Oxygen Biotherapeutics Provides Update on Recent Events and Phase IIb Oxycyte Clinical...

Wed Jul 9, 2008 8:31pm EDT

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Oxygen Biotherapeutics Provides Update on Recent Events and Phase IIb Oxycyte Clinical Trial

COSTA MESA, Calif.--(Business Wire)--
Oxygen Biotherapeutics, Inc. (OTCBB:OXBO) is providing an update
on the status of the Oxycyte(R) Phase IIb protocol that has been
submitted to the FDA. Oxycyte is the Company's perfluorocarbon (PFC)
therapeutic oxygen carrier.

"We are in the process of submitting a final piece of information
requested by the FDA. After that data has been submitted, we will wait
to hear back from them. When there is material news, we will issue a
public news release," said company chairman and CEO Chris J. Stern,
DBA.

"We've had a lot of phone calls and emails the last two days
asking about the trading in our stock. It's our policy not to comment
on the day-to-day fluctuations in volume or price. However investors
need to understand that stocks of early-stage biotech companies can be
highly volatile. We've been told that certain sources may have been
posting rumors about the company on internet message boards. If by
chance anyone is selling our stock short while spreading rumors,
legitimate investors can unwittingly aid this manipulation through
their purchase and sale decisions. The company endeavors to keep the
market up-to-date on developments as they occur through public news
releases. So we do not believe there is any reason for investors to
consider idle speculation on message boards," said Stern.

About Oxygen Biotherapeutics, Inc.

Oxygen Biotherapeutics, Inc. is dedicated to commercializing
innovative pharmaceuticals and medical devices in the field of oxygen
therapeutics and continuous substrate monitoring. The Company has
under development a perfluorocarbon therapeutic oxygen carrier and
liquid ventilation product and an implantable glucose sensor. These
products are based upon core technologies that include biomedical
applications for PFCs and medical and industrial applications for
biosensors. Each of the product candidates is designed with advantages
over currently marketed products in major markets including acute
respiratory distress syndrome, stroke, myocardial infarction, surgery,
trauma, malignant tumors and diabetes. For further information, visit
www.oxybiomed.com.

Abe Wischnia & Associates
Abe Wischnia
619-795-2345