Oxygen Biotherapeutics is changing its name to Tenax Therapeutics, the Morrisville company announced Tuesday.
The name change is to go into effect Friday, when the company’s stock will begin trading on the Nasdaq under its new ticker symbol “TENX.”
Oxygen reported late last week that it had halted Phase 2 trial for Oxycyte, the company's treatment for traumatic brain injury, after the company had trouble enrolling patients in the trial.
Oxygen is now focusing on the development of levosimendan, a drug to prevent and treat cardiac surgery patients at risk of developing low cardiac output syndrome, or LCOS.
CEO John Kelly said the name change reflects the company’s new focus on developing levosimendan.
“This name change underscores that strategic shift, and we look forward to updating you on the progress here at Tenax in the months ahead,” he said in a statement.
Levosimendan is now in Phase 3 trials, the final stage of testing required before the company can seek regulatory approval to put the drug on the market.