SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 10-QSB
x Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of
1934 for the
quarterly period ended March 31, 2002.
or
¨ Transition report pursuant to Section 13 or 15(d) of the Securities Exchange
Act of
1934 for the transition period from to
.
Commission File Number O-8092
OXIS INTERNATIONAL, INC.
(Exact name of registrant as specified in its charter)
| Delaware
|
|
94-1620407
|
| (State or other jurisdiction of |
|
(I.R.S. Employer |
| incorporation or organization) |
|
Identification No.) |
| 6040 N. Cutter Circle, Suite 317, Portland, Oregon
|
|
97217
|
| (Address of principal executive offices) |
|
(Zip Code) |
| (503) 283-3911
|
| (Registrant’s telephone number, including area code) |
At March 31, 2002, the issuer had outstanding the indicated number of shares of
common stock: 9,761,792
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements.
OXIS INTERNATIONAL, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
MARCH 31, 2002 (UNAUDITED) AND DECEMBER 31, 2001
| |
|
March 31, 2002
|
|
December 2001
|
| |
|
(unaudited) |
|
|
| ASSETS |
|
|
|
|
|
|
| Current assets: |
|
|
|
|
|
|
| Cash and cash equivalents |
|
$ |
1,189,000 |
|
$ |
221,000 |
| Accounts receivable, net |
|
|
176,000 |
|
|
149,000 |
| Inventories |
|
|
295,000 |
|
|
292,000 |
| Prepaid and other current assets |
|
|
264,000 |
|
|
44,000 |
| |
|
|
|
|
|
|
| Total current assets |
|
|
1,924,000 |
|
|
706,000 |
| Property and equipment, net |
|
|
87,000 |
|
|
102,000 |
| Technology for developed products, net |
|
|
379,000 |
|
|
433,000 |
| Patents, net |
|
|
455,000 |
|
|
426,000 |
| Other assets |
|
|
54,000 |
|
|
54,000 |
| |
|
|
|
|
|
|
| Total assets |
|
$ |
2,899,000 |
|
$ |
1,721,000 |
| |
|
|
|
|
|
|
The accompanying notes are an integral part of these consolidated financial statements.
2
OXIS INTERNATIONAL, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS—CONTINUED
| |
|
March 31, 2002
|
|
|
December 2001
|
|
| |
|
(unaudited) |
|
|
|
|
| LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
| Current liabilities: |
|
|
|
|
|
|
|
|
| Notes payable to shareholder |
|
$ |
160,000 |
|
|
$ |
160,000 |
|
| Current portion of long-term debt |
|
|
47,000 |
|
|
|
92,000 |
|
| Accounts payable |
|
|
485,000 |
|
|
|
589,000 |
|
| Accrued liabilities |
|
|
184,000 |
|
|
|
211,000 |
|
| Accrued payroll |
|
|
136,000 |
|
|
|
91,000 |
|
| Customer deposits |
|
|
51,000 |
|
|
|
43,000 |
|
| |
|
|
|
|
|
|
|
|
| Total current liabilities |
|
|
1,063,000 |
|
|
|
1,186,000 |
|
| Long-term debt, net of current portion |
|
|
— |
|
|
|
2,000 |
|
| Shareholders’ equity: |
|
|
|
|
|
|
|
|
| Preferred stock—$.01 par value; 15,000,000 shares |
|
|
|
|
|
|
|
|
| authorized: |
|
|
|
|
|
|
|
|
| Series B—428,389 shares issued and outstanding (liquidation preference of $1,000,000) |
|
|
4,000 |
|
|
|
4,000 |
|
| Series C—296,230 shares issued and outstanding |
|
|
|
|
|
|
|
|
| (no liquidation preference) |
|
|
3,000 |
|
|
|
3,000 |
|
| Series F—1,500,000 shares issued and outstanding at March 31, 2002 (no liquidation preference) |
|
|
15,000 |
|
|
|
— |
|
| Common stock—$.001 par value; 95,000,000 shares |
|
|
|
|
|
|
|
|
| authorized; 9,761,792 shares issued and outstanding |
|
|
|
|
|
|
|
|
| at March 31, 2002 (9,660,458 at December 31, 2001) |
|
|
10,000 |
|
|
|
10,000 |
|
| Warrants |
|
|
2,009,000 |
|
|
|
1,670,000 |
|
| Additional paid in capital |
|
|
58,302,000 |
|
|
|
57,155,000 |
|
| Accumulated deficit |
|
|
(58,079,000 |
) |
|
|
(57,881,000 |
) |
| Accumulated other comprehensive loss |
|
|
(428,000 |
) |
|
|
(428,000 |
) |
| |
|
|
|
|
|
|
|
|
| Total shareholders’ equity |
|
|
1,836,000 |
|
|
|
533,000 |
|
| |
|
|
|
|
|
|
|
|
| Total liabilities and shareholders’ equity |
|
$ |
2,899,000 |
|
|
$ |
1,721,000 |
|
| |
|
|
|
|
|
|
|
|
The accompanying notes are an integral part of these consolidated financial statements.
