"Oxygen Carrier; development code OXY-0301", is our leading product candidate is liposome (phospholipid-based bilayer membrane) encapsulated the hemoglobin. OXY-0301 is designed to transport oxygen like the way human natural Red Blood Cell dose. It is called "cell-type oxygen carrying agent " because it is designed to have high biocompatibility. This highly concentrated hemoglobin, OXY-0301 has the following features compared to conventional RBC product. 1. Long term storage capability OXY-0301 can be stored for about two years in room temperature. This is rather superior to natural blood products, which has about three weeks storing capability in refrigerator. 2. Low virus risk Our two steps to reduce virus risk, inactivation using heat-treatment and removal by nano filtration, makes the risk extremely low. 3. Universal compatibility On the process of purification, antigens which determine blood types have been eliminated, therefore OXY-0301 can be administered to anyone. 4. High biocompatibility OXY-0301 resembles natural human erythrocyte in behavior in blood and the same metabolic pathway will work on it. 5. Optimized molecular size Potentional side effects, caused by passing through fenestration in blood vessel and binding to vasoconstrictors such as NO and CO out of the vessel, have been reduced by its size optimization. We have estimated some possible indications and directions and this will lead to create new market based an its widely applicable characteristics. It is also expected that OXY-0301 can be useful in areas where healthcare services are limited. Good healthcare services, including blood transfusion, are available only in a small number of countries at present.. Some countries in Africa, Southeast Asia, Latin America, inland of the Eurasian Continent (West Asia) and China and small isolated islands have difficulties in establishing and maintaining system for natural blood products. The incidence of infections associated with blood transfusion is also very high. OXY-0301 is expected to contribute to the society in these countries and regions.