Drug-development company Oxygen Biotherapeutics posted a narrower loss in its latest quarter.
The Morrisville company posted a net loss of $1.56 million, or 5 cents per share, in its fiscal second quarter that ended Oct. 31. A year ago it lost $2.93 million, or 12 cents per share.
Net revenue for the quarter totaled $514,872, up from $95,159 a year ago. The increase was primarily due to government grants from the U.S. Army, which is funding preclinical trials of Oxyclyte, Oxygen Bio's treatment for traumatic brain injury.
Research-and-development expenses totaled $604,574 for the quarter, compared to $488,577 a year ago. Oxygen Bio ended the quarter with $1.51 million in cash.
The company announced last month that it is partnering with Wilmington-based PPD to complete the second phase of clinical trails of Oxycyte. In addition to Oxycyte, the company is conducting preclinical trials of a substance for healing wounds.
Oxygen Bio also sells an over-the-counter cosmetic line, Dermacyte, which is used to treat fine lines and wrinkles. It's sold by dermatologists, plastic surgeons and spas.
Oxygen Bio's shares are down 71 percent this year. The stock was down 6 cents in early trading Monday after opening at 62 cents.