3
OXIS INTERNATIONAL, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED MARCH 31, 2002 AND 2001 (UNAUDITED)
| |
|
2002
|
|
|
2001
|
|
| Revenues |
|
$ |
428,000 |
|
|
$ |
973,000 |
|
| Costs and expenses: |
|
|
|
|
|
|
|
|
| Cost of sales |
|
|
218,000 |
|
|
|
889,000 |
|
| Research and development |
|
|
69,000 |
|
|
|
318,000 |
|
| Selling, general and administrative |
|
|
398,000 |
|
|
|
925,000 |
|
| |
|
|
|
|
|
|
|
|
| Total costs and expenses |
|
|
685,000 |
|
|
|
2,132,000 |
|
| |
|
|
|
|
|
|
|
|
| Operating loss |
|
|
(257,000 |
) |
|
|
(1,159,000 |
) |
| Other income |
|
|
62,000 |
|
|
|
— |
|
| Interest income |
|
|
2,000 |
|
|
|
17,000 |
|
| Interest expense |
|
|
(5,000 |
) |
|
|
(6,000 |
) |
| |
|
|
|
|
|
|
|
|
| Net loss |
|
$ |
(198,000 |
) |
|
$ |
(1,148,000 |
) |
| |
|
|
|
|
|
|
|
|
| Net loss per common share—basic and diluted |
|
$ |
(.02 |
) |
|
$ |
(.12 |
) |
| |
|
|
|
|
|
|
|
|
| Weighted average number of common shares used in computation—basic and diluted |
|
|
9,740,885 |
|
|
|
9,565,152 |
|
| |
|
|
|
|
|
|
|
|
The accompanying notes are an integral part of these consolidated financial statements.
4
OXIS INTERNATIONAL, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE THREE MONTHS ENDED MARCH 31, 2002 AND 2001 (UNAUDITED)
| |
|
2002
|
|
|
2001
|
|
| Cash flows from operating activities: |
|
|
|
|
|
|
|
|
| Net loss |
|
$ |
(198,000 |
) |
|
$ |
(1,148,000 |
) |
| Adjustments to reconcile net loss to cash |
|
|
|
|
|
|
|
|
| used in operating activities: |
|
|
|
|
|
|
|
|
| Depreciation and amortization |
|
|
70,000 |
|
|
|
110,000 |
|
| Other income related to settlement of accounts payable |
|
|
(62,000 |
) |
|
|
— |
|
| Changes in assets and liabilities: |
|
|
|
|
|
|
|
|
| Accounts receivable |
|
|
(27,000 |
) |
|
|
123,000 |
|
| Inventories |
|
|
(3,000 |
) |
|
|
174,000 |
|
| Prepaid and other current assets |
|
|
(220,000 |
) |
|
|
(79,000 |
) |
| Accounts payable |
|
|
(42,000 |
) |
|
|
(111,000 |
) |
| Customer deposits |
|
|
8,000 |
|
|
|
(174,000 |
) |
| Accrued payroll |
|
|
45,000 |
|
|
|
— |
|
| Accrued liabilities |
|
|
(27,000 |
) |
|
|
100,000 |
|
| |
|
|
|
|
|
|
|
|
| Net cash used in operating activities |
|
|
(456,000 |
) |
|
|
(1,005,000 |
) |
| Cash flows from investing activities: |
|
|
|
|
|
|
|
|
| Purchases of property and equipment |
|
|
— |
|
|
|
(4,000 |
) |
| Additions to patents |
|
|
(29,000 |
) |
|
|
(12,000 |
) |
| Other, net |
|
|
— |
|
|
|
10,000 |
|
| |
|
|
|
|
|
|
|
|
| Net cash used in investing activities |
|
|
(29,000 |
) |
|
|
(6,000 |
) |
| Cash flows from financing activities: |
|
|
|
|
|
|
|
|
| Proceeds from issuance of preferred stock and warrants |
|
|
1,500,000 |
|
|
|
— |
|
| Repayment of long-term debt |
|
|
(47,000 |
) |
|
|
(7,000 |
) |
| |
|
|
|
|
|
|
|
|
| Net cash provided by (used in) financing activities |
|
|
1,453,000 |
|
|
|
(7,000 |
) |
| |
|
|
|
|
|
|
|
|
| Net increase (decrease) in cash and cash equivalents |
|
|
968,000 |
|
|
|
(1,018,000 |
) |
| Cash and cash equivalents—beginning of period |
|
|
221,000 |
|
|
|
2,059,000 |
|
| |
|
|
|
|
|
|
|
|
| Cash and cash equivalents—end of period |
|
$ |
1,189,000 |
|
|
$ |
1,041,000 |
|
| |
|
|
|
|
|
|
|
|
The accompanying notes are an integral part of these consolidated financial statements.
5
OXIS INTERNATIONAL, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
