Oculus Innovative Sciences, Inc. Announces Full Exercise of Underwriters' Over-Allotment Option

Oculus Innovative Sciences, Inc. Announces Full Exercise of Underwriters'
Over-Allotment Option

PETALUMA, Calif., March 7, 2013 (GLOBE NEWSWIRE) -- Oculus Innovative
Sciences, Inc. (Nasdaq:OCLS) today announced the full exercise of the
over-allotment option granted to the representative of the underwriters to
purchase an additional 1,125,000 shares of common stock, at a public offering
price of $0.40 per share in connection with its previously announced
underwritten public offering of 7,500,000 shares of common stock, bringing
total gross proceeds from the offering to approximately $3.5 million.

Aegis Capital Corp. is acting as the sole book-running manager for this
offering. Dawson James Securities, Inc. is acting as a co-manager for the
offering.

A shelf registration statement and accompanying base prospectus on Form S-3
relating to the shares was filed with the Securities and Exchange Commission
and is effective. A preliminary prospectus supplement relating to the offering
has been filed with the SEC and is available on the SEC's website located at
www.sec.gov. Electronic copies of the preliminary prospectus supplement, when
available, and accompanying base prospectus may be obtained by contacting
Aegis Capital Corp., Prospectus Department, 810 Seventh Avenue, 18th Floor,
New York, NY, 10019, telephone: 212-813-1010 or email:
prospectus@aegiscap.com.

This press release does not constitute an offer to sell, or the solicitation
of an offer to buy, these securities, nor will there be any sale of these
securities in any state or other jurisdiction in which such offer,
solicitation or sale is not permitted.

About Oculus Innovative Sciences

Oculus Innovative Sciences, Inc. (Nasdaq:OCLS) is a commercial healthcare
company that designs, produces and markets innovative, safe and effective
drugs, devices and nutritional products. Oculus is pioneering innovative
solutions in multiple markets for the dermatology, surgical, wound care and
animal healthcare markets, and has commercialized products in the United
States, Europe, India, China, Mexico and select Middle East countries. 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 Company's commercial and technology progress and future financial
performance. These forward-looking statements are identified by the use of
words such as "purchase" and "bringing," 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, 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, 2012. Oculus Innovative Sciences 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
         Director of Public and Investor Relations
         (425) 753-2105
 
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