UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington
D.C., 20549
Form
8-K
Current
Report
Pursuant
to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date
Of Report (Date Of Earliest Event
Reported): 2/2/2006
OXIS
International, Inc.
(Exact
Name of Registrant as Specified in its Charter)
Commission
File Number: 0-8092
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DE
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94-1620407
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(State
or Other Jurisdiction of
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(I.R.S.
Employer
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Incorporation
or Organization)
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Identification
No.)
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6040
N Cutter Circle Suite 317, Portland, OR 97217
(Address
of Principal Executive Offices, Including Zip Code)
503-283-3911
(Registrant’s
Telephone Number, Including Area Code)
(Former
name or former address, if changed since last report)
Check
the appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions:
[ ]
Written communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
[ ]
Soliciting material pursuant to Rule 14a-12 under the Exchange
Act(17CFR240.14a-12)
[ ]
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange
Act(17CFR240.14d-2(b))
[ ]
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange
Act(17CFR240.13e-4(c))
Items
to
be Included in this Report
Item
1.01. Entry
into a Material Definitive Agreement.
OXIS
International, Inc. (“OXIS”) entered into a one-year non-revolving loan
agreement with an effective date of February 2, 2006 under similar terms to
the
KeyBank loan, described in Item 1.02 below, with Bridge Bank, N.A. (the “Bridge
Bank Loan”). On February 7, 2006,
OXIS
entered into a loan agreement with Bridge Bank in the amount of $3,060,000
and granted
a
security interest to Bridge Bank in a $3,060,000 Certificate of Deposit that
is
owned by OXIS.
As with
the KeyBank Loan, the Bridge Bank Loan will bear interest at an annual rate
that
is 2.0% greater than the annual rate of interest on the Certificate of Deposit
held by Bridge Bank as collateral.
Item
1.02. Termination
of a Material Definitive Agreement
On February
7, 2006, OXIS terminated its one-year non-revolving loan agreement with KeyBank
National Association (“KeyBank”). The original loan agreement with KeyBank dated
December 2, 2005 involved a loan in the amount of $3,060,000 (the “KeyBank
Loan”) which OXIS utilized to purchase fifty one percent of the outstanding
shares of BioCheck, Inc. Under the terms of the KeyBank Loan, as
security for OXIS' repayment obligations under the Loan Agreement, OXIS granted
a security interest to KeyBank in a $3,060,000 Certificate of Deposit that
is
owned by OXIS. The KeyBank Loan bore interest at an annual rate that is 2.0%
greater than the annual rate of interest on the Certificate of Deposit held
as
collateral. On February 7, 2006 OXIS paid off its KeyBank loan and closed its
$3,060,000 Certificate of Deposit at KeyBank.
Signature(s)
Pursuant
to the Requirements of the Securities Exchange Act of 1934, the Registrant
has
duly caused this Report to be signed on its behalf by the Undersigned hereunto
duly authorized.
Dated:
February 15, 2006
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OXIS International, Inc. |
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By: |
/s/ Michael D.
Centron
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Michael
D. Centron
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Vice
President & Chief Financial
Officer
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