OXIS International, Inc. (OTCMKTS:OXIS) subsidiary firm OXIS Biotech, Inc. executed an exclusive option deal with the University of Pittsburgh. The agreement is associated with certain intellectual properties and patents developed by Dr. Xiang-Qun Xie.
These patents and intellectual properties are associated with the novel and unique compositions-of-matter which could be useful as medications for the treatment of several human diseases. The term of the exclusive option deal is eighteen months. In this period, the University of Pittsburgh will not provide third entities the opportunity to license these patents and intellectual properties.
Anthony J. Cataldo, the CEO of subsidiary company of OXIS, said that the company is delighted to get the opportunity to include University of Pittsburgh intellectual properties rights to the company’s existing portfolio. OXIS Biotech’s main drug candidate named as OXS-4235 was developed by Dr. Xie and his team.
OXIS International, Inc. (OTCMKTS:OXIS) managed to add more than 7% to its market value yesterday, but the question is that how long will positive turn of events last? The addition of Dr. Sean Xie, Dr. Lisa A Haile and Dr. James Mule to Scientific Advisory Board resulted in strong gains for the company.
The financial numbers of OXIS are not supportive of its development plans. As per last 10-Q filed, it had cash of $664,000, total current assets of $690, 000 and total current liabilities were $11.3 million. The liabilities are massive with cash balance at lower side to support the ongoing activities. The revenue in quarter was $3,000 and net loss stood at $4.2 million. It is certainly significant that these financial numbers are of a company whose market capitalization is currently $25 million. OXIS International has an accumulated deficit of $94 million. The management will hold a conference call on March 31 to provide further operational updates.