Exhibit 99.1
                      Press Release, dated March 7, 2000

OXIS INTERNATIONAL ANNOUNCES CLOSING OF $4.8 MILLION IN FIRST PHASE OF PRIVATE
                                   FINANCING

Portland, Ore.- March 7, 2000 - OXIS International, Inc. (NASDAQ: OXIS, Nouveau
Marche: OXIS), a leading developer of new products and technologies to diagnose,
treat and prevent diseases caused by oxidative stress, announced today the
closing of the first phase of a private equity financing, in which $4.8 million
USD was raised toward planned gross proceeds of $8 million USD. In the
financing, the Company is issuing units consisting of one share of common stock,
plus warrants to purchase two shares of common stock. One share covered by the
warrants may be purchased at 125% of the closing price of OXIS common stock on
the business day prior to the signing of the subscription agreement. The other
share covered by the warrants may be purchased at 150% of the closing price of
the OXIS common stock on the business day prior to the signing of the
subscription agreement. The units in the first tranche were priced at the
closing price of the OXIS common stock the business day prior to the signing of
the subscription agreements ($4.75 per unit). OXIS raised gross proceeds of
approximately $4.8 million USD in the first tranche. OXIS has agreed to file
within 90 days of the closing of the offering with the Securities and Exchange
Commission a registration statement covering the resale of the common stock sold
in the private offering.

"Completion of this phase of financing is an extremely important step since the
majority of these funds will be used to support the development of our lead
molecule, BXT-51072, to continue development of our second series of molecules
and to begin to expand our product portfolio," stated Paul C. Sharpe, M.D., CEO
of OXIS.

All securities mentioned in this press release will not be or have not been
registered under the Securities Act of 1933 and may not be offered or sold in
the United States absent registration or an applicable exemption from such
registration requirements.

This press release contains forward-looking statements that involve risks and
uncertainties, including the Company's ability to raise additional funds in this
private financing, timely development and market acceptance of new products, and
other risks detailed from time to time in the Company's SEC reports. These
factors could cause actual results to differ materially from those described in
any forward-looking statements.

OXIS is headquartered in Portland, Oregon. Visit OXIS International, Inc. on the
World Wide Web at http://www.oxis.com.
                  -------------------

For more information, contact:
Ray R. Rogers
Chairman
503/247-2373