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.