1. BASIS OF
PRESENTATION
The accompanying unaudited financial statements have been prepared in accordance with generally accepted
accounting principles for interim financial information and in accordance with the instructions per Item 310(b) of Regulation SB. Accordingly; they do not include all of the information and footnotes required by generally accepted accounting
principles for complete financial statements.
In the opinion of management, all adjustments (consisting of normal recurring
adjustments) considered necessary for a fair presentation have been included for the three month period ended March 31, 2002. The results for the three-month period ended March 31, 2002 are not necessarily indicative of the results that may be
expected for the year ended December 31, 2002.
2. GOING CONCERN UNCERTAINTY
These financial statements have been prepared on a going concern basis, which contemplated the realization of assets and the satisfaction of liabilities
in the normal course of business. The Company has incurred recurring losses and at December 31, 2001 had an accumulated deficit of $57,881,000. In addition, at December 31, 2001, the Company had a working capital deficit of $480,000. For the three
months ended March 31, 2002 the Company sustained a net loss of $198,000. These factors, among others, indicate that the Company may be unable to continue as a going concern for a reasonable period of time. These financial statements do not include
any adjustments relating to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that may be necessary should the Company be unable to continue as a going concern. The Company’s
continuation as a going concern is contingent upon its ability to obtain additional financing, and to generate revenue and cash flow to meet its obligations on a timely basis.
3. STOCKHOLDERS’ EQUITY
The Company has a stock incentive
plan under which 2,250,000 shares of the Company’s common stock are reserved for issuance (the “Plan”). The Plan permits the Company to grant stock options to acquire shares of the Company’s common stock, award stock bonuses of
the Company’s common stock, and grant stock appreciation rights.
At March 31, 2002, options issued pursuant to the Plan to
acquire 1,850,357 shares of common stock at exercise prices ranging from $0.085 to $17.50 remained outstanding. Options issued outside the Plan to acquire 110,438 shares of common stock at exercise prices of $0.085 to $8.438 and warrants to acquire
4,940,127 shares of common stock at an exercise price of $1.00 (see following paragraph) also remained outstanding at March 31, 2002.
In January 2002, the Board of Directors of the Company agreed to unilaterally offer to certain holders of warrants an extended maturity date and reduced exercise price. The holders of warrants to purchase 3,440,127 shares of the
Company’s Common Stock issued
6
during 1998 through 2000 in connection with the sale of common shares received this offer. The exercise price for these warrants previously ranged from $5.25 to $7.13 per share. The exercise
price for all of these warrants was reduced to $1.00 per share, and the maturity date for 1,376,949 warrants issued in 2000 was extended to May 7, 2003. All warrants issued prior to May 1998 have lapsed and were not affected by this board action.
