Document:

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                                  Exhibit 4.2

                COMMON STOCK AND WARRANT SUBSCRIPTION AGREEMENT

     This COMMON STOCK AND WARRANT SUBSCRIPTION AGREEMENT, dated as of February
21,2000 (this "Agreement"), is entered into by and between OXIS International
Inc., a Delaware corporation (the "Company") and the investor set forth on the
signature page hereto ("Investor").

                                    RECITALS
                                    --------

     WHEREAS, Investor wishes to invest $_____________ in the Company
(Investor's Investment"), and in doing so the Investor wishes to subscribe for
and purchase, and the Company wishes to issue and sell, to Investor shares (the
"Shares") of common stock of the Company ("Common Stock") in an amount and on
the terms set forth herein; and

     WHEREAS, both Investor and the Company desire that the Company issue two
warrants to Investor for the future purchase of shares of Common Stock (the
"Warrants") in conjunction with the purchase of the Shares in the amounts and on
the terms set forth herein; and

     NOW THEREFORE, in consideration of the premises and mutual agreements
herein contained, and for other good and valuable consideration, the receipt and
adequacy of which is hereby acknowledged, the parties hereto hereby agree as
follows:

I.   Subscription for Common Stock and Warrants.
     -------------------------------------------

A.   The Common Stock and Warrants.  The Company has authorized the issuance and
     ------------------------------
     sale pursuant to the terms of this Agreement of the Shares and the issuance
     of the Warrants to Investor substantially in the forms attached hereto as
     Exhibit A and Exhibit B. Subject to the terms and conditions of this
     ---------     ---------
     Agreement, Investor hereby irrevocably subscribes for and agrees to
     purchase the number of Shares provided for in Section I.B below for US$4.75
     per Share (a price which equals the closing price of the Company's Common
     Stock on the Nasdaq National Market on February 18, 2000) (the "Per Share
     Price") and the Warrants as provided for herein. The exercise price with
     respect to each Share covered by the Warrant set forth in Exhibit A shall
                                                               ---------
     be 125% of the Per Share Price (the "125% Warrant") and the exercise price
     with respect to each Share covered by the Warrant set forth in Exhibit B
                                                                    ---------
     shall be 150% of the Per Share Price (the "150% Warrant"). Investor shall
     not be obligated to purchase any of the Shares unless the conditions set
     forth in Article II hereof shall have been satisfied or waived by Investor
     on or prior to the Closing Date (as defined below). The Company shall not
     be obligated to sell any of the Shares to Investor or issue the Warrants to
     Investor unless the conditions set forth in Article III hereof shall have
     been satisfied or waived by the Company on or prior to the Closing Date.
<PAGE>

     B.   Subject to the terms and conditions of this Agreement and on the basis
          of the representations and warranties herein set forth, the Company
          will sell to Investor, and Investor will purchase from the Company, a
          number of Shares determined by dividing the amount of the Investor's
          Investment (the "Purchase Price") by the Per Share Price, provided
          that no fractional Shares shall be issued by the Company. The Purchase
          Price shall be payable by wire transfer of immediately available funds
          to such account or accounts as to which the Company may notify
          Investor. At the consummation of the purchase of the Shares and the
          Warrants (the "Closing") (or as soon as practicable thereafter),
          subject to the terms and conditions of this Agreement and on the basis
          of the representations and warranties herein set forth, the Company
          will deliver to, or at the direction of, Investor or a representative
          thereof, a certificate registered in the name of Investor representing
          the Shares to be purchased by Investor and a  125% Warrant for the
          purchase of an equal number of Shares and a  150% Warrant for the
          purchase of an equal number of Shares, against payment of the Purchase
          Price by Investor. The Closing will take place on February 23, 2000 or
          such later date as the Company shall receive subscriptions for
          securities with total gross proceeds, equal to US $4,000,000 or more
          (the "Closing Date") at a location to be designated by the Company.

II.  Conditions to the Obligations of Investor. The obligation of Investor to
     -----------------------------------------
     purchase the Shares and the Warrants under this Agreement is subject to the
     satisfaction at or prior to the Closing Date of each of the following
     conditions:

     A.   Accuracy of Representations and Warranties. All representations and
          -------------------------------------------
          warranties of the Company contained herein shall be true and correct
          in all material respects on and as of the Closing Date as if made on
          and as of such Closing Date.

     B.   Performance of Agreements; Regulatory Approvals.
          -----------------------------------------------

          1.   The Company shall have performed all obligations and agreements,
               and complied with all covenants and conditions contained in this
               Agreement to be performed or complied with by it prior to or at
               the applicable Closing Date.

          2.   The Company shall have executed and delivered the applicable
               Warrants.

          3.   The Company shall have obtained all corporate authorizations and
               approvals and all consents and approvals of regulatory bodies and
               authorities necessary to issue the Shares and the applicable
               Warrants and to enter into and perform this Agreement and such
<PAGE>

               Warrants and to consummate the transactions contemplated hereby
               and thereby.

