Oxygen Biotherapeutics, Inc. (TENX) SEC Filing 10-K Annual report for the fiscal year ending Tuesday, April 30, 2013

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Tenax Therapeutics, Inc.
Ticker: TENX CIK: 34956

EXHIBIT 99.1

Contact:

Ellen Corliss

Senior Vice President

Corporate Communications

& Investor Relations

(919) 855-2112

Oxygen Biotherapeutics Reports Financial Results

for the Third Quarter FY2013

MORRISVILLE, NC, March 18, 2013 — Oxygen Biotherapeutics, Inc. (NASDAQ: OXBT), a development stage biomedical company focused on developing oxygen-carrying intravenous and topical products, today announced financial results for the three and nine month periods ending January 31, 2013.

Third Quarter 2013 Financial Snapshot

●	Cash and cash equivalents were $0.8 million at January 31, 2013.

●	Net product sales from Dermacyte® were $2,900 for the third quarter of 2013 compared to $4,700 for the three months ended January 31, 2012.

●	Revenue earned under our U.S. Army research grant increased to $221,051 for the third quarter of 2013 compared to $146,101 for the three months ended January 31, 2012.

●	Net loss from operations decreased 16% for the third quarter of 2013 to $1.6 million compared to $1.9 million for the three months ended January 31, 2012.

●	Net cash used for operating activities decreased to $700,000 for the third quarter of 2013 compared to $2.3 million for the three months ended January 31, 2012.

“Activities during our most recent quarter related to three primary and time consuming achievements needed to resume our Phase IIb traumatic brain injury studies abroad, to further our preclinical studies designed to elaborate the safety profile of Oxycyte, our leading drug candidate, and capital raising activities that resulted in securing enough cash to finance activities to help us achieve the next major milestones necessary to drive our company forward, ” said Michael Jebsen, Interim Chief Executive Officer, Chief Financial Officer and President.

Oxygen Biotherapeutics reported net revenue of $222,388 and $1,009,356 for the three and nine months ended January 31, 2012, respectively compared to $148,262 and $268,294 for the same periods in the comparable periods in fiscal 2012. This increase is primarily due to government grant revenue earned under the U.S. Army-funded grant awarded to the company in June 2011 to conduct preclinical studies for Oxycyte® perfluorocarbon (PFC) emulsion.

These preclinical studies are designed to address safety concerns expressed by the U.S. Food and Drug Administration (FDA)and to develop a more robust and comprehensive safety profile for Oxycyte. The results will be used to respond to questions posed by the FDA which led to Oxycyte being placed on clinical hold in the United States in 2008. The Company expects to complete this two-year preclinical program in July with results being publicly reported soon thereafter.

Dermacyte cosmetic sales revenue declined as the company moved resources out of this non-core business. The decrease was primarily due to the elimination of our internal sales force and the suspension of our direct marketing and advertising programs. In addition, during the fourth quarter, the Company licensed Dermacyte products to Valor Cosmetics of Lausanne, Switzerland. Valor has exclusive worldwide rights to distribute, market and sell Dermacyte either under the Dermacyte brand or its own brand name and packaging.

Selling, general and administrative expenses were $1,441,500 for the quarter ended January 31, 2013 compared to $1,422,103 for the same period in the prior year. The slight increase for the period was due primarily to the accrual for litigation settlement costs offset by decreases in costs incurred for legal and professional fees, facilities, and other general and administrative expenses.

Research and Development expenses were $369,447 for the quarter ended January 31, 2013 compared to $599,935 for the same period in the prior year. The decrease for the period was due primarily to reductions in costs incurred for personnel, consultants, facilities and other general expenses.

The following information was filed by Tenax Therapeutics, Inc. (TENX) on Tuesday, March 19, 2013 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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