Oxygen Biotherapeutics signs agreement to acquire Phase III cardiac drug from Phyxius Pharma

US drug developer Oxygen Biotherapeutics (Nasdaq: OXBT) has signed a Definitive Agreement to acquire certain assets of Phyxius Pharma, a privately-held biopharmaceutical company.

Phyxius is focused on the development and near-term commercialization of levosimendan to prevent and treat cardiac surgery patients at risk for developing low cardiac output syndrome (LCOS), a significant unmet medical need addressing an estimated $600 million market in the USA.

Oxygen Biotherapeutics will acquire the exclusive rights to develop and commercialize levosimendan in North America, as well as integrating three key Phyxius Pharma executives into the company’s management team. The transaction is valued at approximately $4.8 million in stock, based on Oxygen Biotherapeutics issuing an aggregate of approximately 3.4 million shares of its common stock and securities convertible into common stock to Phyxius Pharma’s stockholders in a private placement.