      If at or prior to the Closing all of the conditions of this Article II
      have not been satisfied, Investor may elect to waive such conditions or to
      be relieved of all further obligations hereunder.

III.  Conditions to the Company's Obligations. The obligation of the Company to
      ---------------------------------------
      issue and sell the Shares and the applicable Warrants under this Agreement
      is subject to satisfaction at the Closing Date of each of the following
      conditions:

      A.  Accuracy of Representations and Warranties. All representations and
          ------------------------------------------
          warranties of Investor contained herein shall be true and correct in
          all material respects on and as of the Closing Date as if made on and
          as of such Closing Date.

      B.  Performance of Agreements. Investor shall have performed all
          -------------------------
          obligations and agreements, and complied with all covenants and
          conditions, contained in this Agreement to be performed or complied
          with by it prior to or at the Closing Date.

      C.  Payment of Purchase Price. Investor shall have delivered to the
          -------------------------
          Company and the Company shall have received full payment of the
          Purchase Price.

      D.  Corporate Authorizations. The Company shall have obtained all
          ------------------------
          corporate authorizations and approvals and all consents and approvals
          of regulatory bodies and authorities necessary to issue the Shares and
          the Warrants and to enter into and perform this Agreement and the
          Warrants and to consummate the transactions contemplated hereby and
          thereby (including the Company being satisfied that the sale of the
          Shares and the Warrants at the Closing will not cause the Company to
          be out of compliance with any of the criteria required to be complied
          with in order to continue to be listed on the Nasdaq National Market).

      If at or prior to the Closing all of the conditions of this Article III
      have not been satisfied, the Company may elect to waive such conditions or
      to be relieved of all further obligations hereunder.

IV.   Representations, Warranties and Covenants of the Company. Except as
      --------------------------------------------------------
      otherwise set forth herein, the Company represents, warrants and covenants
      to Investor as of the date of this Agreement and as of the Closing Date as
      follows:

      A.  Due Organization; Valid Existence and Authority of the Company. The
          --------------------------------------------------------------
          Company has been duly incorporated and is validly existing and in good
          standing under the laws of the State of Delaware. The Company has full
          right, power and authority to carry on its business as conducted and
          as
<PAGE>

          proposed to be conducted. The Company has full right, power and
          authority to enter into this Agreement and the Warrants and perform
          its obligations hereunder and thereunder.

      B.  Authorization and Validity of Agreements. This Agreement and the
          ----------------------------------------
          Warrants have been duly authorized and constitute valid and binding
          obligations of the Company enforceable against the Company in
          accordance with their terms, except as affected by ( i ) bankruptcy or
          insolvency laws or (ii) equitable principles or public policy.

     C.   No Conflict with Other Instruments; No Approvals Required Except as
          -------------------------------------------------------------------
          Have Been Obtained. The execution and delivery of this Agreement and
          ------------------
          the Warrants by the Company, and compliance by the Company with the
          terms and conditions hereof and thereof, will not violate, with or
          without the giving of notice or the lapse of time, or both, and will
          not conflict with, or require any consent or approval under, the
          Certificate of Incorporation or By-laws of the Company.

     D.   Private Placement. Based, in part, on the representations and
          -----------------
          warranties of Investor set forth herein, the offer and sale of the
          Shares and Warrants by the Company are being accomplished in a
          transaction exempt from registration under Section 5 of the Securities
          Act of 1933, as amended (the "Securities Act").

V.   Representations of Investor. Investor hereby represents and warrants to the
     ---------------------------
     Company as of the date of this Agreement and as of the Closing Date as
     follows:

     A.  Due Organization, Good Standing and Authority of the Investor.
         -------------------------------------------------------------
         Investor has full right, power and authority to enter into this
         Agreement and perform its obligations hereunder.

     B.  Authorization and Validity of Agreements. This Agreement has been duly
         ----------------------------------------
         authorized, executed and delivered by Investor and, assuming the due
         authorization, execution and delivery by the Company, constitutes a
         valid and binding obligation of Investor enforceable against Investor
         in accordance with its terms, except as affected by (i) bankruptcy or
         insolvency laws or (ii) equitable principles or public policy.

     C.  No Conflict with Other Instruments; No Approvals Required Except as
         -------------------------------------------------------------------
         Have Been Obtained. The execution and delivery of this Agreement and
         ------------------
         the Warrants by Investor and compliance by Investor with the terms and
         conditions hereof and thereof, will not violate, with or without the
         giving of notice or the lapse of time, or both, or require any
         registration, qualification, approval or filing under, any provision of
         law, statute, ordinance or regulation applicable to Investor and will
         not conflict with, or require any consent or approval under, or result
         in the breach or
<PAGE>

         termination of any provision of, or constitute a default under, or
         result in the acceleration of the performance of the obligations of
         Investor under, or result in creation of any claim, lien, charge or
         encumbrance upon any of the properties, assets or businesses of
         Investor pursuant to the charter document of Investor (if Investor is
         not a natural person) or any order, judgement, decree, law, ordinance
         or legal regulation applicable to the Investor, or any contract,
         instrument, agreement or restriction to which Investor is a party or by
         which Investor or any of its assets or properties is bound.

