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MarketScreener Homepage  >  Equities  >  Nasdaq  >  Oxygen Biotherapeutics Inc    

OXYGEN BIOTHERAPEUTICS INC

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Oxygen Biotherapeutics : Announces Name Change to Tenax Therapeutics (NASDAQ: TENX)

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09/16/2014 | 08:31am EDT

Critical care company focused on lead Phase 3 program for levosimendan

Oxygen Biotherapeutics, Inc. (NASDAQ: OXBT), a specialty pharmaceutical company focused on developing and commercializing a portfolio of products for the critical care market, today announced that the Company received shareholder approval to change the Company name to Tenax Therapeutics, Inc. The name change shall go into effect on Friday, September 19, 2014, and at market open the Company’s common stock will trade on the NASDAQ Capital Market under its new ticker symbol “TENX”.

The new CUSIP number for the common stock is 88032L 100 following the name and ticker change. The Company remains headquartered in Morrisville, NC.

Tenax Therapeutics is focused on its Phase 3 development program for levosimendan, a calcium sensitizer for the reduction of morbidity and mortality in cardiac surgery patients at risk for developing Low Cardiac Output Syndrome (LCOS).

Levosimendan initially was developed by Orion Pharma, Orion Corporation of Espoo Finland for intravenous use in hospitalized patients with acutely decompensated heart failure (ADHF), and is currently approved in over 50 countries for this indication and not available in the United States. Tenax Therapeutics recently acquired the North American rights to develop and commercialize levosimendan from Phyxius Pharma. The United States Food and Drug Administration (FDA) has granted Fast Track status for levosimendan in LCOS.

“We are very pleased to unveil this new company name as we continue moving forward as Tenax Therapeutics,” said John Kelley, Chief Executive Officer. “With the recent initiation of our Phase 3 trial in LCOS, we have taken the company in a new and exciting direction during the past 10 months with a clear clinical development path and the potential for additional indications within our lead program. This name change underscores that strategic shift, and we look forward to updating you on the progress here at Tenax in the months ahead.”

About Tenax Therapeutics

Tenax Therapeutics, Inc., is a specialty pharmaceutical company focused on developing and commercializing a portfolio of products for the critical care market. The company owns the North American rights to develop and commercialize levosimendan, and the United States Food and Drug Administration (FDA) has granted Fast Track status for levosimendan for the reduction of morbidity and mortality in cardiac surgery patients at risk for developing Low Cardiac Output Syndrome (LCOS). The company initiated a Phase 3 trial with levosimendan in that indication in July 2014.

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. The forward-looking statements are subject to a number of risks and uncertainties, including, but not limited to matters beyond the company's control that could lead to delays in the clinical study, delays in new product introductions and customer acceptance of these new products, and other risks and uncertainties as described in the company’s filings with the Securities and Exchange Commission, including in its annual report on Form 10-K filed on July 29, 2014, as well as its other filings with the SEC. The company disclaims any intent or obligation to update these forward-looking statements beyond the date of this release. Statements in this press release regarding management’s future expectations, beliefs, goals, plans or prospects constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.


© Business Wire 2014
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Managers
NameTitle
Anthony A. DiTonno Chief Executive Officer & Director
Michael B. Jebsen President, CFO & Principal Accounting Officer
Ronald R. Blanck Chairman
Doug Randall Executive VP-Commercial & Business Operations
Gregory Pepin Independent Director
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