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) (Final Amendment) OXIS International, Inc. - -------------------------------------------------------------------------------- (Name of Issuer) Common Shares, par value $0.001 - -------------------------------------------------------------------------------- (Title of Class of Securities) 691829402 - -------------------------------------------------------------------------------- (CUSIP Number) December 31, 2006 - -------------------------------------------------------------------------------- (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) 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 0 7. SOLE DISPOSITIVE POWER 0 8. SHARED DISPOSITIVE POWER 0 9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 0 10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES [_] 11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9 0% 12. TYPE OF REPORTING PERSON OO 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 0 7. SOLE DISPOSITIVE POWER 0 8. SHARED DISPOSITIVE POWER 0 9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 0 10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES [_] 11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9 0% 12. TYPE OF REPORTING PERSON CO 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 1,765,793 6. SHARED VOTING POWER 7. SOLE DISPOSITIVE POWER 1,765,793 8. SHARED DISPOSITIVE POWER 9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 1,765,793 10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES [_] 11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9 4.0% 12. TYPE OF REPORTING PERSON IN CUSIP No. 691829402 --------- Item 1(a). Name of Issuer: Oxis International, Inc. -------------------------------------------------------------------- Item 1(b). Address of Issuer's Principal Executive Offices: 323 Vintage Park Drive, Suite B Foster City, California 94404 -------------------------------------------------------------------- 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 Act (15 U.S.C. 78c). (b) [_] Bank as defined in Section 3(a)(6) of the Act (15 U.S.C. 78c). (c) [_] Insurance company as defined in Section 3(a)(19) of the Act (15 U.S.C. 78c). (d) [_] Investment company registered under Section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8). (e) [_] An investment adviser in accordance with Section 240.13d-1(b)(1)(ii)(E); (f) [_] An employee benefit plan or endowment fund in accordance with Section 240.13d-1(b)(1)(ii)(F); (g) [_] A parent holding company or control person in accordance with Section 240.13d-1(b)(1)(ii)(G); (h) [_] A savings association as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C.1813); (i) [_] A church plan that is excluded from the definition of an investment company under Section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3); (j) [_] Group, in accordance with s.240.13d-1(b)(1)(ii)(J). Item 4. Ownership. (a) Amount beneficially owned: Silverback Asset Management, LLC - 0 Silverback Master, Ltd. - 0 Elliot Bossen - 1,765,793 ---------------------------------------------------------------------- (b) Percent of class: Silverback Asset Management, LLC - 0% Silverback Master, Ltd. - 0% Elliot Bossen - 4.0% ---------------------------------------------------------------------- (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 0 -----------------, (iii) Sole power to dispose or to direct the disposition of 0 -----------------, (iv) Shared power to dispose or to direct the disposition of 0 -----------------. Silverback Master, Ltd. (i) Sole power to vote or to direct the vote 0 -----------------, (ii) Shared power to vote or to direct the vote 0 -----------------, (iii) Sole power to dispose or to direct the disposition of 0 -----------------, (iv) Shared power to dispose or to direct the disposition of 0 -----------------. Elliot Bossen (i) Sole power to vote or to direct the vote 1,765,793 -----------------, (ii) Shared power to vote or to direct the vote 0 -----------------, (iii) Sole power to dispose or to direct the disposition of 1,765,793 -----------------, (iv) Shared power to dispose or to direct the disposition of 0 -----------------. 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 [X]. This Final Amendment reflects that as of December 31, 2006, each of Silverback Asset Management, LLC, Silverback Master, Ltd. and Elliot Bossen, own less than 5% of the Common Shares of the Issuer. ---------------------------------------------------------------------- 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. February 14, 2007 ---------------------------------------- (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 Exhibit A - --------- The undersigned agree that this Schedule 13G dated February 14, 2007 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. February 14, 2007 ---------------------------------------- (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 SK 04098 0001 746182