     D.  Investor Awareness. Investor acknowledges, agrees and is aware that the
         ------------------
         Shares, the Warrants and the shares of Common Stock to be issued upon
         the exercise thereof (the "Warrant Shares") have not been registered
         under the Securities Act, or under the securities laws of any other
         jurisdiction, including any state of the United States of America. An
         offer or sale of the Shares, the Warrants or the Warrant Shares by
         Investor in the absence of registration under such securities laws will
         require the availability of an exemption thereunder. A restrictive
         legend in substantially the form set forth in Section VI.A hereof shall
         be placed on the certificates representing the Shares, the Warrants and
         the Warrant Shares and a notation shall be made in the appropriate
         records of the Company indicating that the securities representing the
         Shares, the Warrants and the Warrant Shares are subject to restrictions
         on transfer.

     E.  Receipt of Information, Access to Information, Investment Intent.
         -----------------------------------------------------------------
         Investor acknowledges that it:

         1.  has been furnished with sufficient information regarding the
             Company and its prospects such that it has been able to understand
             and evaluate the risks of a purchase of the Company's securities;

         2.  has been given the opportunity to ask questions of, and receive
             answers from, the Company concerning the terms and conditions of
             the offering of the Company's securities hereunder and other
             matters pertaining to an investment therein, has been given the
             opportunity to obtain such additional information necessary to
             evaluate the merits and risks of a purchase of the securities to
             the extent the Company possesses such information, and has received
             all documents and information that it has requested relating to an
             investment in the securities;

         3.  has carefully considered and has, to the extent Investor believes
             such discussion necessary, discussed with its professional legal,
             financial and tax advisors, the suitability of an investment in the
             securities;
<PAGE>

         4.  understands that the Shares, Warrants and Warrant Shares to be
             received by Investor hereunder will be acquired for investment for
             Investor's own account, not as a nominee or agent, and not with a
             view to the resale or distribution of any part thereof, and that
             Investor has no present intention of otherwise distributing the
             same. By executing this Agreement, Investor further represents that
             Investor does not have any contract, undertaking, agreement or
             arrangement with any person to sell, transfer or grant
             participations to such person or to any third person, with respect
             to such to securities, or any portion thereof;

         5.  is an investor in securities of companies in the development stage
             and acknowledges that it is able to fend for itself, can bear the
             economic risk of its investment and has such knowledge and
             experience in financial or business matters that it is capable of
             evaluating the merits and risks of the investment in the Shares,
             Warrants, and Warrant Shares; and

         6.  understands that the Shares, Warrants, and Warrant Shares are
             characterized as "restricted securities" under the federal
             securities laws inasmuch as they are being acquired from the
             Company in a transaction not involving a public offering and that
             under such laws and applicable regulations such Shares, Warrants
             and Warrant Shares may be resold without registration under the
             Securities Act only in certain limited circumstances. In this
             connection Investor represents that it is familiar with Securities
             and Exchange Commission ("SEC") Rule 144, as presently in effect,
             and understands the resale limitations imposed thereby and by the
             Securities Act.

     F.  Accredited Investor Status. Investor is an Accredited Investor as such
         --------------------------
         term is defined in Regulation D under the Securities Act.

VI.  Restrictions on Transfer. The Shares, the Warrants and the Warrant Shares
     ------------------------
     shall not be transferable except upon the conditions specified in Article
     V.E and in this Article VI, which are intended to insure compliance with
     the provisions of the Securities Act in respect of the transfer of any of
     the Shares, the Warrants or Warrant Shares.

     A.  Restrictive Legends. Each certificate representing the Shares, the
         -------------------
         or the Warrant Shares shall (unless otherwise permitted by the
         provisions of this Article VI) be stamped or otherwise imprinted with a
         legend in substantially the following form:

         "THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF
         1933, AS AMENDED (THE "SECURITIES
<PAGE>

         ACT") OR UNDER THE SECURITIES LAWS OF ANY JURISDICTION AND MAY NOT BE
         TRANSFERRED, SOLD OR OTHERWISE DISPOSED OF UNLESS A REGISTRATION
         STATEMENT IS IN EFFECT UNDER THE SECURITIES ACT AND ANY APPLICABLE
         SECURITIES LAWS WITH RESPECT TO SUCH SECURITIES OR A WRITTEN OPINION OF
         COUNSEL REASONABLY ACCEPTABLE TO THE COMPANY IS PROVIDED TO THE COMPANY
         TO THE EFFECT THAT NO REGISTRATION IS REQUIRED UNDER SUCH SECURITIES
         LAWS."

