EXHIBIT 99(a)
OXIS International, Inc
Unaudited Pro Forma Financial Information
In March and April 2000, OXIS International, Inc. ("OXIS") sold 1,376,949 shares
of its common stock together with warrants to purchase 2,753,898 shares of
common stock in a private placement. Net proceeds from the sales were
approximately $5,927,000.
In addition, in March and April 2000, OXIS has received proceeds of
approximately $43,000 from the exercise of options to acquire 36,774 shares of
its common stock.
The unaudited pro forma financial information presented below gives effect to
the assumptions that the sales of common shares and warrants and the exercise of
options occurred as of February 29, 2000.
The unaudited pro forma financial information presented below should be read in
conjunction with the notes hereto and the financial statements of OXIS.
Financial statements of OXIS as of December 31, 1999 are included in the
Company's annual report on form 10-K filed with the Securities and Exchange
Commission.
Unaudited Pro Forma Balance Sheet of
OXIS International, Inc.
As of February 29, 2000
Pro forma
Historical adjustments Pro forma
ASSETS
Current assets:
Cash and cash equivalents $ 425,000 $5,725,000 (1) $ 6,193,000
43,000 (2)
Accounts receivable 733,000 733,000
Inventories 1,268,000 1,268,000
Prepaid and other 45,000 45,000
-------------- ------------ ------------
Total current assets 2,471,000 5,768,000 8,239,000
Property and equipment, net 764,000 764,000
Technology for developed products 834,000 834,000
Other assets 296,000 296,000
-------------- ------------ ------------
Total assets $ 4,365,000 $ 5,768,000 $ 10,133,000
============== ============ ============
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Notes payable $ 681,000 $ (160,000) (1) $ 521,000
Accounts payable 942,000 942,000
Accrued liabilities 344,000 (42,000) (1) 302,000
Current portion of
long-term debt 95,000 95,000
-------------- ------------ -------------
Total current
liabilities 2,062,000 (202,000) 1,860,000
Long-term debt due after one year 191,000 191,000
Shareholders' equity:
Preferred stock - $.01 par
value; 15,000,000 shares
authorized:
Series B - 428,389
shares issued and
outstanding 4,000 4,000
Series C - 608,536
shares issued and
outstanding 6,000 6,000
Common stock - $.001 par
value; 95,000,000 shares
authorized 8,000 1,000 (1) 9,000
Additional paid in capital 52,762,000 5,926,000 (1) 58,731,000
43,000 (2)
Accumulated deficit (50,317,000) (50,317,000)
Accumulated foreign currency (351,000) (351,000)
translation adjustments
-------------- ------------ -------------
Total shareholders' equity 2,112,000 5,970,000 8,082,000
-------------- ------------ -------------
Total liabilities and
shareholders' equity $ 4,365,000 $ 5,768,000 $ 10,133,000
============== ============ =============
OXIS International, Inc.
Notes to Unaudited Pro Forma Balance Sheet
February 29, 2000
1. To reflect the sale in March and April 2000 of 1,376,949 shares of common
stock together with warrants to purchase 2,753,898 shares of common stock as
follows:
Number of Shares Price per Share Proceeds
---------------- --------------- --------
1,021,394 $4.7500 $4,851,622
355,555 $3.9375 1,399,998
--------- ----------
1,376,949 6,251,620
=========
Less placement agent fees
and estimated expenses (325,000)
----------
Net proceeds $5,926,620
==========
Gross proceeds consist of:
Cash $6,050,000
Forgiveness of notes payable 160,000
Forgiveness of accrued interest 41,620
----------
$6,251,620
==========
2. To reflect the exercise in March and April 2000 of options to acquire 36,774
shares of common stock for $43,232.