MORRISVILLE, N.C., Dec. 19, 2011 (GLOBE NEWSWIRE) -- Oxygen Biotherapeutics, Inc. (Nasdaq:OXBT) (SIX Swiss Exchange:OXBT) today announced it has named Chris A. Rallis, Executive-in-Residence at Pappas Ventures, and Anthony A. DiTonno, President and Chief Executive Officer of Neurogesx Inc., to serve as members of the company's Board of Directors, effective December 15, 2011. The addition of these two directors increases the Board to five members.
Mr. Rallis was elected to the Board's Audit Committee, bringing Oxygen back into compliance with NASDAQ's rules for the number of independent directors required for the Audit Committee.
"We are honored to have two executives of their caliber join us at this critical juncture. Chris and Tony bring a wealth of knowledge and experience to us that will add exceptional value to our strategic planning process and future endeavors," said Oxygen Chairman Dr. Ronald Blanck. "The skills and experience that they bring to the Board will be instrumental in shaping the future of our company as we pursue ischemic and topical indications with our perfluorocarbon-based products, both independently and with collaborators."
Mr. Rallis has been an Executive-in-Residence at Pappas Ventures, a life science venture capital firm based in Durham, NC, since 2008. Previously, he was President and Chief Executive Officer of ImmunoBiosciences, Inc., a vaccine technology company formerly located in Raleigh. He has served as a consultant for Duke University and Panacos Pharmacueticals, Inc., and is the former President and Chief Operating Officer of Triangle Pharmaceuticals, Inc., which was acquired by Gilead Sciences in January 2003 for approximately $465 million. While at Triangle, he participated in 11 equity financings generating gross proceeds of approximately $500 million. He was also primarily responsible for all business development activities which included a worldwide alliance with Abbott Laboratories and the in-licensing of 10 compounds. Earlier, he served in various business development and legal management roles with Burroughs Wellcome, Co. Mr. Rallis serves on the boards of Aeolus Pharmaceuticals and Adherex Technologies and chairs the Audit Committee of both boards. He received his A.B. degree in economics from Harvard College, Cambridge, MA, and a J.D. from Duke University, Durham, NC.
Mr. DiTonno is a senior level executive with a proven track record of successful experience in large, small and start-up companies in the pharmaceutical and medical device sectors. Currently, he is President and Chief Executive Officer of Neurogesx Inc. Among his many accomplishments, he has funded companies through a variety of financial arrangements including private and public financings, partnerships and debt. He has also been successful in gaining regulatory approvals in both the United States and European Union. Previously, he was Executive Vice President of Marketing and Sales at Enteric Medical Technologies Inc., which was acquired by Boston Scientific Company; President and Chief Executive Officer of Lifesleep Systems, Inc.; and Vice President and General Manager of Olcassen Pharmaceuticals, which was sold to Watson Laboratories. Early in his career, he held a variety of positions of increasing responsibility at Rorer Group, Inc. (Rhône Poulenc Rorer) and Wyeth Laboratories. Mr. DiTonno received an M.B.A. from Drexel University and a B.S. in Business Administration from St. Joseph's University, both in Philadelphia.
In other business, the Board of Directors elected existing Board member Gregory Pepin Chairman of the Compensation Committee, effective December 15, 2011.
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 product called Oxycyte® that is being formulated for both intravenous and topical delivery. The company has commercialized its DERMACYTE® line of oxygen-rich skin care products. In addition, the company is focused on PFC-based oxygen carriers for use in traumatic brain injury, decompression sickness, and topical wound healing. See www.oxybiomed.com, or www.DermacyteUS.com for more information.
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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 expansion of development of the Oxycyte and DERMACYTE product lines 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 reports on Form 10-Q and Form-10K. 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.