     B.  Notice of Proposed Transfers.
         ----------------------------

         1.  The holder of the Shares, the Warrants or Warrant Shares bearing a
             restrictive legend set forth in Section VI.A above ("Restricted
             Securities"), by acceptance thereof, agrees that, unless a
             registration statement is in effect under the Securities Act and
             under applicable securities laws with respect to such Restricted
             Securities, prior to any transfer or attempted transfer of such
             Restricted Securities, such holder will give the Company (i)
             written notice describing the proposed transfer of any Restricted
             Securities in reasonable detail, (ii) such other information about
             the proposed transferee of such Restricted Securities as the
             Company may reasonably request and (iii) an opinion of counsel
             (both counsel and opinion reasonably satisfactory to the Company)
             to the effect that the proposed transfer of such Restricted
             Securities may be effected without registration of such Restricted
             Securities under the Securities Act and under other applicable
             securities laws.

         2.  If the holder of the Restricted Securities delivers to the Company
             the information required in Section VI.B.1 above (including without
             limitation an opinion of counsel that subsequent transfers of such
             Restricted Securities will not require registration or
             qualification under the Securities Act or under other applicable
             securities law), the Company will or will cause the transfer agent
             for such Restricted Securities promptly after notice of such
             contemplated transfer to deliver new certificates for such
             Restricted Securities that do not bear that section of the
             restrictive legend set forth in Section VI.A above imposed by the
             Securities Act and under other applicable securities laws of any
             other jurisdictions. If the foregoing conditions entitling the
             holder to effect a proposed transfer of such Restricted Securities
             without registration under the Securities Act and under other
             applicable securities laws have not been satisfied, Investor shall
             not transfer the Restricted Securities, and the Company will cause
             the transfer agent not to transfer such Restricted Securities on
             its books or issue any certificates representing such Restricted
             Securities. Any
<PAGE>

             purported transfer of Restricted Securities not in accordance with
             applicable securities laws shall be void.

         3.  The restrictions imposed by this Agreement with respect to the
             Securities Act and under other applicable securities laws of any
             other jurisdictions upon the transferability of any particular
             shares of Restricted Securities shall cease and terminate when such
             shares of Restricted Securities have been sold pursuant to an
             effective registration statement under the Securities Act or under
             other applicable securities laws or transferred pursuant to Rule
             144 promulgated under the Securities Act.

         4.  As used in this Agreement, the term "transfer" encompasses any
             sale, transfer, pledge or other disposition of any Common Stock
             referred to herein.

VII. Miscellaneous.
     -------------

     A.  Survival of Representations, Warranties and Covenants. The
         -----------------------------------------------------
         representations, warranties and covenants of the parties contained in
         this Agreement and in any document delivered or to be delivered
         pursuant to this Agreement and in connection with the Closings
         hereunder shall survive such Closings. The parties have made no
         representations or warranties other than those that are expressly set
         forth in this Agreement.

     B.  Entire Agreement. This Agreement (including Exhibits hereto) and the
         ----------------
         Warrants to which the parties hereto are parties, constitute the entire
         agreement between the parties hereto and supersede all prior agreements
         and understandings, oral and written, between the parties hereto with
         respect to the subject matter hereof.

     C.  Severability. Any provision of this Agreement that is prohibited,
         ------------
         unenforceable or not authorized in any jurisdiction shall, as to such
         jurisdiction, be ineffective to the extent of such prohibition,
         unenforceability or lack of authorization without invalidating the
         remaining provisions hereof or affecting the validity, unenforceability
         or legality of such provision in any other jurisdiction.

     D.  Binding Effect; Benefit. This Agreement shall inure to the benefit of
         -----------------------
         and be binding upon the parties hereto, and their respective
         successors, legal representatives and permitted assigns. Nothing in
         this Agreement, express or implied, is intended to confer on any person
         other than the parties hereto, and their respective successors, legal
         representatives and permitted assigns, any rights, remedies,
         obligations or liabilities under or by reason of this Agreement.
<PAGE>

     E.  Amendment Waiver. No provision of this Agreement may be amended,
         ----------------
         waived or otherwise modified except by an instrument in writing
         executed by the parties hereto.

     F.  Expenses. Each party shall pay its own fees and expenses, including
         --------
         attorney's fees, incurred in connection with this Agreement and the
         other agreements and transactions contemplated hereby.

     G.  Assignments. Neither party can assign this Agreement without the prior
         -----------
         written consent of the other.

     H.  Headings. The Articles and Section headings contained in this
         --------
         Agreement are for convenience only and shall not affect the meaning or
         interpretation of this Agreement.

     I.  Counterparts. This Agreement may be executed in any number of
         ------------
         counterparts, each of which shall be deemed to be an original and all
         of which together shall be deemed to be one and the same instrument.

     J.  Applicable Law. This Agreement shall be governed by, and construed in
         --------------
         accordance with, the laws of the State of Oregon without giving effect
         to the principles of conflicts of laws thereof. The courts residing in
         the State of Oregon shall have exclusive jurisdiction over any dispute
         arising out of or related to this Agreement, or the purchase of the
         Shares, Warrants or Warrant Shares.

