-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 RaLkYn5Yu7BNTnf1x2BWQxzF5Fdwx3k9hZeRvH3CZ5kvUMffYZxAtpQBqdx0ygxP
 Nkhi0SJBC6FfwKdRJMWwiw==

<SEC-DOCUMENT>0000919574-05-000022.txt : 20050107
<SEC-HEADER>0000919574-05-000022.hdr.sgml : 20050107
<ACCEPTANCE-DATETIME>20050107164348
ACCESSION NUMBER:		0000919574-05-000022
CONFORMED SUBMISSION TYPE:	SC 13G
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20050107
DATE AS OF CHANGE:		20050107

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SILVERBACK ASET MANAGEMENT LLC
		CENTRAL INDEX KEY:			0001278960
		IRS NUMBER:				000000000

	FILING VALUES:
		FORM TYPE:		SC 13G

	BUSINESS ADDRESS:	
		STREET 1:		1414 RALEIGH ROAD
		STREET 2:		SUITE 250
		CITY:			CHAPEL HILL
		STATE:			NC
		ZIP:			27517

	MAIL ADDRESS:	
		STREET 1:		1414 RALEIGH ROAD
		STREET 2:		SUITE 250
		CITY:			CHAPEL HILL
		STATE:			NC
		ZIP:			27517

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			OXIS INTERNATIONAL INC
		CENTRAL INDEX KEY:			0000109657
		STANDARD INDUSTRIAL CLASSIFICATION:	PHARMACEUTICAL PREPARATIONS [2834]
		IRS NUMBER:				941620407
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SC 13G
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-32837
		FILM NUMBER:		05518703

	BUSINESS ADDRESS:	
		STREET 1:		6040 N CUTTER CIRCLE STE 317
		CITY:			PORTLAND
		STATE:			OR
		ZIP:			97217
		BUSINESS PHONE:		5032833911

	MAIL ADDRESS:	
		STREET 1:		6040 N CUTTER CIRCLE STE 317
		CITY:			PORTLAND
		STATE:			OR
		ZIP:			97217

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	DDI PHARMACEUTICALS INC
		DATE OF NAME CHANGE:	19920703

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	DIAGNOSTIC DATA INC /DE/
		DATE OF NAME CHANGE:	19850312
</SEC-HEADER>
<DOCUMENT>
<TYPE>SC 13G
<SEQUENCE>1
<FILENAME>d538902_13-g.txt
<TEXT>
                       SECURITIES AND EXCHANGE COMMISSION
                              WASHINGTON, DC 20549

                                  SCHEDULE 13G
                                 (Rule 13d-102)


             INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT
           TO RULES 13d-1(b)(c), AND (d) AND AMENDMENTS THERETO FILED
                            PURSUANT TO RULE 13d-2(b)

                                (Amendment No. )


                            OXIS International, Inc.
- --------------------------------------------------------------------------------
                                (Name of Issuer)


                         Common Shares, par value $0.001
- --------------------------------------------------------------------------------
                         (Title of Class of Securities)


                                    691829402
- --------------------------------------------------------------------------------
                                 (CUSIP Number)


                                December 31, 2004
- --------------------------------------------------------------------------------
             (Date of Event Which Requires Filing of this Statement)


     Check the appropriate box to designate the rule pursuant to which this
Schedule is filed:

          [_] Rule 13d-1(b)

          [x] Rule 13d-1(c)

          [_] Rule 13d-1(d)
<PAGE>
CUSIP No.   691829402
            ---------------------

1.   NAME OF REPORTING PERSONS
     I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)

     Silverback Asset Management, LLC

2.   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
                                                                  (a)  [_]
                                                                  (b)  [_]

3.   SEC USE ONLY


4.   CITIZENSHIP OR PLACE OF ORGANIZATION

     Delaware

NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH

5.   SOLE VOTING POWER

     0

6.   SHARED VOTING POWER

     3,773,586*

7.   SOLE DISPOSITIVE POWER

     0

8.   SHARED DISPOSITIVE POWER

     3,773,586*

9.   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

     3,773,586*

10.  CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES

                                                                       [_]

11.  PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9

     9.11%

12.  TYPE OF REPORTING PERSON

     OO

- ----------
*Silverback Asset Management, LLC ("SAM") serves as investment manager to
Silverback Master, Ltd. ("Silverback Master") and certain other private
investment vehicles. In its capacity as investment manager of such private
investment vehicles, including Silverback Master, SAM may be deemed to be a
beneficial owner of securities held by each such private investment vehicle. SAM
disclaims beneficial ownership of the securities reported in this Schedule 13G,
except to the extent of its pecuniary interest therein, and the filing of this
Schedule 13G shall not be construed as an admission that SAM is, for the
purposes of Section 13(d) or 13(g) of the Act, the beneficial owner of any
securities reported in this Schedule 13G, except to the extent of its pecuniary
interest therein.
<PAGE>
CUSIP No.   691829402
            ---------------------

1.   NAME OF REPORTING PERSONS
     I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)

     Silverback Master, Ltd.

