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Oculus Innovative Sciences, Inc. to Raise $1.35 Million in Registered Direct Offering

February 21, 2014



PETALUMA, Calif., Feb. 21, 2014 (GLOBE NEWSWIRE) -- Oculus Innovative Sciences, Inc. (Nasdaq:OCLS) announced today that it has entered into definitive agreements with two life sciences-focused institutional investors for the sale of 450,620 units, consisting of shares of common stock, and Series A and Series B warrants, at a per unit price of $3.00 per share. The total amount sold consisted of a combination of: (1) 450,620 shares of its common stock; (2) Series A warrants to purchase up to 450,620 shares of common stock at an exercise price of $3.00 per share and a term of five years; and (3) Series B warrants to purchase up to 1,400,000 shares of common stock at an exercise price of $3.63 per share. The Series B warrants are not exercisable for six months following the closing of the IPO and have a term of 18 months. The Series B warrants have not vested and will not vest until the completion of the initial public offering (IPO) by the company's subsidiary, Ruthigen, Inc. The Series B warrants terminate on March 31, 2014, if the Ruthigen IPO has not occurred by that date.

Oculus Innovative Sciences will receive approximately $1.35 million in gross proceeds from the offering. The offering is expected to close on or about February 27, 2014, subject to customary closing conditions. Net proceeds from the offering will be used to fund working capital needs and for general corporate purposes.

Dawson James Securities, Inc. acted as the exclusive placement agent for the offering.

The proposed public offering of the common stock and Series A warrants is being made pursuant to the company's effective shelf registration statement, and may be made only by means of a prospectus and prospectus supplement. A copy of the prospectus supplement relating to the common stock and warrants can be obtained from Dawson James at: mmaclaren@dawsonjames.com. An electronic copy of the prospectus supplement will also be available on the website of the Securities and Exchange Commission (the "SEC") at http://www.sec.gov. The Series B warrants are not registered and are being sold pursuant to an exemption from registration for sales to a limited number of qualified institutional buyers. This press release is neither an offer to sell, nor a solicitation of an offer to buy, nor shall there be any sale of, these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.

About Oculus Innovative Sciences, Inc.

Oculus Innovative Science is a global healthcare company that designs, manufactures and markets prescription and non-prescription products in 31 countries. The company's products are used to treat patients in surgical/advanced wound management, dermatology, women's health and animal health; addressing the unmet medical needs of these markets, while raising the standard of patient care and lowering overall healthcare costs. The company's headquarters are in Petaluma, California, with manufacturing operations in the United States and Latin America. More information can be found at www.oculusis.com.

Forward-Looking Statements

Except for historical information herein, matters set forth in this press release are forward-looking within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, including statements about the commercial and technology progress and future financial performance of Oculus Innovative Sciences, Inc. and its subsidiaries (the "Company"). These forward-looking statements are identified by the use of words such as "anticipates," "believes," "expects," and "intends," among others. Forward-looking statements in this press release are subject to certain risks and uncertainties inherent in the Company's business that could cause actual results to vary, including such risks that regulatory clinical and guideline developments may change, scientific data may not be sufficient to meet regulatory standards or receipt of required regulatory clearances or approvals, clinical results may not be replicated in actual patient settings, protection offered by the Company's patents and patent applications may be challenged, invalidated or circumvented by its competitors, the available market for the Company's products will not be as large as expected, the Company's products will not be able to penetrate one or more targeted markets, revenues will not be sufficient to fund further development and clinical studies, the Company may not meet its future capital needs, and its ability to obtain additional funding, as well as uncertainties relative to varying product formulations and a multitude of diverse regulatory and marketing requirements in different countries and municipalities, the uncertainties associated with an initial public offering of a separate public company, and other risks detailed from time to time in the Company's filings with the Securities and Exchange Commission including the annual report on Form 10-K for the year ended March 31, 2013. The Company disclaims any obligation to update these forward-looking statements except as required by law.

Oculus and Microcyn Technology are trademarks or registered trademarks of Oculus Innovative Sciences, Inc. All other trademarks and service marks are the property of their respective owners.

CONTACT: Media and Investor Contact: Oculus Innovative Sciences, Inc.Dan McFadden VP of Public and Investor Relations (425) 753-2105

Source: Oculus Innovative Sciences, Inc.


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