This unilateral offer to the warrant holders was made in January 2002 with the opportunity of any offeree to decline the amendments by the expiration date of February 15, 2002. None of the warrant holders declined the offer, and all such warrants
are now deemed to be amended under the terms offered.
On January 30, 2002 the Company entered into an agreement with a third
party investor to sell up to 2,000,000 shares of Series F Convertible Preferred Stock. The agreement provides for the Company’s issuance of warrants to the investor to purchase up to 2,000,000 shares of Common Stock at an exercise price per
share of $1.00. The initial conversion ratio provided under the terms of this Series F Preferred Stock is ten shares of the Company’s Common Stock for every one share of Series F Preferred Stock converted at the right of the holder. The Company
has reserved 22,000,000 shares of Common Stock as a reserve for future issuance of its Common Stock pursuant to conversion and exercise of the warrants. Effective March 1, 2002, the Company issued 1,500,000 shares of Series F Convertible Preferred
Stock at a price per share of $1.00 to the investor under this agreement. The investor also received warrants to purchase 1,500,000 shares of Common Stock at $1.00 per share. In the event of liquidation, the holders of the Series F Preferred Stock
shall participate on an equal basis with the holders of the Common Stock (as if the Series F Preferred Stock had converted into Common Stock) in any distribution of any of the assets or surplus funds of the Company. The holders of Series F Preferred
Stock are entitled to noncumulative dividends after the payment of dividends on Series B Preferred Stock if and when declared by the Company’s Board of Directors. These preferred shares vote on an as if converted basis, and therefore the
issuance of these shares resulted in a change of control of the Company.
4. OTHER INCOME
In association with the closing of the Company’s instrument manufacturing facility in 2001, during the first quarter of 2002, the Company settled
certain trade payables with creditors resulting in other income of $62,000.
5. OPERATING SEGMENTS
The Company is organized into two reportable segments – health products and therapeutic development. The two segments have different strategic
goals and have been managed separately since 1997. The health products segment manufactures and sells diagnostic products, medical instruments, pharmaceutical forms of SOD and other fine chemicals. The therapeutic development segment operates a drug
discovery business focused on development of new drugs to treat diseases associated with tissue damage from free radicals and reactive oxygen species.
7
In the second quarter of 2001, the Company’s health products segment decided to cease
operating its instrument manufacturing facility and its wellness services program. All employees of the instruments manufacturing facility and wellness services program were terminated during the second quarter of 2001. Accordingly the inventory and
equipment for manufacturing instruments and for the wellness services program was written down by $942,000 during 2001 to their estimated net realizable value.
General corporate expenses were allocated equally to the health products and therapeutics development segments in 2002 and 2001.
The following table presents information about the Company’s two operating segments:
| |
|
Health Products
|
|
|
Therapeutic Development
|
|
|
Total
|
|
| Quarter ended March 31, 2002: |
|
|
|
|
|
|
|
|
|
|
|
|
| Revenues from external customers |
|
$ |
428,000 |
|
|
$ |
— |
|
|
$ |
428,000 |
|
| Segment loss |
|
|
(37,000 |
) |
|
|
(161,000 |
) |
|
|
(198,000 |
) |
| As of March 31, 2002—Segment assets |
|
|
1,884,000 |
|
|
|
1,015,000 |
|
|
|
2,899,000 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Quarter ended March 31, 2001: |
|
|
|
|
|
|
|
|
|
|
|
|
| Revenues from external customers |
|
$ |
973,000 |
|
|
$ |
— |
|
|
$ |
973,000 |
|
| Segment loss |
|
|
(756,000 |
) |
|
|
(392,000 |
) |
|
|
(1,148,000 |
) |
| As of March 31, 2001—Segment assets |
|
|
2,602,000 |
|
|
|
1,693,000 |
|
|
|
4,295,000 |
|
Item 2. Management’s Discussion and Analysis of Financial Condition and
Results of Operations.
