Oxygen slides on Oxycyte trial halt
Oxygen Biotherapeutics Inc. (NASDAQ:OXBT) fell $0.36 to $3.70 in early after-hours trading on Thursday after announcing it would halt a Phase IIb trial evaluating Oxycyte to treat traumatic brain injury. Oxygen said it had difficulties enrolling patients in the study, and would now consider strategic alternatives for the perfluorocarbon-based therapeutic oxygen carrier. The company could not be reached for details.
Oxygen said it would focus on ongoing Phase III trials to evaluate levosimendan to reduce morbidity and mortality in cardiac surgery patients at risk for developing low cardiac output syndrome. FDA granted the product Fast Track designation, and the company believes a single successful trial will be sufficient to support approval. ...