     K.  Remedies. The remedies provided in this Agreement are cumulative and
         --------
         not exclusive of any remedies provided by law.

     L.  Notices and Payment.
         --------------------

         1.  All notices, requests, demands and other communications hereunder
             shall be in writing and, except to the extent otherwise provided in
             this Agreement, shall be deemed to have been duly given if
             delivered by same day or next day courier or mailed, registered
             mail, return receipt requested, or transmitted by telegram, telex
             or facsimile.

         if to the Investor:
<PAGE>

          with a copy to:

          if to the Company:

               OXIS International, Inc.
               6040 N Cutter Circle
               Suite 317
          `    Portland, OR  97217
               FAX:   503.283.4058
               PHONE: 503.283.3911

               If a notice hereunder is sent by next-day courier it shall be
               deemed to have been given the day following sending and, if by
               registered mail, five business days following sending and if sent
               by facsimile, when receipt is acknowledged by recipient's
               facsimile machine operator.

          2.   Unless otherwise provided in this Agreement, payments hereunder
               shall be made by wire transfer of immediately available funds.
<PAGE>

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the
date first above written.

                                   OXIS International, Inc
                                   a Delaware corporation

                                   By_________________________________
                                   Name:
                                   Title:

                                   INVESTOR:

                                   ____________________________________
                                   (Print Name)

                                   By_________________________________
                                   Name:
                                   Title:<PAGE>

                                  Exhibit 4.3

                                   EXHIBIT A
                                   ---------

     THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933,
     AS AMENDED (THE "SECURITIES ACT") OR UNDER THE SECURITIES LAWS OF ANY
     JURISDICTION AND MAY NOT BE TRANSFERRED, SOLD OR OTHERWISE DISPOSED OF
     UNLESS A REGISTRATION STATEMENT IS IN EFFECT UNDER THE SECURITIES ACT AND
     ANY APPLICABLE SECURITIES LAWS WITH RESPECT TO SUCH SECURITIES OR A WRITTEN
     OPINION OF COUNSEL REASONABLY ACCEPTABLE TO THE COMPANY IS PROVIDED TO THE
     COMPANY, TO THE EFFECT THAT NO REGISTRATION IS REQUIRED UNDER SUCH
     SECURITIES LAWS. THE SECURITIES MAY NOT BE SOLD OR OFFERED FOR SALE IN
     WHOLE OR IN PART NOR EXERCISED EXCEPT IN ACCORDANCE WITH THE PROVISIONS
     HEREOF.

                           OXIS INTERNATIONAL, INC.

                       WARRANT TO PURCHASE COMMON STOCK

     OXIS International, Inc., a Delaware corporation (the "Company"), hereby
     certifies that, for value received, ________________________ ("Investor"),
     the registered holder hereof, or its registered assigns, is entitled,
     subject to the terms set forth below, to purchase from the Company upon
     surrender of this Warrant, at any time or times after the date hereof, but
     not after 5:00 P.M., Portland, Oregon, USA time, on the Expiration Date (as
     defined herein), _____________fully paid nonassessable shares (the "Warrant
     Shares") of Common Stock (as defined herein) of the Company (as adjusted
     from time to time as provided in this Warrant) at an initial purchase price
     of US$______________ per share in lawful money of the United States of
     America.

     Section 1.   (a)  Definitions. The following words and terms as used in
                       -----------
     this Warrant shall have the following meanings:

          "Common Stock" means (a) the Company's Common Stock, par value $.001
          -------------
          and (b) any capital stock into which such Common Stock shall have been
          changed or any capital stock resulting from a reclassification of such
          Common Stock.

          "Expiration Date" means ______________, 2001 (one year after the
           ---------------
          Closing Date as defined in the Subscription Agreement)

          "Warrant Exercise Price" shall initially be US$_____________ per share
           ----------------------
     and shall be
<PAGE>

     adjusted and readjusted from time to time to the extent as provided in this
     Warrant.

          (b)    Other Definitional Provisions. (i) Except as otherwise
                 -----------------------------
     specified herein, all reference herein (A) to any person other than the
     Company, shall be deemed to include such person's successors and assigns,
     (B) to the Company shall be deemed to include the Company's successors and
     (C) to any applicable law defined or referred to herein, shall be deemed
     references to such applicable law as the same may have been or may be
     amended or supplemented from time to time.

          (ii)   When used in this Warrant, the words "herein," "hereof," and
     "hereunder," and words of similar import, shall refer to this Warrant as a
     whole and not to any provision of this Warrant, and the words "Section" and
     "Exhibit" shall refer to Sections of, and Exhibits to, this Warrant unless
     otherwise specified.

          (iii)  Whenever the context so requires the neuter gender includes the
     masculine or feminine, and the singular number includes the plural, and
     vice versa.

