Oxygen Biotherapeutics Inc has signed a Limited Purpose Cooperative Research and Development Agreement (LP-CRADA) with the Naval Medical Research Centre (NMRC) and the Walter Reed Army Institute of Research (WRAIR), Federal Laboratories of the United States Department of Defense.

Under the agreement the company would provide information that would be used by NMRC and WRAIR for preparation, writing and submission to the FDA of an Investigational New Drug (IND) application for the use of Oxycyte for the treatment of decompression sickness. Oxycyte is the company's perfluorocarbon (PFC) therapeutic oxygen carrier.

Walter Reed Army Institute of Research is the largest, most diverse, and oldest laboratory in the US Army Medical Research and Material Command.

Oxygen Biotherapeutics is dedicated to commercializing innovative pharmaceuticals and medical devices in the field of oxygen therapeutics and Defense Medicine.