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Oxygen Biotherapeutics Reports Financial Results For Third Quarter FY2011

The increases in marketing and sales expenses for the three- and nine-months ended January 31, 2011 were driven primarily by an increase in the costs incurred for compensation and direct advertising.

The increase in general and administrative expenses for the three months ended January 31, 2011 was driven primarily by a reduction in costs incurred for banking and investor relations, travel related costs, compensation and consulting fees, offset by accruals for contingent liabilities associated with potential 409A tax liabilities. The decrease in general and administrative expenses for the nine months ended January 31, 2011 was driven primarily by a reduction in costs incurred for stock-based compensation and consulting fees; partially offset by an increase in depreciation and amortization, rent, compensation and accruals for contingent liabilities associated with potential 409A tax liabilities.

The decrease in research and development expenses for the three-months ended January 31, 2011 was driven primarily by a reduction in the costs incurred for the development of Oxycyte and DERMACYTE, consulting costs, and preclinical study costs partially offset by an increase in costs incurred in connection with the Phase II-b clinical trials and compensation. The slight increase in research and development expenses for the nine-months ended January 31, 2011 was driven primarily by costs incurred for compensation and the costs associated with the Phase II-b clinical trials for Oxycyte, offset by a reduction in the costs incurred for the development of Oxycyte and DERMACYTE, consulting costs, and preclinical research costs.

During the nine-month period ending January 31, 2011, as compared to the same period in 2010, total other income increased approximately $240,000 primarily due to an award of $244,489 under the Patient Protection and Affordable Care Act of 2010 received in November 2010.

For the nine-month period ended January 31, 2011, the Company had cash and cash equivalents totaling $522,340, down from $632,706 at April 30, 2010.

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