The Department of Defense has awarded Synthetic Blood International a number of grants totaling more than $5.3 million. The funding from these grants will be used to study clinical applications for Oxycyte®, the company’s perfluorocarbon therapeutic oxygen carrier.
The company describes Oxycyte as an oxygen-carrying intravenous emulsion that can carry five times more oxygen than hemoglobin, making it an effective means of transporting oxygen to tissues and carbon dioxide to the lungs for disposal. New applications of oxygen therapy include stroke, myocardial infarction, and certain malignant diseases.
In brief, the grants will be used for the following studies: $1.3 million will be used for the treatment and prevention of decompression sickness with Oxycyte; $1.6 million was made for support of research into Oxycyte’s ability to treat/prevent organ damage from arterial gas embolism over a period of three years; $1.2 million will be utilized in ongoing studies of perfluorocarbon emulsions in the treatment of severe decompression sickness over a period of 3 years; $300,000 was made to sponsor a post-doctoral candidate to work in the microcirculation laboratories of VCURES over a period of two years; $300,000 was awarded to develop pilot studies into the effectiveness of Oxycyte in treating TBI; and $600,000 from the United States Army will support the VCURES efforts in the human civilian brain injury trial.
In response to the grants, chairman & CEO Chris J. Stern stated, “The $5.3 million total represents only grants specifically dedicated to Oxycyte. It does not include grant funds in which Oxycyte was one among other drug studies. If we could include all the money spent from outside sources on Oxycyte research, the amount would be significantly greater. And we have indications that other researchers may be looking for funding for additional Oxycyte work that could speed up development of this promising product. This clearly underlines our intent to become a multi-product company with a strong portfolio of what could become a dozen or more indications in oxygen delivery to tissue.”
On a separate note, Synthetic Blood International will soon be changing its name to Oxygen Biotherapeutics, Inc. pending completion of a reincorporation as approved by a vote of shareholders on June 17, 2008. A new stock trading symbol will be announced when it is assigned.
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