Full Press Release Details
Post, Managing Director and Investment Principal of Ambient Advisors, LLC,
OXIS' Board of Directors
Strengthens Short-Term Financial Position with Line of Credit from President
City, CA - March 21, 2006 - OXIS International (OTCBB: OXIS.OB) (Nouveau March :
OXIS) (FWB: OXI), a biopharmaceutical company focused on commercializing
research assays, nutraceutical and therapeutic products related to oxidative
stress and, through its majority interest in BioCheck, a leading provider of
high quality immunoassay clinical kits and contract services, today announced
the appointment of Gary Post, Managing Director and Investment Principal of
Ambient Advisors, LLC to the Company's Board of Directors. Ambient invests its
own and its partners' capital in private and public companies with a particular
interest in the health care and life sciences sector. Ambient also actively
advises these companies, sometimes taking interim management roles.
track record of successful investments and extensive knowledge of the public
private equity markets, Gary brings another valuable perspective to our
company," stated Steve Guillen, CEO and President of OXIS. "We look forward to
his contributions as we continue to evaluate and execute short and long-term
financing alternatives and capitalize on our strategic opportunities, including
purchasing the other 49% of BioCheck, the launch of our over-the-counter (OTC)
dietary supplement and powerful antioxidant Ergothioneine, and the launch of
clinical and research biomarkers into the multi-billion dollar cardiovascular
and oncology markets."
BioCheck seem well-positioned in potentially large markets," commented Gary
Post. "With a management team in place that can capitalize on these market
opportunities through partnerships with other biopharma companies, the company
is poised to increase shareholder value."
brings to OXIS highly varied experience in corporate finance, business strategy
development, mergers and acquisitions, and venture management and investing.
his roles at Ambient, Mr. Post has also served as Interim and Acting CEO of
several medical device and service companies. Prior to Ambient, he served as
First Vice President at Drexel Burnham Lambert, Vice President at Kidder
Peabody, Managing Director at Houlihan, Lokey, Howard and Zukin and Director
Research and Consultant at McKinsey & Company. During his career, he has
been involved in corporate financings, private investments, business
combinations, recapitalizations and joint ventures totaling over $10 billion
recently announced several material events including the successful completion
of the initial closing and purchase of 51% of the outstanding shares of BioCheck
for $3,060,000 in cash and the transition of its operations from Portland,
BioCheck's FDA-certified cGMP device manufacturing facility in Foster City, CA.
addition, On March 10, 2006, the Company entered into an agreement with Steve
Guillen, the Company's President and Chief Executive Officer, for
credit facility in the amount of $200,000. The loan is intended to provide
Company additional short term financial flexibility while the management
continues to seek and evaluate additional funding, including longer term
financing options for the acquisition of the remaining 49% of BioCheck and
development and marketing of existing and new products.
International, Inc. develops technologies and products to research, diagnose,
treat and prevent diseases of oxidative stress associated with damage from
radical and reactive oxygen species. The company holds the rights to three
therapeutic classes of compounds in the area of oxidative stress, and has
focused commercialization programs in clinical cardiovascular markers, including
MPO (myeloperoxidase) and GPx (glutathionione peroxidase), as well as a highly
potent antioxidant, Ergothioneine, that may be sold over-the-counter (OTC)
dietary supplement. OXIS has acquired a 51% interest in and has the option
purchase the remaining 49% of BioCheck.
Inc. is a leading provider of high quality enzyme immunoassay research services
and products including immunoassay kits for cardiac and tumor markers,
infectious diseases, thyroid function, steroids, and fertility hormones. The
company operates a 15,000 square-foot, U.S. Food and Drug Administration (FDA)
certified cGMP, and ISO device-manufacturing facility in Foster City,
information about OXIS, BioCheck and their products, services as well as current
SEC filings may be obtained by visiting http://www.oxisresearch.com
statements in this press release that are not purely historical are
forward-looking statements within the meaning of Section 27A of the Securities
Act of 1933 and Section 21E of the Securities Exchange Act of 1934, including,
without limitation, statements regarding our expectations, objectives,
anticipations, plans, hopes, beliefs, intentions or strategies regarding the
that could cause actual results to differ materially from the forward-looking
statements include risks and uncertainties such as the acquisition of the
remaining 49% of the BioCheck shares by OXIS not closing due to, among other
reasons, the inability of OXIS to close a financing transaction; the risks
inherent in integrating an acquired business; risks inherent in owning a
majority interest in a company; unforeseen difficulties in achieving synergies
following an acquisition; unforeseen difficulties related to the company's
oxidative stress and other diagnostic products; the development by the company's
competitors of new competing products; and other risks indicated in the
company's filings with the Securities and Exchange Commission. It is important
to note that actual outcomes could differ materially from those in such
forward-looking statements. Readers should also refer to the documents filed
the company with the Securities and Exchange Commission, specifically the
company's quarterly report on Form 10-QSB filed with the Securities and Exchange
Commission on November 14, 2005, and the current reports on Form 8-K filed
the Securities and Exchange Commission on February 10, March 14, and March