EXHIBIT 99.1


                                            For more information:

                                            Claudia Groth
                                            OXIS International, Inc.
                                            (503) 283-3911


                  OXIS INTERNATIONAL REPORTS PRIVATE PLACEMENT

PORTLAND, OR. -- DECEMBER 4, 1995 -- OXIS International, Inc. (NASDAQ: OXIS)
announced today it has raised $1.2 million through a private placement of
convertible subordinated debentures and warrants. The debentures are due
December 31, 1997 and are initially convertible into shares of common stock at a
conversion rate of US$1.25 per share; the rate may be adjusted under certain
circumstances. The warrants issued were for 192,000 shares of common stock,
exercisable at $2.00 per share. The number of shares may be adjusted under
certain circumstances.

The offering of the debentures and warrants was made through a private placement
agent. The debentures and warrants and the underlying shares of common stock are
not registered under the Securities Act of 1933, as amended. The foregoing
securities may not be offered and sold in the United States, nor may the
warrants be exercised in the United States, absent registration under the
Securities Act or an applicable exemption from registration requirements.

OXIS International, Inc. (NASDAQ: OXIS) is a drug development and diagnostic
company dedicated to the research and development of technologies and products
to combat diseases associated with free radicals and reactive oxygen species
(ROS). The Company, headquartered in Portland, Oregon, has research facilities
in Malvern, Pennsylvania, and outside Paris, France.

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