     Section 2.  Exercise of Warrant. (a) Subject to the terms and conditions
                 -------------------
hereof, this Warrant may be exercised, in whole or in part, at any time during
normal business hours on or after the opening of business on the date hereof and
prior to the close of business on the Expiration Date. The rights represented by
this Warrant may be exercised by the holder hereof then registered on the books
of the Company, in whole or from time to time in part (except that this Warrant
shall not be exercisable as to a fractional share) by (i) delivery of a written
notice, in the form of the Subscription Form attached as Exhibit A hereto, of
such holder's election to exercise this Warrant, which notice shall specify the
number of Warrant Shares to be purchased, (ii) payment to the Company of an
amount equal to the Warrant Exercise Price multiplied by the number of Warrant
Shares as to which the Warrant is being exercised (plus any applicable issue or
transfer taxes) in cash or by certified or official bank check, for the number
of Warrant Shares as to which this Warrant shall have been exercised, and (iii)
the surrender of this Warrant, properly endorsed, at the principal office of the
Company in Portland, Oregon (or at such other agency or office of the Company as
the Company may designate by notice to the holder hereof); provided, that if
such Warrant Shares are to be issued in any name other than that of the
registered holder of this Warrant, such issuance shall be deemed a transfer and
the provisions of Section 11 shall be applicable. In the event of any exercise
of the rights represented by this Warrant in compliance with this Section 2(a),
a certificate or certificates for the Warrant Shares so purchased, registered in
the name of, or as directed by, the holder, shall be delivered to, or as
directed by such holder within a reasonable time, not exceeding 15 days, after
such rights shall have been so exercised.

     (b)  Unless the rights represented by this Warrant shall have expired or
have been fully exercised, the Company shall issue a new Warrant identical in
all respects to the Warrant exercised except (x) it shall represent rights to
purchase the number of Warrant Shares purchasable immediately prior to such
exercise under the Warrant
<PAGE>

exercised, less the number of Warrant Shares with respect to which such Warrant
was exercised, and (y) the holder thereof shall be deemed to have become the
holder of record of such Warrant Shares immediately prior to the close of
business on the date on which the Warrant was surrendered and payment of the
amount due in respect of such exercise and any applicable taxes was made,
irrespective of the date of delivery of such share certificate, except that, if
the date of such surrender and payment is a date when the stock transfer books
of the Company are properly closed, such person shall be deemed to have become
the holder of such Warrant Shares at the opening of business on the next
succeeding date on which the stock transfer books are open.

     Section 3.  Covenants as to Common Stock. The Company covenants and agrees
                 ----------------------------
that all Warrant Shares which may be issued upon the exercise of the rights
represented by this Warrant will, upon issuance, be validly issued, fully paid
and nonassessable.

     Section 4.  Adjustment of Warrant Exercise Price Upon Stock Splits,
                 -------------------------------------------------------
Dividends, Distributions and Combinations; and Adjustment of Number of Shares.
-----------------------------------------------------------------------------
(a) In case the Company shall at any time subdivide its outstanding shares of
Common Stock into a greater number of shares or issue a stock dividend or make a
distribution with respect to outstanding shares of Common Stock payable in
Common Stock, the Warrant Exercise Price in effect immediately prior to such
subdivision or stock dividend or distribution shall be proportionately reduced
and conversely, in case the outstanding shares of Common Stock of the Company
shall be combined into a smaller number of shares, the Warrant Exercise Price in
effect immediately prior to such combination shall be proportionately increased
in each case by multiplying the then effective Warrant Exercise Price by a
fraction, the numerator of which shall be the number of shares of Common Stock
outstanding immediately prior to such action and the denominator of which shall
be the number of shares of Common Stock outstanding immediately after such
action, and the product so obtained shall thereafter be the Warrant Exercise
Price.

          (b)    Upon each adjustment of the Warrant Exercise Price as provided
above in this Section 4, the registered holder of this Warrant shall thereafter
be entitled to purchase, at the Warrant Exercise Price resulting from such
adjustment, the number of shares obtained by multiplying the Warrant Exercise
Price in effect immediately prior to such adjustment by the number of shares
purchasable pursuant hereto immediately prior to such adjustment and dividing
the product thereof by the Warrant Exercise Price after such adjustment.

     Section 5.  Notice of Adjustment of Warrant Exercise Price. Upon any
                 ----------------------------------------------
adjustment of the Warrant Exercise Price, the Company shall give notice thereof
to the registered holder of this Warrant, which notice shall state the Warrant
Exercise Price in effect after such adjustment and the increase, or decrease, if
any, in the number of shares purchasable at the Warrant Exercise Price upon the
exercise of this Warrant, setting forth in reasonable detail the method of
calculation and the facts upon which such calculation is based. In the event of
a merger, consolidation or reorganization of the Company with
<PAGE>

or into another corporation or corporations in which the Company is not the
surviving entity (other than a mere reincorporation transaction), a sale of all
or substantially all of the assets of the Company, or a transaction in which the
Company issues shares representing more than fifty percent (50%) of the voting
power in the Company immediately after giving effect to such transaction, the
Company shall give notice thereof to the registered holder of this Warrant at
least ten (10) business days prior to the consummation of such transaction.

