Tenax Therapeuticals, formely known as Oxygen Biotherapeutics, reported a net loss of $2.2 million in the Morrisville company’s fiscal first quarter.
The loss was equal to the $2.2 million loss Tenax reported in its first quarter last year.
Tenax had $1.4 million in expenses in the quarter, up from $800,000 in the same period a year ago. Research and development costs increased from $800,000 to $1 million.
Tenax had $56.4 million in cash on hand as the end of the quarter.
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The company reported earlier this month 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.
Tenax 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.
Tenax shares were down 6 cents in afternoon trading after opening at $4.03. The stock now trades under the ticker “TENX.”