Healthcare Industry News: BD
News Release - April 22, 2008
Synthetic Blood International, Inc. to Seek Shareholder Approval for Name ChangeCOSTA MESA, Calif.--(HSMN NewsFeed)--Synthetic Blood International, Inc. (OTCBB:SYBD ) today announced that it will ask shareholders to approve a name change among other issues in the proxy statement that is being mailed early next week pertaining to a shareholder meeting scheduled for June 17, 2008. The new name proposed for the company is Oxygen Biotherapeutics, Inc.
Shareholders will also be asked to approve a change in the company’s state of incorporation and an increase in the number of authorized shares.
The reason for the name change relates to the development direction of the company’s lead product, Oxycyte®. “We have several exiting bio-therapeutic solutions in the making, yet none of them is synthetic blood,” said company chairman and CEO Chris J. Stern, DBA. “We are currently focusing on traumatic brain injury, sickle cell pain crisis, wound treatment (OTC device and clinical), organ transport, heart attack, stroke, and, as a long shot, spinal cord injury. Adopting a new name will better reflect the broader scope of our development activities.” Oxycyte is the Company's perfluorocarbon (PFC) therapeutic oxygen carrier and blood substitute.
The company also seeks to change its state of incorporation from New Jersey to Delaware and make the name change in connection with the reincorporation.
“Delaware has comprehensive, modern and flexible corporate laws, which makes it the state of choice for many public corporations. In addition, a substantial body of case law from Delaware courts makes the application of Delaware corporate law more clear and certain. We believe Delaware law will provide greater legal predictability with respect to our corporate legal matters, which facilitates attainment of our corporate goals and objectives,” said Stern.
Regarding the need to increase the number of authorized shares, Stern pointed out that the company recently completed a convertible note financing that included the issuance of common stock purchase warrants. Said Stern, “If all of the earlier committed conversion and exercise rights are exercised, we would need to issue more shares than we have authorized. Furthermore, authorizing additional common shares will give the company the flexibility to seek additional financing in the future as needed to support our operations.”
About Synthetic Blood International
Synthetic Blood International is dedicated to commercializing innovative pharmaceuticals and medical devices in the field of oxygen therapeutics and continuous substrate monitoring. The Company has under development an oxygen therapeutic/blood substitute and a liquid ventilation product, and an implantable glucose sensor. These products are based upon core technologies that include biomedical applications for PFCs, and medical and industrial applications for biosensors. Each of the product candidates is designed with advantages over currently marketed products in major markets including acute respiratory distress syndrome, stroke, myocardial infarction, surgery, trauma, malignant tumors and diabetes. For further information, visit www.sybd.com.
Caution Regarding Forward-Looking Statements
This news release contains certain forward-looking statements by Synthetic Blood International, Inc. that involve risks and uncertainties and reflect the company's judgment as of the date of this release. These statements include those related to development plans for Oxycyte and the potential benefits of reincorporation in Delaware. Actual events or results may differ from Synthetic Blood International, Inc.'s expectations. There can be no assurance that shareholders will vote to approve the requested changes, that if approved, any hoped-for benefits will be realized, that convertible note holders will convert any debt to company shares, or that holders of warrants will exercise their purchase rights.
Additional information concerning these and other risk factors affecting Synthetic Blood International, Inc.'s business can be found in the company's public periodic filings with the Securities and Exchange Commission, which are available via www.SYBD.com. Synthetic Blood International, Inc. disclaims any intent or obligation to update these forward-looking statements beyond the date of this release. This caution is made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.
Source: Synthetic Blood International
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