Oxygen Biotherapeutics, a small Morrisville company, announced this afternoon that it has terminated CEO Chris J. Stern.

According to a filing with the Security and Exchange Commission, Stern was dismissed "in connection with an Audit Committee investigation concerning conduct by Mr. Stern and its potential impact on the company."

Stern will not be paid severance because of "the circumstances surrounding his dismissal," according to a company statement issued after the close of trading.

Ellen Corliss, vice president of corporate communications and investor relations, said in an telephone interview that she could not comment on the audit committee's findings beyond what had been filed with regulators.

Michael B. Jebsen, the current chief financial officer and treasurer, was named interim CEO. Jebsen has been CFO since 2009.

Oxygen Biotherapeutics, which employs about 14 people locally, is developing medical and cosmetic products. In June, it raised $4.6 million for research and development into various topical products to treat dermatitis, itching and acne, Corliss said. It also is continuing studies of treatments for traumatic brain injuries and decompression sickness.

"We will move swiftly, but deliberately, in our search for a new CEO,"
Rene Eckert, interim Chairman of the Board, said in a statement.

Eckert was appointed chairman today, replacing Stern who had served in that position.

The company also has postponed its annual shareholder's meeting by one week, pushing it to Sept. 30.

Oxygen Biotherapeutics moved to Durham from California in 2008 when Stern became CEO upon the death of his predecessor . The company still has an R&D office in California that employs about a half dozen people, Corliss said.
 

Oxygen Biotherapeutics plans to raise $4.6 million from an undisclosed institutional investor.

The Morrisville company expects to use the proceeds to continue work on dermatology and cosmetics products. Oxygen is developing and marketing various products that are designed to repair damaged tissue by increasing the delivery of oxygen to the site.

The company's line of Dermacyte skin products is designed to reduce fine lines and wrinkles.

Oxygen Biotherapeutics, a small Durham company developing products to treat various ailments and injuries by increasing the delivery of oxygen to damaged tissue, filed plans late Friday to raise as much as $75 million by selling more shares.

The so-called shelf registration with the Securities and Exchange Commission allows Oxygen to sell shares from time to time. Oxygen plans to use any money raised for expansion and to pay for further clinical testing of new products.

The company, which employs 21 people, has outgrown its current space and is considering whether to lease or buy bigger space in this region, said CEO Chris Stern.

On Friday, a Triangle company's stock will debut on the Nasdaq.

Oxygen Biotherapeutics shares, which now trade over-the-counter, will continue to trade under the symbol "OXBT."

The small Durham company in November conducted a reverse stock split that gave every investor one share for every 15 they owned. The process boosted the stock price to the point where it qualified for the Nasdaq listing.

Moving up to the Nasdaq will increase Oxygen's visibility on Wall Street and could help bolster its shares, if the company is successful. On Jan. 22, CEO Chris Stern is scheduled to ring the opening bell at the Nasdaq in New York.

Oxygen Biotherapeutics, a small company that moved its headquarters to Durham from California last year, won approval to list its shares on the Nasdaq stock market.

The shares, which now trade over-the-counter under the symbol "OXBT," have climbed about 35 percent in the past year.

Oxygen is developing products to treat various ailments and injuries by increasing the delivery of oxygen to damaged tissue.