FDA Lifts Oxygen Biotherapeutics' Clinical Hold On Oxycyte Development Program

(RTTNews) - Oxygen Biotherapeutics Inc. (OXBT) said Monday that it has received written confirmation from the Food and Drug Administration or FDA that the clinical hold on the Oxycyte development program has been lifted.

In its letter to the company, the FDA said that it completed its review of the September 12, 2013, submission to the investigational new drug application or IND for Perfluorocarbon or PFC Oxygen Carrier, Intravenous (Oxycyte). The company has satisfactorily addressed all clinical hold issues identified by the FDA and the hold has been lifted.

OXBT closed Friday's trading at $5.38. However, in Monday's pre-market trading, the company's shares are up $0.61 or 11.34 percent to $5.99.