2.   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
                                                                  (a)  [_]
                                                                  (b)  [_]

3.   SEC USE ONLY


4.   CITIZENSHIP OR PLACE OF ORGANIZATION

     Cayman Islands

NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH

5.   SOLE VOTING POWER

     0

6.   SHARED VOTING POWER

     2,830,190

7.   SOLE DISPOSITIVE POWER

     0

8.   SHARED DISPOSITIVE POWER

     2,830,190

9.   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

     2,830,190

10.  CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES

                                                                       [_]

11.  PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9

     6.91%

12.  TYPE OF REPORTING PERSON

     CO
<PAGE>
CUSIP No.   691829402
            ---------------------

1.   NAME OF REPORTING PERSONS
     I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)

     Elliot Bossen

2.   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
                                                                  (a)  [_]
                                                                  (b)  [_]

3.   SEC USE ONLY


4.   CITIZENSHIP OR PLACE OF ORGANIZATION

     United States of America

NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH

5.   SOLE VOTING POWER

     0

6.   SHARED VOTING POWER

     3,773,586**

7.   SOLE DISPOSITIVE POWER

     0

8.   SHARED DISPOSITIVE POWER

     3,773,586**

9.   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

     3,773,586**

10.  CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES

                                                                       [_]

11.  PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9

     9.11%

12.  TYPE OF REPORTING PERSON

     IN

- ----------
** Elliot Bossen is the sole Managing Member of SAM and is primarily responsible
for the investment decisions of SAM. Elliot Bossen disclaims beneficial
ownership of the securities reported in this Schedule 13G, except to the extent
of his pecuniary interest therein, and the filing of this Schedule 13G shall not
be construed as an admission that he is, for the purposes of Section 13(d) or
13(g) of the Act, the beneficial owner of any securities reported in this
Schedule 13G, except to the extent of his pecuniary interest therein.
<PAGE>
CUSIP No.   691829402
            ---------------------

Item 1(a).  Name of Issuer:

            OXIS International, Inc.
            --------------------------------------------------------------------

Item 1(b).  Address of Issuer's Principal Executive Offices:

            6040 N. Cutter Circle, Suite 317
            Portland, Oregon 97217
            --------------------------------------------------------------------

Item 2(a).  Name of Person Filing:

            Silverback Asset Management, LLC
            Silverback Master, Ltd.
            Elliot Bossen
            --------------------------------------------------------------------

Item 2(b).  Address of Principal Business Office, or if None, Residence:

            Silverback Asset Management, LLC
            1414 Raleigh Road
            Suite 250
            Chapel Hill, NC  27517

            Silverback Master, Ltd.
            c/o International Fund Services (Ireland) Limited
            Bishop's Square, Third Floor
            Redmond's Hill
            Dublin 2, Ireland

            Elliot Bossen
            c/o Silverback Asset Management, LLC
            1414 Raleigh Road
            Suite 250
            Chapel Hill, NC  27517
            --------------------------------------------------------------------

Item 2(c).  Citizenship:

            Silverback Asset Management, LLC - Delaware
            Silverback Master, Ltd. - Cayman Islands
            Elliot Bossen - United States of America
            --------------------------------------------------------------------

Item 2(d).  Title of Class of Securities:

            Common Shares, par value $0.001
            --------------------------------------------------------------------

Item 2(e).  CUSIP Number:

            691892402
            --------------------------------------------------------------------

Item 3.     If This Statement  is Filed  Pursuant to  Rule 13d-1(b), or
            13d-2(b) or (c), Check Whether the Person Filing is a:

     (a)  [_] Broker or dealer registered under Section 15 of the Exchange Act.

     (b)  [_] Bank as defined in Section 3(a)(6) of the Exchange Act.

     (c)  [_] Insurance company as defined in Section 3(a)(19) of the Exchange
              Act.

     (d)  [_] Investment company registered under Section 8 of the Investment
              Company Act.

     (e)  [_] An investment adviser in accordance with Rule 13d-1(b)(1)(ii)(E);

     (f)  [_] An employee benefit plan or endowment fund in accordance with Rule
              13d-1(b)(1)(ii)(F);

     (g)  [_] A parent holding company or control person in accordance with Rule
              13d-1(b)(1)(ii)(G);

     (h)  [_] A savings association as defined in Section 3(b) of the Federal
              Deposit Insurance Act;

     (i)  [_] A church plan that is excluded from the definition of an
              investment company under Section 3(c)(14) of the Investment
              Company Act;

     (j)  [_] Group, in accordance with Rule 13d-1(b)(1)(ii)(J).

