DURHAM, N.C., Nov. 2, 2010 (GLOBE NEWSWIRE) -- Oxygen Biotherapeutics, Inc. (Nasdaq:OXBT) (SIX Swiss Exchange:OXBT) today announced it has received nearly $245,000 in a grant under the Patient Protection and Affordable Care Program Act of 2010 (PPACA). The award was given for the Company's qualified investments under Section 48D of the PPACA for the clinical development of Oxycyte® perfluorocarbon emulsion for traumatic brain injury (TBI) and spinal cord injury.
"Tax credits such as this are vital to the economic viability of development stage biotechnology companies such as Oxygen Biotherapeutics," said Chris Stern, Chairman and Chief Executive Officer of Oxygen Biotherapeutics. "We intend to reinvest this money in support of our ongoing R&D efforts for Oxycyte PFC."
Section 48D credits and grants are available to companies with less than 250 employees involved in the research and development of products for the diagnosis, treatment and prevention of disease. A business that qualifies for Section 48D is eligible to receive credits equal to 50% of costs paid or incurred by the business in the tax years beginning in 2009 and/or 2010 for expenses necessary for and directly related to one or more of the qualified investment activities.
About Oxygen Biotherapeutics, Inc.
Oxygen Biotherapeutics, Inc. is developing medical and cosmetic products that efficiently deliver oxygen to tissues in the body. The Company has developed a proprietary perfluorocarbon (PFC) therapeutic oxygen carrier called Oxycyte® that is being formulated for both intravenous and topical delivery for conditions including but not limited to traumatic brain injury, decompression sickness, cosmetics and topical wounds. This same Oxycyte PFC is included in the Company's full line of DERMACYTE® personal skin care products. More information is available at www.oxybiomed.com, or www.buydermacyte.com.
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Caution Regarding Forward-Looking Statements
Certain statements in this release and other written or oral statements made by or on behalf of the Company are "forward looking statements" within the meaning of the federal securities laws. Statements regarding future events and developments and our future performance, as well as management's expectations, beliefs, plans, estimates or projections relating to the future are forward-looking statements within the meaning of these laws. The forward looking statements are subject to a number of risks and uncertainties including market acceptance of the Company's services and projects and the Company's continued access to capital and other risks and uncertainties. The actual results the Company achieves may differ materially from any forward-looking statements due to such risks and uncertainties. These statements are based on our current expectations and speak only as of the date of such statements, and the Company assumes no obligation to update the information in this release.