3 million from $2.5 million in 2014. The increased costs were related to Phase 3 clinical trials for levosimendan as well as the second phase of clinical trials of Oxycyte, Oxygen’s treatment for traumatic brain injury.
The company ended the fiscal year with $58.3 million in cash on hand, compared to just $800,000 and the end of 2013. The increase was largely the result of a public offering of stock in March that raised $55 million. The company expects it now has enough cash to execute its corporate goals through fiscal year 2017.
“Driven by the acquisition of our lead product candidate, levosimendan, from Phyxius Pharma, we have quickly and efficiently positioned Oxygen as a later-stage company with a promising critical care portfolio and a well-funded clinical path toward potential approval during the next several years,” CEO John Kelley said in a statement..
Oxygen’s stock, which hit a 52-week low of $1.19 in early September, was trading at $3.87 in afternoon trading Tuesday.