Item 4.     Ownership.

     (a)  Amount beneficially owned:

          Silverback Asset Management, LLC - 3,773,586
          Silverback Master, Ltd. - 2,830,190
          Elliot Bossen - 3,773,586
          ----------------------------------------------------------------------

     (b)  Percent of class:

          Silverback Asset Management, LLC - 9.11%
          Silverback Master, Ltd. - 6.91%
          Elliot Bossen - 9.11%
          ----------------------------------------------------------------------

     (c)  Number of shares as to which such person has:

Silverback Asset Management, LLC
- --------------------------------

          (i)   Sole power to vote or to direct the vote                  0
                                                             ------------------,

          (ii)  Shared power to vote or to direct the vote        3,773,586
                                                             ------------------,

          (iii) Sole power to dispose or to direct the
                disposition of                                            0
                                                             ------------------,

          (iv)  Shared power to dispose or to direct the
                disposition of                                    3,773,586
                                                             ------------------.

Silverback Master, Ltd.
- -----------------------

          (i)   Sole power to vote or to direct the vote                  0
                                                             ------------------,

          (ii)  Shared power to vote or to direct the vote        2,830,190
                                                             ------------------,

          (iii) Sole power to dispose or to direct the
                disposition of                                            0
                                                             ------------------,

          (iv)  Shared power to dispose or to direct the
                disposition of                                    2,830,190
                                                             ------------------.

Elliot Bossen
- -------------

          (i)   Sole power to vote or to direct the vote                  0
                                                             ------------------,

          (ii)  Shared power to vote or to direct the vote        3,773,586
                                                             ------------------,

          (iii) Sole power to dispose or to direct the
                disposition of                                            0
                                                             ------------------,

          (iv)  Shared power to dispose or to direct the
                disposition of                                    3,773,586
                                                             ------------------.

Item 5.   Ownership of Five Percent or Less of a Class.

     If this statement is being filed to report the fact that as of the date
hereof the reporting person has ceased to be the beneficial owner of more than
five percent of the class of securities check the following [ ].

     N/A
     ---------------------------------------------------------------------------

Item 6.   Ownership of More Than Five Percent on Behalf of Another Person.

     N/A
     ---------------------------------------------------------------------------

Item 7.   Identification and  Classification of the Subsidiary Which Acquired
          the  Security  Being  Reported on by the Parent  Holding  Company or
          Control Person.

     N/A
     ---------------------------------------------------------------------------

Item 8.   Identification  and  Classification  of Members of the Group.

     N/A
     ---------------------------------------------------------------------------

Item 9.   Notice of Dissolution of Group.

     N/A
     ---------------------------------------------------------------------------

Item 10.  Certifications.

          By signing below I certify that, to the best of my knowledge and
          belief, the securities referred to above were not acquired and are not
          held for the purpose of or with the effect of changing or influencing
          the control of the issuer of the securities and were not acquired and
          are not held in connection with or as a participant in any transaction
          having such purpose or effect.


                                    SIGNATURE


     After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.


                                                      January 7, 2005
                                          -------------------------------------
                                                        (Date)


                                        Silverback Asset Management, LLC

                                        By: /s/ Elliot Bossen
                                            --------------------
                                        Name:   Elliot Bossen
                                        Title:  Managing Member


                                        Silverback Master, Ltd.

                                        By: /s/ Elliot Bossen
                                            --------------------
                                        Name:   Elliot Bossen
                                        Title:  Director



                                        /s/ Elliot Bossen
                                        -----------------------
                                             Elliot Bossen



<PAGE>



Exhibit A



      The undersigned agree that this Schedule 13G dated January 7, 2005
relating to the Common Shares, par value $0.001, of OXIS International, Inc. is
being filed on behalf of each of Silverback Asset Management, LLC, Silverback
Master, Ltd. and Elliot Bossen.


                                                      January 7, 2005
                                          -------------------------------------
                                                        (Date)


                                        Silverback Asset Management, LLC

                                        By: /s/ Elliot Bossen
                                            --------------------
                                        Name:   Elliot Bossen
                                        Title:  Managing Member


                                        Silverback Master, Ltd.

                                        By: /s/ Elliot Bossen
                                            --------------------
                                        Name:   Elliot Bossen
                                        Title:  Director



                                        /s/ Elliot Bossen
                                        -----------------------
                                             Elliot Bossen




04098.0001 #538902


</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
