Oxygen Biotherapeutics announced Tuesday that it is relocating its research and development arm from California to North Carolina.
The Morrisville drug-development company said it is searching for lab space in the Triangle and will begin the move next month. The publicly traded company has subleased its R&D space in Costa Mesa, Calif.
Three positions were eliminated in Costa Mesa as a result of the consolidation, but Oxygen Bio expects to fill the same positions once the new facility is established in the Triangle.
“North Carolina has the business climate, facilities and creative talent we need to help push our programs forward," said Michael Jebsen, the company's president and chief financial officer, in a statement.
He said the company had been considering the move for a while but was only recently able to sublease its space in California.
Oxygen Bio is developing several experimental drugs, including a treatment for traumatic brain injury that is in the second phase of clinical trials.
The company is conducting preclinical trials to determine whether it has a potential treatment for pruritis, a skin disorder characterized by acute itching, and it also sells a line of cosmetic products, called Dermacyte, for fine lines and wrinkles around the eyes.
Oxygen Bio's shares opened at 94 cents today. The stock is down 36 percent this year.