     Section 6.  Computation of Adjustments. Upon each computation of an
                 --------------------------
adjustment in the Warrant Exercise Price and the number of shares which may be
subscribed for and purchased upon exercise of this Warrant, the Warrant Exercise
Price shall be computed to the nearest cent (i.e., fractions of .5 of a cent, or
greater, shall be rounded to the next highest cent) and the number of shares
which may be subscribed for and purchased upon exercise of this Warrant shall be
calculated to the nearest whole share (i.e., fractions of less than one half of
a share shall be disregarded and fractions of one half of a share, or greater,
shall be treated as being a whole share).

     Section 7.  No Change in Warrant Terms on Adjustment. Irrespective of any
                 ----------------------------------------
adjustment in the Warrant Exercise Price or the number of shares of Common Stock
issuable upon exercise hereof, this Warrant, whether theretofore or thereafter
issued or reissued, may continue to express the same price and number of shares
as are stated herein and the Warrant Exercise Price and such number of shares
specified herein shall be deemed to have been so adjusted.

     Section 8.  Taxes. The Company shall not be required to pay any tax or
                 -----
taxes attributable to the initial issuance of the Warrant Shares or any transfer
involved in the issue or delivery of any certificates for Warrant Shares of
Common Stock in a name other than that of the registered holder hereof or upon
any transfer of this Warrant.

     Section 9.  Warrant Holder Not Deemed a Shareholder. No holder, as such, of
                 ---------------------------------------
this Warrant shall be entitled to vote or receive dividends or be deemed the
holder of shares of the Company for any purpose, nor shall anything contained in
this Warrant be construed to confer upon the holder hereof, as such, any of the
rights of a shareholder of the Company or any right to vote, give or withhold
consent to any corporate action (whether any reorganization, issue of stock,
reclassification of stock, consolidation, merger, conveyance or otherwise),
receive notice of meetings, receive dividends or subscription rights, or
otherwise, prior to the issuance to the holder of this Warrant of the Warrant
Shares which it is then entitled to receive upon the due exercise of this
Warrant.

     Section 10. No Limitation on Corporate Action. No provisions of this
                 ---------------------------------
Warrant and no right or option granted or conferred hereunder shall in any way
limit, affect or abridge the exercise by the Company of any of its corporate
rights or powers to recapitalize, amend its Certificate of Incorporation,
reorganize, consolidate or merge with or into another corporation, or to
transfer all or any part of its property or assets, or the exercise of any other
of its corporate rights and powers.
<PAGE>

     Section 11. Transfer; Opinions of Counsel; Restrictive Legends.
                 --------------------------------------------------

          (a)    Prior to any sale, transfer or other disposition of this
Warrant or the Warrant Shares, the holder thereof will give ten (10) days'
notice to the Company of such holder's intention to effect such transfer. Each
such notice shall describe the manner and circumstances of the proposed transfer
and, if such transfer is not registered under the Securities Act of 1933, as
amended ("Securities Act"), shall be accompanied by an opinion, addressed to the
Company and reasonably satisfactory in form and substance to it, of counsel
(reasonably satisfactory to the Company) for such holder, stating whether, in
the opinion of such counsel, such transfer will be a transaction exempt from
registration under the Securities Act.

          (b)    If such sale, transfer or other disposition may in the opinion
of such counsel be effected without registration under the Securities Act, such
holder shall thereupon be entitled to the terms of the notice delivered by such
holder to the Company. If in the opinion of such counsel such transfer may not
be effected without registration under the Securities Act, such holder shall not
be entitled to so transfer this Warrant, or the Warrant Shares unless the
Company shall have filed a registration statement under the Securities Act
relating to such proposed transfer and such registration statement has become
effective under the Securities Act; provided, however, notwithstanding the
foregoing, the Company shall under no circumstances be obligated to file such a
registration statement relating to the transfer of this Warrant or the Warrant
Shares.

          (c)    Any Warrant Shares issued pursuant to the exercise of this
Warrant may bear one or more of the legends in similar form to the legend set
forth on this Warrant.

     Section 12. Exchange of Warrant. This Warrant is exchangeable upon the
                 -------------------
surrender hereof by the holder hereof at such office or agency of the Company,
for new Warrants of like tenor representing in the aggregate the right to
subscribe for and purchase the number of shares which may be subscribed for and
purchased hereunder from time to time after giving effect to all the provisions
hereof, each of such new Warrants to represent the right to subscribe for and
purchase such number of shares as shall be designated by said holder hereof at
the time of such surrender.

     Section 13. Lost, Stolen, Mutilated or Destroyed Warrant. If this Warrant
                 --------------------------------------------
is lost, stolen, mutilated or destroyed, the Company shall, on such terms as to
indemnity or otherwise as it may in its discretion impose (which shall, in the
case of a mutilated Warrant, include the surrender thereof), issue a new Warrant
of like denomination and tenor as the Warrant so lost, stolen, mutilated or
destroyed. Any such new Warrant shall constitute an original contractual
obligation of the Company, whether or not the allegedly lost, stolen, mutilated
or destroyed Warrant shall be at any time enforceable by anyone.

