Oculus Innovative Sciences Provides Business Update From Roth Capital 23rd Annual Growth Conference

Video Interview Conducted by BioMedReports

PETALUMA, Calif., March 23, 2012 (GLOBE NEWSWIRE) -- In compliance with SEC Regulation FD requirements or "fair disclosure" of material information, Hoji Alimi, founder and CEO of Oculus Innovative Sciences, Inc. (Nasdaq:OCLS) today outlined key business updates discussed during an interview with BioMedReports at the Roth Capital Growth Conference on March 14. The video interview is anticipated to be made available online in the near future. The following updates were provided:

• Oculus has reduced its burn from $18 million annually in fiscal year ended March 31, 2008 to just $3 million for the first nine months of the current fiscal year. 
• Company was within $35,000 EBITDAS breakeven in quarter ending September 2011.
• Trailing revenue for the 12 months ended December 31, 2011 of $12.1 million.
• Three Oculus partners (Eloquest, Onset, Quinnova) are currently launching multiple new Microcyn-based products into U.S. dermatology and hospital wound-care markets. 
• Company intends to finalize development of a Microcyn-based formulation for the surgical market, with plans to enter into discussion with the FDA for design of regulatory process.

"As those watching the video will appreciate, Microcyn is touching the lives of millions around the globe.  And now with partners building the commercial and distribution channels in the U.S., Oculus has multiple shots at goal. My interview provides the market with a preview as to how our fiscal discipline along with major commercial catalysts—and potential drug partnerships—can be transformative and positively impact our 2012 fiscal year results, which ends March 31, and beyond," said Alimi. "At the same time, there are rogue market influences that on occasion disseminate misinformation to discredit the best efforts of Oculus and our partners. It is my hope that investors watching this interview, when it becomes available, will have a more objective view of Oculus' future prospects as these mistruths are displaced by genuine facts."

In addition to the video, Oculus most recent investor presentation can be viewed at: http://ir.oculusis.com/

About Oculus Innovative Sciences

Oculus Innovative Sciences is a commercial healthcare company that designs, produces and markets innovative, safe and effective healthcare products. Oculus is pioneering innovative solutions in multiple markets including dermatology, oral care, surgical, wound care, animal healthcare and others, and has commercialized products in the United States, Europe, India, China and 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 "reduced," and "provides," 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, 2011. Oculus Innovative Sciences disclaims any obligation to update these forward-looking statements except as required by law.

Oculus and Microcyn are trademarks or registered trademarks of Oculus Innovative Sciences, Inc. All other trademarks and service marks are the property of their respective owners.

CONTACT: Oculus Innovative Sciences, Inc.
         Dan McFadden
         Director of Marketing/Communications
         (425) 753-2105
         dmcfadden@oculusis.com

Released March 23, 2012