Oculus Innovative Sciences Announces Pricing of Public Offering of 7,500,000 Shares of Common Stock and Intention to Repay

Oculus Innovative Sciences Announces Pricing of Public Offering of 7,500,000
Shares of Common Stock and Intention to Repay Certain Indebtedness

PETALUMA, Calif., March 7, 2013 (GLOBE NEWSWIRE) -- Oculus Innovative
Sciences, Inc. (Nasdaq:OCLS) today announced the pricing of an underwritten
public offering of 7,500,000 shares of its common stock offered at a price to
the public of $0.40 per share. The gross proceeds to Oculus from this offering
are expected to be approximately $3,000,000, before deducting the underwriting
discount and other estimated offering expenses payable by Oculus.Oculus
Innovative Sciences has granted the underwriters a 45-day option to purchase
up to an aggregate of 1,125,000 additional shares of its common stock to cover
over-allotments, if any.The offering is expected to close on or about March
12, 2013, subject to customary closing conditions.

Oculus intends to use the net proceeds from the offering for the repayment of
debt and for general corporate purposes.In connection with the repayment of
debt, Oculus intends to retire a portion of the common stock previously issued
to its lenders.

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

A shelf registration statement and accompanying base prospectus on FormS-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, 18^th 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 futurefinancial
performance. These forward-looking statements are identified by the use of
words such as "expected," "intends" and"retire,"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, includingsuchrisks thatregulatory 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 bythe Company'spatents and patent applications
may be challenged, invalidated or circumvented by its competitors,the
available market fortheCompany'sproducts will not be as large as
expected,the Company'sproducts 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 itsfuture 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 theyear
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
         dmcfadden@oculusis.com
 
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