Oxygen raises $52 million in follow-on

Oxygen Biotherapeutics Inc. (NASDAQ:OXBT) raised $52 million through the sale of 9.3 million shares at $5.60 in a follow-on underwritten by Ladenburg Thalmann and MTS Securities. Oxygen proposed the offering late Monday, when its share price was $6.21. Prior to the follow-on, Oxygen had 17.2 million shares outstanding.

In 3Q14, Oxygen plans to start a Phase III trial to evaluate levosimendan to reduce morbidity and mortality in cardiac surgery patients at risk for developing low cardiac output syndrome (LCOS). The company has an SPA from FDA for the trial. Levosimendan is approved in more than 50 countries outside the U.S. to treat acute decompensated heart failure. Oxygen acquired the calcium sensitizer and potassium ATP channel opener last year through its merger with Phyxius Pharma Inc. ...