Oxygen Biotherapeutics, Inc. (NASDAQ: OXBT) Share Slid In The Opening Session


On Friday September 30, 2011, the appointment of Dr. Ronald R. Blanck as the chairman of the Board of Directors was annunciated by Oxygen Biotherapeutics, Inc. (NASDAQ:OXBT).

Oxygen Biotherapeutics, Inc., with its headquarters in Morrisville, NC, is a company engaged in the development of oxygen based medical and cosmetic products utilized to transmit oxygen to tissues in the body.

The company also announced the resignation of Rene A. Eckert and J. Melville Engle as directors of the company as the aftermath of the shareholder vote received today at the General Annual Meeting of Shareholders. And it further affirmed that none of the resignations took place out of any disagreement with the company or the Oxygen Board of Directors. Besides, the company has further announced that Chief Medical Officer Dr. Gerald Klein is intending resign in October as notified by him to the company, since he is looking forward to join another company.

With the appointment of Dr. Ronald R. Blanck as the chairman of the Board of Directors and the resignation of Rene A. Eckert and J. Melville Engle as directors of the company, the Oxygen Board of Directors now consists of three members.

Dr. Blanck is chairman of Martin, Blanck & Associates, a federal health services consulting firm. He holds a 32-year military career as Lieutenant General and Surgeon General of the U.S. Army, and commander of the U.S. Army Military Command. He also served as commander of Walter Reed Medical Center and the North Atlantic Region Medical Command. Along with, previously he has also served as president of the University of North Texas Health Science Center at Fort Worth.

Chief Financial Officer and Interim Chief Executive Officer Michael Jebsen joyously expressed their heartfelt gratitude towards Dr. Blanck for accepting the chairmanship of their board and at the same time has expressed their despair towards the resignation of Dr. Klein, Mr. Eckert and Mr. Engle. On behalf of the company, giving due consideration and respect to their decisions, he has thanked them for their service to the company and have appreciated their contributions.

He further stated that they are looking forward to the chairmanship of Dr. Blanck, owing to his medical expertise and leadership abilities, which they are convinced, will leverage the clinical development of their medical products.

Shares of OXBT slid 6.22% to $1.96 in the opening session on Monday.

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