COSTA MESA, CA--(BUSINESS WIRE)--Oxygen Biotherapeutics, Inc. (OTCBB:OXBO) announced that the company has reached an agreement to license its glucose biosensor technology to Glucometrics, Inc. for applications involving the measurement and monitoring of glucose levels in diabetes patients.
Oxygen Biotherapeutics, Inc. will receive stock in Glucometrics and running royalties on a sliding scale based on worldwide net revenues from products derived from the licensed technology. Under terms of the agreement, the companies are not disclosing the royalty formula.
"I am proud to announce this major milestone in our corporate history with our first-ever license agreement. Because of our focus and the priority we've placed on development of applications for Oxycyte, we were just not able to put the required amount of resources into the development of the biosensor. With this agreement, the biosensor intellectual property can be developed to its full potential with the possibility of generating a future royalty stream for our shareholders," said company chairman and CEO Chris J. Stern, DBA. Oxycyte is the Company's perfluorocarbon (PFC) therapeutic oxygen carrier.
"As the field of glucose sensing grows and matures, the need for more accurate, more continuous, and lower cost devices has become even more pressing," explains Bill Timmons, President of Glucometrics. "The glucose biosensor technology that we're licensing offers numerous important features, including better accuracy than the current FDA-approved gold standard, self-calibration, and reusability. These features combine to create a system that permits highly accurate, real-time, continuous glucose sensing. This technology is affordable, easy-to-use, and will improve patient outcomes from the home user to the critical care patient," said Timmons.
About Oxygen Biotherapeutics
Oxygen Biotherapeutics, Inc. is dedicated to commercializing innovative pharmaceuticals and medical devices in the field of oxygen therapeutics and continuous substrate monitoring. The Company has under development a perfluorocarbon therapeutic oxygen carrier and liquid ventilation product and an implantable glucose sensor. These products are based upon core technologies that include biomedical applications for PFCs and medical and industrial applications for biosensors. Each of the product candidates is designed with advantages over currently marketed products in major markets including acute respiratory distress syndrome, stroke, myocardial infarction, surgery, trauma, malignant tumors and diabetes.
Glucometrics, Inc. is a start-up firm co-founded by Alan Brunsman and EnteraTech, Inc. Brunsman is a world-recognized expert in the field of glucose sensing and is a co-inventor of the current FDA gold standard glucose sensing technology as well as Oxygen Biotherapeutics' glucose biosensing technology. EnteraTech, Inc. is led by Bill Timmons, Ph.D., a seasoned technology entrepreneur and expert in funding technology startup firms. Glucometrics is poised to realize the founders' vision of a continuous, accurate, and affordable glucose sensing system.