Oxygen Bio gets confirmation of FDA lifting hold on drug

03/31/2014 10:25 AM

03/31/2014 10:27 AM

Oxygen Biotherapeutics shares rose 3 percent Monday after the Morrisville company confirmed that it had gotten written confirmation from regulators that they have lifted their clinical hold on its treatment for traumatic brain injuries.

Oxygen Bio’s shares had surged 14 percent on March 4 after the company reported that the Food and Drug Administration intended to lift the hold. The move allows Oxygen Bio to move ahead with clinical development of Oxycyte.

Oxygen Bio recently raised $52 million from a public stock sale. The company plans to use some of the proceeds from the stock sale to further its efforts to complete clinical trials and obtain regulatory approval for Oxycyte and its cardiovascular drug Levosimendan.

Oxygen Bio share closed at $5.55, up 17 cents. The stock is up 23 percent this year.

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