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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>SECURITIES
      AND EXCHANGE COMMISSION</strong></font></div>
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      D.C. 20549</strong></font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>FORM
      8-K</strong></font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Current
      Report</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Pursuant
      to Section&#160;13 or 15(d) of the Securities Exchange Act of
      1934</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Date
      of Report (Date of earliest event reported): March 6, 2006</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>ARBIOS
      SYSTEMS, INC.</strong></font></div>
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      Name of Registrant as Specified in its Charter)</strong></font></div>
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      or Other Jurisdiction of Incorporation)</strong></font></div>
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                File Number)</strong></font></div>
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                Employer Identification No.)</strong></font></div>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
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                Beverly Blvd., Suite 304</strong></font></div>
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                Angeles, California </strong></font></div>
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                of Principal Executive Offices)</strong></font></div>
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      657-4898</strong></font></div>
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      the
      appropriate box below if the Form&#160;8-K filing is intended to simultaneously
      satisfy the filing obligation of the Registrant under any of the following
      provisions (See General Instruction&#160;A.2 below):</font></div>
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                communications pursuant to Rule&#160;425 under the Securities Act (17
                CFR&#160;230.425)</font></div>
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                material pursuant to Rule&#160;14a-12 under the Exchange Act (17
                CFR&#160;240.14a-12)</font></div>
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                communications pursuant to Rule&#160;14d-2(b) under the Exchange Act (17
                CFR 240.14d-2(b))</font></div>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pre-commencement
                communications pursuant to Rule&#160;13e-4(c) under the Exchange Act (17
                CFR 240.13e-4(c))</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br>&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>ITEM
      1.01 ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT. </strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
      March
      6, 2006, Arbios Systems, Inc. (&#8220;Arbios&#8221; or the &#8220;Company&#8221;) announced that it has
      signed binding agreements and closed a private placement financing of Units,
      consisting of common stock and warrants, for gross proceeds of $1.35 million.
      Each Unit consists of one share of Arbios common stock and one warrant to
      purchase 0.50 of a share of Arbios common stock, comprising a total of 1,227,272
      shares of Arbios common stock and warrants to purchase 613,634 shares of Arbios
      common stock. The offering was made to accredited investors, as defined in
      applicable SEC regulations. Participating in the financing were current
      investors, including several funds managed by LibertyView Capital Management
      (a
      division of Neuberger Berman, LLC, a Lehman Brothers company) as well as Bristol
      Investment Fund, Ltd. (advised by Bristol Capital Advisors, LLC), and a new,
      individual investor. </font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Under
      the
      terms of the purchase agreement, the Units were sold at a price of $1.10 per
      Unit, and the warrants will be exercisable for a period of five years at a
      price
      of $1.50 per share. Pursuant to the purchase agreement, each investor has a
      right to participate in any closing of a subsequent financing by the Company
      of
      its common stock or common stock equivalents up to an amount equal to the
      aggregate purchase price paid by such investor pursuant to the purchase
      agreement until the first anniversary of the declaration of effectiveness by
      the
      SEC of a registration statement for the resale of the shares of common stock
      and
      the shares of common stock underlying the warrants sold in the private
      placement. The Company also agreed to propose at the next annual meeting of
      the
      Company&#8217;s stockholders that the number of current members of the Company&#8217;s Board
      of Directors be reduced to nine persons or less. The closing was subject to
      customary closing conditions. </font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Under
      the
      terms of the registration rights agreement, the Company has agreed to file
      a
      registration statement with the SEC for the resale of the shares of common
      stock
      and the shares of common stock underlying the warrants sold in the private
      placement within 60 days of the March 6, 2006 closing. Failure to file the
