Hal Mintz‘ Sabby Management has reported a new stake in the biotechnology company Oxygen Biotherapeutics, Inc. (NASDAQ:OXBT), a new filing with the SEC shows. Sabby currently owns over 1.96 million shares of the company, equal to 7.43% of the outstanding stock. The value of the passive position amounts to around $11.61 million, at the current price of the company’s stock.
Interestingly, Sabby Management purchased the shares of Oxygen Biotherapeutics, Inc. (NASDAQ:OXBT), after disclosing in its latest 13F filing, dumping the holding, which previously contained some 36,700 shares. Out of the funds that we track, Ellington, led by Mike Vranos, is the only one that disclosed holding Oxygen Biotherapeutics in its equity portfolio as at the end of last year. Ellington’s stake amasses 34,200 shares, with a reported value of $154,000.
Sabby’s latest acquisition falls in line with the recently announced public offering launched by Oxygen Biotherapeutics, Inc. (NASDAQ:OXBT). The company intends to sell around $52 million worth of stock, for a price of $5.60 per share, Oxygen Biotherapeutics said in a statement. The proceeds will be used for company’s clinical trials as well as for obtaining regulatory approvals for two of its drugs: Levosimendan and Oxycyte. In addition the company will also spend the cash it receives from the proceeds to support the manufacturing of the aforementioned drugs and for development of other product candidates, the statement added.
Moreover, at the beginning of March, Oxygen Biotherapeutics, Inc. (NASDAQ:OXBT) announced that its Oxycyte drug has been reviewed by U.S. FDA agency, which decided to lift the clinical hold of the drug, which means a green light for the clinical development of the product in the U.S, another press release said.
On the back of positive news related to the development of the company, the stock of Oxygen Biotherapeutics has been gaining ground since the beginning of the year, and is already 30% year-to-date.
Recently, Sabby Management disclosed adding other two Healthcare stocks to its equity portfolio. The fund disclosed ownership of 437,500 shares of Recro Pharma Inc (NASDAQ:REPH) and 1.7 million shares of Bioline RX Ltd (NASDAQ:BLRX), both stakes amassing around 5% of the companies’.