     Section 14. Representations of Holder. The holder of this Warrant, by the
                 -------------------------
acceptance hereof, represents that it is acquiring this Warrant for its own
account for investment and not with a view to, or sale in connection with, any
distribution hereof or
<PAGE>

of any of the shares of Common Stock or other securities issuable upon the
exercise thereof, nor with any present intention of distributing any of the
same. Investor represents that it is an "accredited investor" as such term is
defined under Regulation D of the Securities Act. Upon exercise of this Warrant,
the holder will confirm in writing, in form reasonably satisfactory to the
Company, the holder's investment intent.

     Section 15.  Notice. All notices and other communications under this
                  ------
Warrant shall (a) be in writing (which shall include communications by
telecopy), (b) be (i) sent by registered or certified mail, postage prepaid,
return receipt requested, by telecopier, or (ii) delivered by hand, (c) be given
at the following respective addresses and telecopier numbers and to the
attention of the following persons:

          (i)       if to the Company, to it at:

                    OXIS International, Inc.
                    Corporate Headquarters
                    6040 N. Cutter Circle, Suite 317
                    Portland, Oregon 97217-3935
                    Attention: Chief Financial Officer
                    Telephone: (503) 283-3911
                    Telecopier: (503) 283-4058

          (ii)      if to Investor, to it at the address set forth below
          Investor's signature on the signature page hereof.

or at such other address or telecopier number or to the attention of such other
person as the party to whom such information pertains may hereafter specify for
the purpose in a notice to the other specifically captioned "Notice of Change of
Address", and (d) be effective or deemed delivered or furnished (i) if given by
mail, on the fifth Business Day after such communication is deposited in the
mail, addressed as above provided, (ii) if given by telecopier, when such
communication is transmitted to the appropriate number determined as above
provided in this Section and the appropriate answer back is received or receipt
is otherwise acknowledged, and (iii) if given by hand delivery, when left at the
address of the addressee addressed as above provided, except that notices of a
change of address, telecopier or telephone number, shall not be deemed
furnished, until received.

     Section 16.  Miscellaneous. This Warrant and any term hereof may be
                  -------------
changed, waived, discharged, or terminated only by an instrument in writing
signed by the party or holder hereof against which enforcement of such change,
waiver, discharge or termination is sought. The headings in this Warrant are for
purposes of reference only and shall not limit or otherwise affect the meaning
hereof. This Warrant shall be governed by and interpreted under the laws of the
State of Oregon.  The courts sitting in the State of Oregon shall have the
exclusive jurisdiction over any dispute arising out of, or relating to, the
Warrant or the purchase of the Warrant Shares.
<PAGE>

     Section 17.  Date. The date of this Warrant is _________________________.
                  ----
This Warrant, in all events, shall be wholly void and of no effect after the
close of business on the Expiration Date, except that notwithstanding any other
provisions hereof, the provisions of Section 11 shall continue in full force and
effect after such date as to any Warrant Shares or other securities issued upon
the exercise of this Warrant.

                                        OXIS INTERNATIONAL, INC.

                                        By:________________________

                                        Name:______________________

                                        Title:_____________________

     ACCEPTED
     --------

     INVESTOR

     By:___________________________

     Name:_________________________

     Title:________________________

     Address:______________________

     ______________________________

     ______________________________
<PAGE>

                             EXHIBIT A TO WARRANT
                             --------------------

                               SUBSCRIPTION FORM

TO BE EXECUTED BY THE REGISTERED HOLDER IF SUCH REGISTERED HOLDER DESIRES TO
EXERCISE THIS WARRANT

                           OXIS INTERNATIONAL, INC.

     The undersigned hereby exercises the right to purchase Warrant Shares
covered by this Warrant according to the conditions thereof and herewith makes
payment of US $ __________________, the aggregate Warrant Exercise Price to
purchase _______ Warrant Shares.

    The undersigned represents that it is purchasing the Warrant Shares for its
own account for investment and not with a view to, or sale in connection with,
any distribution hereof, nor with any present intention of distributing the
same. The undersigned represents that it is an "accredited investor" as such
term is defined under Regulation D of the Securities Act of 1933, as amended
("Securities Act"). The Warrant Shares may not be sold, pledged, transferred,
hypothecated, or otherwise disposed of except pursuant to an effective
registration thereof under the Securities Act, or unless the Company shall have
received an opinion of counsel satisfactory to the Company that such
registration is not required.

                               INVESTOR:

     By:______________________________________

     Name:____________________________________

     Title:___________________________________

     Address:_________________________________

     _________________________________________

     _________________________________________

     Number of Warrant Shares Being Purchased:

     __________________________________________

Dated: ___________________, 200__.

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