updated 1/28/2011 12:45:41 AM ET 2011-01-28T05:45:41

DURHAM, N.C., Jan. 28, 2011 (GLOBE NEWSWIRE) -- Oxygen Biotherapeutics, Inc. (Nasdaq:OXBT) (SWX:OXBT) today announced it has signed a research contract with Hackensack University Medical Center (HUMC) to research wound healing properties of the Oxygen Biotherapeutics' Wundecyte™ perfluorocarbon (PFC) and its novel oxygen-producing bandage for treatment of full-thickness excisional wounds and partial thickness burns. The preclinical study will also evaluate Wundecyte's ability to prevent scar formation and improve infection control. This project will be funded by the U.S. Department of Defense.

Dr. Antoine Carlisle, a research scientist at HUMC, will be the Principal Investigator. Oxygen Biotherapeutics researchers will work closely with HUMC by participating in the study design and investigator meetings.

According to Oxygen Biotherapeutics Chief Medical Officer Gerald L. Klein, MD, "Wounds and burns are the most common injuries faced by our soldiers daily. We believe that providing additional oxygen may help heal wounds, fight infections and decrease scarring. Wundecyte, our PFC gel, used alone and in combination with a bandage that releases oxygen to the damaged tissue site, may be particularly useful in military applications. Naturally, if study results are favorable, it may also have applications for civilian injuries as well. We look forward to working closely with HUMC on this important study."

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® 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

About Hackensack University Medical Center

Hackensack University Medical Center, a 775-bed teaching and research hospital affiliated with the University of Medicine and Dentistry of New Jersey – New Jersey Medical School, is the largest provider of inpatient and outpatient services in the state of New Jersey. Founded in 1888 with 12 beds and as Bergen County's first hospital, Hackensack University Medical Center has demonstrated more than a century of growth and progress. Today, this not-for-profit, tertiary-care, teaching and research hospital serves as the hub of healthcare for northern New Jersey and the New York metropolitan area. Hackensack University Medical Center continues to grow in response to the needs of its patient population.

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 research and development of the Oxycyte product line, including Wundecyte, 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 10-Q filed on September 9, 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: Ellen Corliss
         Vice President,
         Corporate Communications
         & Investor Relations
         (919) 855-2112

© Copyright 2012, GlobeNewswire, Inc. All Rights Reserved

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