OXIS Out-licensed Drug BXT 51072 to Be Developed by Synvista for the Treatment of Psoriasis

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FOSTER CITY, Calif.--

Oxis International Inc. (OTCBB:OXIS) announced today that Synvista Therapeutics Inc intends to develop ALT-2074 for the treatment of psoriasis. ALT-2074 is one of Synvista's lead compounds under development for use in cardiovascular disease. On April 9, 2007 OXIS entered into a worldwide license under which OXIS granted exclusive rights to its organoselenium portfolio of products, including BXT 51072, to Synvista Therapeutics, formerly Alteon, Inc. The license agreement expands the scope of a previous license to Alteon (formerly HaptoGuard) to include non-cardiovascular indications.

ALT-2074 (formerly BXT-51072), Synvista's lead compound under this license, is currently in a Phase 2 clinical study for cardiovascular indications. By mimicking glutathione peroxidase (GPx), ALT-2074 may protect against excessive oxidation of lipids and thereby limit inflammation. Synvista believes that the compound may be useful in patients with diabetes, whose cardiovascular disease may be caused by high levels of circulating oxidized lipids and associated inflammation. OXIS previously reported that BXT-51072 demonstrated anti-inflammatory activity in preclinical studies as well as in a clinical study in Ulcerative Colitis.

To quote Synvista Therapeutics, Inc. (AMEX:SYI) press announcement of January 17, 2008:

"We believe that ALT-2074 is a logical choice for a potential therapy in mild-to-moderate plaque psoriasis. TNF-alpha is an established target for drug development in psoriasis and other autoimmune diseases. The effectiveness of approved TNF antagonists may relate to their demonstrated ability to inhibit the induction of cell adhesion molecules and consequent migration of pro-inflammatory cells into inflamed tissue," said Noah Berkowitz, M.D., Ph.D., President and Chief Executive Officer of Synvista Therapeutics. "ALT-2074 can block TNF-alpha activated expression of cell adhesion molecules, I-CAM and V-CAM, which may be essential for cellular migration. As such, we believe that a topical formulation of ALT-2074 may be a promising therapy for mild-to-moderate plaque psoriasis, without the side effects associated with systemic treatment using anti-TNF biologics."

"We have identified sites in Israel to perform a planned Phase 2 clinical trial for plaque psoriasis beginning mid-2008, pending approval from the Ministry of Health in Israel," added Dr. Berkowitz. "The Ministry of Health is already familiar with ALT-2074 since it approved its use in our ongoing Study 203. Based on our current timeline, assuming timely receipt of regulatory approval, we hope to announce study results in the fourth quarter of 2008. We expect this psoriasis program will help to expand our product portfolio and contribute to the long-term growth of Synvista Therapeutics while opening a new potential market opportunity for our product compounds."

"This announcement by Synvista is another indication of the value of the broad antioxidant drug and nutraceutical portfolio of Oxis International, Inc.," stated Marvin S. Hausman, M.D., Pres/CEO. "OXIS intends to pursue further out-licensing of portfolio compounds to companies specializing in the field of bioactive substances and antioxidants."

About OXIS and BioCheck:

Oxis International, Inc. develops technologies and products to research, diagnose, treat and prevent diseases of oxidative stress associated with damage from free radical and reactive oxygen species and the related increased inflammation that accompanies oxidative stress. OXIS presently holds the rights to 4 therapeutic classes of compounds in the treatment of oxidative stress, and has focused commercialization programs in clinical cardiovascular markers, including MPO (myeloperoxidase) and GPx (glutathione peroxidase), as well as the super-potent antioxidant, Ergothioneine, that is planned to be introduced as an over-the-counter nutraceutical supplement. OXIS's customers include leading pharmaceutical companies such as Pfizer, Glaxo Smith Kline and Genzyme and universities such as Baylor College of Medicine, University of Minnesota, Virginia School of Technology, strategic business partners such as Minitube of America and Minitube Germany, distributors and government laboratories. OXIS has acquired a 51% interest in BioCheck, with the option to purchase the remaining 49%.

BioCheck is a provider of high-quality enzyme immunoassay research services and products, and a leading provider of immunoassay kits for cardiac and tumor biomarkers, infectious diseases, thyroid function, steroids, and fertility hormones. BioCheck operates a 15,000 square-foot, U.S. Food and Drug Administration (FDA) certified cGMP, and ISO device-manufacturing facility in Foster City, California.

More information about OXIS, BioCheck and their products, services as well as current SEC filings may be obtained by visiting http://www.oxisresearch.com and http://www.biocheckinc.com.

The 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 future. Factors that could cause actual results to differ materially from the forward-looking statements include risks and uncertainties 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. Contact Information: Jennifer Asaro, Oxis International Inc., 650-212-2568.

Source: Oxis International Inc.

Released January 18, 2008