COSTA MESA, Calif., March 2 (UPI) -- Oxygen Biotherapeutics Inc. has partnered with Virginia Commonwealth University to develop new treatments for injuries received on the battlefield.
California-based Oxygen Biotherapeutics and VCU formed the joint venture after signing a memorandum of understanding. The joint venture, called Purple Heart Injury Laboratories, will be based in Richmond, Va., as part of the VCU Reanimation Engineering Shock Center.
Officials said Purple Heart Injury Laboratories was formed in an initiative to develop new treatments, techniques and therapies to better address battlefield injuries.
"The effort will combine the power of the cooperative efforts of the U.S. military, a tier-one research university and an aggressive business model to assure rapid development of life-saving technologies and therapies for the U.S. warfighter," Chris Stern, Oxygen Biotherapeutics chairman and chief executive, said in a statement.