OXIS<---was this a planned manip FRopm the compnay to save themselves????? Either way the Company is DEAD!
Friday December 24, 12:18 am Eastern Time
Company Press Release
OXIS International Responds to Stock Activity
PORTLAND, Ore.--(BUSINESS WIRE)--Dec. 23, 1999--OXIS International (Nasdaq:OXIS - news; Nouveau Marche: OXIS), a developer of new products and technologies to diagnose, treat and prevent diseases caused by oxidative stress, announced that Management was unable to provide a reason for the unusual increase in its stock price and the extraordinary trading volume experienced today.
The Company's stock price closed today on NASDAQ at $2.531 on volume of more than 15 million shares after closing at $0.56 Wednesday.
'While we are developing a number of exciting therapeutics compounds, products and services, we cannot point to a particular current development that would spur the dramatic run up in our stock price that we've seen today,' said Ray R. Rogers, OXIS Chairman and CEO.
'The people at OXIS are committed to the success of wellness products and antioxidant therapeutic technology and would welcome the notion that the financial market may be warming up to these concepts as well,' Rogers said. 'Whatever the cause of the unforeseen increase in our stock price and trading volume, we believe our company has substantial value. We believe that future OXIS products and services may well play a significant role as a growing number of us strive for longer lives, lived healthier.'
OXIS also announced that it has received notice from NASDAQ that it must either submit an appeal to NASDAQ by December 29, 1999, or its common stock will no longer be quoted on the NASDAQ National Market as of that date. The Company has been unable to comply with three NASDAQ requirements: a $1.00 minimum bid price, market value of public float of at least $5,000,000, and net tangible assets of at least $4,000,000. The Company intends to file an appeal, and expects a hearing to be scheduled within the next four to six weeks. Pending the outcome of the appeal, the Company's stock will continue to be quoted on the NASDAQ National Market.
If the closing bid price for the Company's common stock continues to be at or above $1.00 for the next nine trading days, the Company will again be in compliance with the requirements for minimum bid price and market value of public float. The Company is in discussions with another company with regard to transactions that would involve issuance of OXIS securities, the acquisition of certain assets and the sale of rights to certain technology. If these transactions are consummated in the form as is currently expected, the net tangible asset requirement would be met as well.
The Company will do all that is possible to get back on track with NASDAQ requirements. The Company continues to believe that the Company's value has not been well represented by its recent share price.
Pending the outcome of the appeal, the Company's stock will continue to be quoted on the NASDAQ National Market.
Certain of the statements contained in this press release are forward-looking statements, including statements concerning product development and the future success of the company's products, future trading prices of the Company's stock, transactions that may be consummated, and any appeal to NASDAQ. The events described herein may not occur in a timely manner, or at all. Accordingly, the Company's future activities may differ materially from those projected in the forward-looking statements.
OXIS International, Inc. is a health products and drug discovery company. Its health products segment is focused on wellness products and supportive technologies to test, treat and prevent diseases associated with damage from free radicals and reactive oxygen species - diseases of oxidative stress. Through its catalog, it also offers assays, spin traps, antioxidants and fine chemicals to basic and clinical researchers working in the oxidative stress area. The Company's drug discovery subsidiary is focused on the development of new drugs to treat diseases associated with tissue damage from free radicals and reactive oxygen species.
The Company has headquarters in Portland, Oregon, with instrument manufacturing operations in Philadelphia, PA. Visit OXIS International on the World Wide Web at oxis.com.
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Contact:
OXIS Investor Relations
Bradford-Wright, LLC
Mike De Mello, 503/247-2366
mdemello@oxis.com
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