Oxygen Biotherapeutics (OXBT) Set to Join Russell Microcap Index

DURHAM, N.C., June 25, 2010 (GLOBE NEWSWIRE) — Oxygen Biotherapeutics, Inc. (Nasdaq:OXBT – News) is set to join the Russell Microcap Index when Russell Investments reconstitutes its comprehensive set of U.S. and global equity indexes today. Oxygen Biotherapeutics was named on a preliminary list of additions posted on http://www.russell.com/. Oxygen Biotherapeutics is engaged in the business of developing proprietary products that deliver oxygen to tissues in the body.

According to Russell Investments, the Russell Microcap Index measures the performance of the microcap segment of the U.S. equity market. It makes up less than 3% of the U.S. equity market. It includes 1,000 of the smallest securities in the small-cap Russell 2000(R) Index based on a combination of their market cap and current index membership and it includes the next 1,000 securities. The Russell Microcap Index is constructed to provide a comprehensive and unbiased barometer for the microcap segment trading on national exchanges, while excluding lesser-regulated OTC bulletin board securities and pink-sheet stocks due to their failure to meet national exchange listing requirements. The Russell Microcap Index is completely reconstituted annually to ensure larger stocks do not distort performance and characteristics of the true microcap opportunity set. Russell indexes are widely used by investment managers and institutional investors for index funds and as benchmarks for both passive and active investment strategies. Total returns data for the Russell Microcap Index and other Russell Indexes is available at http://www.russell.com/Indexes/performance/default.asp.

“Inclusion in the Russell Microcap Index is an important achievement for our company. It is a valuable component for increasing awareness of our progress and achievements among a wide range of investors,” said Chairman and Chief Executive Officer Chris Stern.

About Russell Investments

Founded in 1936, Russell Investments is a global financial services firm that serves institutional investors, financial advisers and individuals in more than 40 countries. Russell launched its family of indexes in 1984 to more accurately measure U.S. market segments and better track investment manager behavior for its investment management and consulting businesses. For more information, visit http://www.russell.com/.

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(R) that is being formulated for both intravenous and topical delivery. In April, the company launched its first cosmetic product, Dermacyte(R) Oxygen Concentrate. 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 http://www.oxybiomed.com/ or http://www.buydermacyte.com/.

The Oxygen Biotherapeutics, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=7277

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 development of the Oxycyte product line 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 8-K filed on May 4, 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.