In recent years there has been widespread use of near infrared spectroscopy (NIRS) to monitor the brain. The signals of interest include changes in the levels of oxygenated and deoxygenated haemoglobin and tissue oxygen saturation. In addition to oxy- and deoxy-haemoglobin, the Cu(A) centre in cytochrome-c-oxidase (CCO) is a significant NIR absorber, giving rise to another signal termed the DeltaoxCCO signal. This signal has great potential as a marker of cellular oxygen metabolism, but is also the hardest to interpret. Here we use a recently constructed model to predict NIRS signal changes, and compare the model output to data from an in vivo hypoxia study in healthy adults. Our findings indicate strongly that the DeltaoxCCO signal contains useful information despite the noise, and has responses consistent with the known physiology.