Certain statements set forth below may constitute “forward-looking statements” within the
meaning of the Private Securities Litigation Reform Act of 1995. The forward looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements to differ from those
expressed or implied by the forward-looking statements. With respect to the Company, the following factors, among others, could cause actual results or outcomes to differ materially from current expectations: the possible inability to obtain
additional financing; uncertainties relating to patents and proprietary information; the potential for patent-related litigation expenses and other costs resulting from claims asserted against the Company or its customers by third parties;
achievement of product performance specifications; the ability of new products to compete successfully in either existing or new markets; the effect of product or market development activities; availability and future costs of materials and other
operating expenses; competitive factors; the performance and needs of industries served by the Company and the financial capacity of customers in these industries
8
to purchase the Company’s products; as well as other factors discussed under the heading “RISK FACTORS” in Item 1 of the Company’s annual report on Form 10-KSB for the fiscal
year ended December 31, 2001 which is incorporated herein by reference. Given these uncertainties, readers are cautioned not to place undue reliance on the forward-looking statements. The Company disclaims any obligation subsequently to revise or
update forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.
FINANCIAL CONDITION, LIQUIDITY AND CAPITAL RESOURCES
The
Company’s working capital increased during the first quarter of 2002 by $1,341,000, from a working capital deficit of $480,000 at December 31, 2001 to $861,000 at March 31, 2002. The increase in working capital resulted from the issuance of
Series F Preferred Stock in March 2002.
Cash and cash equivalents increased from $221,000 at December 31, 2001 to $1,189,000 at
March 31, 2002. This increase is also due to the cash investment of $1,500,000 made in March 2002 as a result of the issuance of Series F Preferred Stock.
The Company expects to incur operating losses for the foreseeable future. These losses and expenses may increase and fluctuate from quarter to quarter as the Company expands their activities. There can be no assurance
that the Company will ever achieve profitable operations. The report of the Company’s independent auditors on the Company’s financial statements for the period ended December 31, 2001, includes an explanatory paragraph referring to the
Company’s ability to continue as a going concern. The Company anticipates that it will expend capital resources for the continuation of operations (marketing, product research and development, therapeutic and nutraceutical development). Capital
resources may also be used for the acquisition of complementary businesses, products or technologies. The Company’s future capital requirements will depend on many factors including: continued marketing and scientific progress in their research
and development programs; the magnitude of these programs; the success of pre-clinical and potential clinical trials; the costs associated with the scale-up of manufacturing; the time and costs required for regulatory approvals; the time and costs
involved in filing, prosecuting, enforcing and defending patent claims; technological competition and market developments; the establishment of and changes in collaborative relationships and the cost of commercialization activities and arrangements.
While the Company believes that the existing and new products and technologies show considerable promise, its ability to
realize revenues therefrom is dependent upon the Company’s success in marketing and sales, along with developing business alliances with related industry companies to assist in developing and marketing these products. To date, the Company has
established marketing and sales relationships but has not established any therapeutic business alliances and there can be no assurance that the Company’s effort to develop such therapeutic business alliances will be successful.
The Company has incurred losses in each of the last six years. As of March 31, 2002, the Company has an accumulated deficit of $58,079,000.
The Company expects to incur operating losses for the foreseeable future. The Company currently has sufficient capital for continuing
9
operations of the health products segment but does not have sufficient capital resources to complete the Company’s contemplated drug development programs and no assurances can be given that
the Company will be able to raise such capital on terms favorable to the Company or at all. The unavailability of additional capital could cause the Company to cease or curtail its operations and/or delay or prevent the development and marketing of
the Company’s existing products and potential pharmaceutical/nutraceutical products.
RESULTS OF OPERATIONS—THREE MONTHS
ENDED MARCH 31, 2002
COMPARED WITH THREE MONTHS ENDED MARCH 31, 2001
Revenues
The Company’s revenues for the quarters ended March 31, 2002 and 2001 were as follows:
| |
|
2002
|
|
2001
|
| Research assays and fine chemicals |
|
$ |
421,000 |
|
$ |
325,000 |
| Therapeutic drug monitoring assays |
|
|
— |
|
|
378,000 |
| Medical instruments |
|
|
— |
|
|
254,000 |
| Other |
|
|
7,000 |
|
|
16,000 |
| |
|
|
|
|
|
|
| |
|
$ |
428,000 |
|
$ |
973,000 |
| |
|
|
|
|
|
|
Sales of research assays and fine chemicals increased by 30%, or $96,000, from
$325,000 in the first quarter of 2001 to $421,000 in the first quarter of 2002 due to an increase in the number of products for sale, sales volumes, contract lab testing and significant revenues from a customer on a special project.
