MORRISVILLE, N.C., March 31, 2011 (GLOBE NEWSWIRE) -- Oxygen Biotherapeutics, Inc. (Nasdaq:OXBT) (SIX Swiss Exchange:OXBT) today announced the Board of Directors accepted the resignation of President and Chief Operating Officer Richard Kiral, Ph.D., effective Friday, April 1, 2011. Dr. Kiral will complete his term on the Board of Directors, however, he will not seek reelection during the annual shareholder meeting held in September. To affect a smooth transition, Dr. Kiral and the company have entered into a two-year consulting agreement.
"Dick has been an instrumental contributor to Oxygen Biotherapeutics since 1999, particularly in his knowledge of perfluorocarbons and formulation. I am pleased that he has agreed to continue to work with us on a consulting basis for the next two years to ensure his extensive knowledge will be available to us for a long period of time. Knowing that he was leaning toward retirement at age 70, last quarter we hired a director of pharmaceutical research and development with PFC and formulation experience. He will be a valuable asset during this transition and in the long term. On behalf of the board and our employees, I wish Dick the best and thank him for his years of dedicated service," said Chris Stern, Chairman & Chief Executive Officer.
"My years at Oxygen Biotherapeutics were some of the most rewarding of my career," said Dr. Kiral. "I am proud of the work we have done and look forward to transitioning the new team that will take the reins."
About Oxygen Biotherapeutics, Inc.
Headquartered in Morrisville, NC, 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 and liquid ventilation product called Oxycyte® PFC that is being formulated for both intravenous and topical delivery. This year, the company launched its DERMACYTE® line of oxygen-rich skin care products. In addition, the company is focused on perfluorocarbon-based oxygen carriers for use in traumatic brain injury, decompression sickness, personal care, and topical wound healing. More information is available at www.oxybiomed.com or www.dermacyteus.com.
Caution Regarding Forward-Looking Statements
This news release contains certain forward-looking statements by the company that involve risks and uncertainties and reflect the company's judgment as of the date of this release. These statements include the management transition, and expansion of research and development of the Oxycyte product line, including and the timing of the introduction of those new products. The forward-looking statements are subject to a number of risks and uncertainties including matters beyond the company's control that could lead to delays in new product introductions and customer acceptance of these new products, and other risks and uncertainties as described in our filings with the Securities and Exchange Commission, including in the current report on Form 10-Q filed on September 9, 2010. The company disclaims any intent or obligation to update these forward-looking statements beyond the date of this release. This caution is made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.