Oxygen Biotherapeutics, Inc. Signs CRADA With U.S. Navy to Study Treatment of Decompression Sickness Using Oxycyte(R) Emulsion

DURHAM, N.C., Aug. 2, 2010 (GLOBE NEWSWIRE) -- Oxygen Biotherapeutics, Inc. (Nasdaq:OXBT) (SIX Swiss Exchange:OXBT) today announced it has entered into a Cooperative Research and Development Agreement (CRADA) with the U.S. Naval Medical Research Center (NMRC) to conduct preclinical trials to assess the safety and efficacy of Oxygen Biotherapeutics' proprietary Oxycyte perfluorocarbon emulsion (PFCE) for the prevention and treatment of decompression sickness and related injuries.

Previously, the Company signed a limited purpose CRADA for equipment and material transfer with the NMRC and Walter Reed Army Institute of Research for an investigational new drug application to use Oxycyte PFCE in treating DCS. Recently published results from U.S. Navy studies demonstrated decreased mortality in porcine animal models that were given an intravenous dose of Oxycyte PFCE after the onset DCS. These results showed a statistically significant decrease in mortality compared with the control group that did not receive Oxycyte PFCE. This data was published in the June issue of Aviation Space and Environmental Medicine.

"We look forward to continuing our collaboration with the U.S. Navy to develop a safe and effective treatment for DCS. We believe this new CRADA validates the potential of Oxycyte for this possible indication," said Dr. Gerald Klein, Chief Medical Officer of Oxygen Biotherapeutics.

About Decompression Sickness

Decompression sickness (DCS, also called the bends or caisson disease) results from inadequate decompression following exposure to increased pressure. In some cases, the disease is mild and not an immediate threat. In other cases, serious injury does occur; when this happens, the quicker treatment begins, the better the chance for a full recovery. During a deep underwater dive, body tissues absorb nitrogen from breathing gas in proportion to the surrounding pressure. As long as the diver remains at this pressure, the gas presents no problem. If the diver comes to the surface too quickly and the pressure is reduced too fast, the nitrogen comes out of solution and forms bubbles in the diver's tissues and bloodstream. Bubbles forming in or near joints are the presumed cause of the joint pain of a classical "bend." When high levels of bubbles occur, serious reactions can take place in the body, usually in the spinal cord or brain. Numbness, paralysis and disorders of higher cerebral function may result. If great amounts of decompression are missed and large numbers of bubbles enter the venous bloodstream, congestive symptoms in the lung and circulatory shock can then occur.

About Oxygen Biotherapeutics, Inc.

Oxygen Biotherapeutics, Inc. is developing medical and cosmetic products that efficiently deliver oxygen to tissues in the body. The company has developed a proprietary perfluorocarbon (PFC) therapeutic oxygen carrier and liquid ventilation product called Oxycyte that is being formulated for both intravenous and topical delivery. This year, the company launched its Dermacyte(R) line of oxygen-rich skin care products. In addition, the company is focused on perfluorocarbon-based oxygen carriers for use in traumatic brain injury, decompression sickness, personal care, and topical wound healing. More information is available at www.oxybiomed.com or www.buydermacyte.com.

The Oxygen Biotherapeutics, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=7277

Caution Regarding Forward-Looking Statements

This news release contains certain forward-looking statements by the company that involve risks and uncertainties and reflect the company's judgment as of the date of this release. These statements include the expansion of development of the Oxycyte product line and the timing of the introduction of those new products. The forward-looking statements are subject to a number of risks and uncertainties including matters beyond the company's control that could lead to delays in new product introductions and customer acceptance of these new products, and other risks and uncertainties as described in our filings with the Securities and Exchange Commission, including in the current report on Form 8-K filed on May 4, 2010. The company disclaims any intent or obligation to update these forward-looking statements beyond the date of this release. This caution is made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.

CONTACT: Oxygen Biotherapeutics, Inc. Ellen Corliss, Vice President, Corporate Communications & Investor Relations (919) 806-4405

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