Revenues from sales of therapeutic drug monitoring assays ceased in the first quarter of 2001 due to the end of the contractual agreement to
manufacture assays for the entity that purchased the rights to the therapeutic drug monitoring assays in 1999. The Company has not manufactured or sold any therapeutic drug monitoring products after the first quarter of 2001.
Revenue from instrument sales of product and development have ceased due to the closure of this portion of the Company’s operations in
July 2001.
Costs and Expenses
Cost of sales was 91% of revenues for the first quarter of 2001 and decreased to 51% of revenues for the first quarter of 2002. This decrease in the cost of sales as a percentage of sales is due primarily to the closure of the wellness
program that generated cost of sales of $ 76,000 with no revenue during the first quarter of 2001 and the closure of the instruments business, which had a 162% cost of sales in the first quarter of 2001.
10
Research and development expenses decreased from $318,000 in the first quarter of 2001 to
$69,000 in the first quarter of 2002. The decrease in research and development expenses resulted primarily from a reduction in the Company’s therapeutic development efforts.
Selling, general and administrative expenses decreased from $925,000 in the first quarter of 2001 to $398,000 in the first quarter of 2002. The decrease is primarily the result of the
closure of the wellness program ($93,000), the instruments business ($100,000) and reductions in administrative and corporate expenses of $332,000. The first quarter 2001 included an accrual of $160,000 for severance payments to two executives.
During the first quarter of 2002 reductions in expenses included personnel changes resulting in a $70,000 decrease along with reductions in legal, travel and advertising expenses.
Other Income
In association with the closing of the Company’s instrument
manufacturing facility in 2001, during the first quarter of 2002, the Company settled certain trade payables with creditors resulting in other income of $62,000.
11
PART II. OTHER INFORMATION
Item 1. Legal Proceedings
None
Item 2. Changes in Securities
None
Item 3. Defaults Upon Senior Securities
None
Item 4. Submission of Matters to a Vote of Securities
Holders
None
Item
5. Other Information
None
Item 6. Exhibits and Reports on Form 8-K.
(a) Exhibits—See
Exhibit Index on page 14.
(b) 8-K Reports
On January 22, 2002, the Company filed a Report on Form 8-K stating that effective January 14, 2002, the Company dismissed its prior independent accountant, Deloitte
& Touche LLP (“Deloitte”) and engaged King Griffin & Adamson P.C. as its principal accountant. There were no disagreements between the Company and Deloitte on any matters of accounting principles or practices, financial statement
disclosure, or auditing scope of procedure, which disagreements, if not resolved to the satisfaction of Deloitte, would have caused it to make a reference to the subject matter of the disagreements in connection with its reports.
On March 19, 2002, the Company filed a Report on Form 8-K stating that as of March 7, 2002, the Company closed, under its
agreement with Meridian Financial Group, L.L.P. (“Meridian”), the purchase by Meridian of 1.5 million shares of Series F Convertible Preferred Stock. Meridian also received warrants that provide Meridian the right to purchase up to 1.5
million shares of Common Stock at $1.00 per share.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
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OXIS INTERNATIONAL, INC. |
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| May 15, 2001 |
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By |
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/s/ RAY R. ROGERS |
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Ray R. Rogers |
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Chairman, President and |
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Chief Executive Officer |
| May 15, 2001 |
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By |
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/s/ SHARON ELLIS |
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Sharon Ellis |
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Principal Financial Officer |
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EXHIBIT INDEX
| Exhibit Number
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Description of Document
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Page Number
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| 10 |
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OXIS International, Inc. Series F Preferred Stock Purchase Agreement dated January 30, 2002. |
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(1) |
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| 16 |
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OXIS International, Inc. change in principal accountant. |
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(2) |
(1) |
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Incorporated by reference to the Company’s Current Report on Form 8-K dated March 19, 2002. |
(2) |
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Incorporated by reference to the Company’s Current Report on Form 8-K dated January 22, 2002. |
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