OXIS International Inc.'s Common Stock to be Delisted From Nasdaq's National Market System

Business Wire, May 16, 2001

Business Editors

PORTLAND, Ore.--(BUSINESS WIRE)--May 16, 2001

OXIS International, Inc. (Nasdaq:OXIS) (Noveau Marche:OXIS) was notified today that its appeal of the Nasdaq staff's decision to delist OXIS' common stock from the National Market System has been denied by the Nasdaq Listing Qualification Panel.

Accordingly, OXIS International's common stock will be traded on the NASD Over-the-Counter Bulletin Board effective Thursday, May 17, 2001.

OXIS was notified by the Nasdaq staff in March that it did not meet Nasdaq's minimum bid price requirement of $1.00 or the minimum market value of public float of $5,000,000 for continued listing. The Company's appeal hearing with the Nasdaq Panel was held on April 26, 2001.

OXIS, headquartered in Portland, Oregon, focuses on developing technologies and products to research, diagnose, treat and prevent diseases associated with damage from free radical and reactive oxygen species -- diseases of oxidative stress. The Company holds the rights to three therapeutic classes of compounds in the area of oxidative stress and, through its Health Products division, develops, manufactures and markets products and technologies to diagnose and treat diseases caused by oxidative stress.

This press release contains forward-looking statements that involve risks and uncertainties. Such uncertainties include the Company's ability to fund, partner, out-license or otherwise support certain of its assets; to establish relationships with third parties at terms favorable to the Company; and other risks detailed in the Company's filings with the SEC. These factors could cause actual results to differ materially from those projected in the forward-looking statements.