      registration statement in a timely manner will result in payment by the Company
      to each investor of liquidated damages, subject to certain limitations set
      forth
      in the registration rights agreement. Such liquidated damages are also payable
      in the event that the resale registration statement has not been declared
      effective within certain time periods or if sales cannot be made pursuant to
      the
      registration statement following its effectiveness, each as described in the
      registration rights agreement. </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>ITEM
      9.01 FINANCIAL STATEMENTS AND EXHIBITS. </strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(d)
      Exhibits.</font></div>
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          <tr>
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            <td align="left" valign="bottom" width="4%">&#160;</td>
            <td align="left" valign="middle" width="49%">&#160;</td>
          </tr>
          <tr>
            <td align="left" valign="bottom" width="8%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman, serif"><strong><u>Exhibit&#160;No.</u></strong></font></div>
            </td>
            <td align="left" valign="bottom" width="4%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman, serif">&#160;&#160;</font></div>
            </td>
            <td align="left" valign="bottom" width="49%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman, serif"><strong><u>Exhibit</u></strong></font></div>
            </td>
          </tr>
          <tr>
            <td valign="top" width="8%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">99.1</font></div>
            </td>
            <td align="left" valign="bottom" width="4%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman, serif">&#160;&#160;</font></div>
            </td>
            <td align="left" valign="bottom" width="49%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Press
                Release of Arbios Systems, Inc. dated March 6,
                2006</font></div>
            </td>
          </tr>

      </table>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>SIGNATURES</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">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.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
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                SYSTEMS, INC.</font></div>
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          <tr valign="top" bgcolor="#ffffff">
            <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">Date:&#160;March
              9, 2006</font></td>
            <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">By:&#160;&#160;</font></td>
            <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">/s/&#160;WALTER
              OGIER</font></td>
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            <td align="left">
              <hr align="left" noshade size="2" width="80%"><font size="2">Walter
              Ogier, Chief Executive Officer </font></td>
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                Release of Arbios Systems, Inc. dated March 6, 2006</font></div>
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{"company-data": {"conformed-name": "ARBIOS SYSTEMS INC", "cik": "0001138862", "assigned-sic": "3841", "irs-number": "911955323", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-32603", "film-number": "06674378"}, "business-address": {"street1": "8797 BEVERLY BOULEVARD", "street2": "#206", "city": "LOS ANGELES", "state": "CA", "zip": "90048", "phone": "(310) 657-4898"}, "mail-address": {"street1": "8797 BEVERLY BOULEVARD", "street2": "#206", "city": "LOS ANGELES", "state": "CA", "zip": "90048"}, "former-company": {"former-conformed-name": "HISTORICAL AUTOGRAPHS USA INC", "date-changed": "20010419"}}
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): March 6, 2006
ARBIOS
      SYSTEMS, INC.
(Exact
      Name of Registrant as Specified in its Charter)
Delaware
(State
      or Other Jurisdiction of Incorporation)
000-32603
(Commission
                File Number)
91-1955323
(I.R.S.
                Employer Identification No.)
8797
                Beverly Blvd., Suite 304
Los
                Angeles, California
(Address
                of Principal Executive Offices)
90048
(Zip
                Code)
(310)
      657-4898
(Registrant's
      Telephone Number, Including Area Code)
______________________________
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 (See General Instruction A.2 below):
¨
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 (17
                CFR 240.14a-12)
¨
Pre-commencement
                communications pursuant to Rule 14d-2(b) under the Exchange Act (17
                CFR 240.14d-2(b))
¨
Pre-commencement
                communications pursuant to Rule 13e-4(c) under the Exchange Act (17
                CFR 240.13e-4(c))
ITEM
      1.01 ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT.
On
      March
      6, 2006, Arbios Systems, Inc. ("Arbios" or the "Company") announced that it has
      signed binding agreements and closed a private placement financing of Units,
      consisting of common stock and warrants, for gross proceeds of $1.35 million.
      Each Unit consists of one share of Arbios common stock and one warrant to
      purchase 0.50 of a share of Arbios common stock, comprising a total of 1,227,272
      shares of Arbios common stock and warrants to purchase 613,634 shares of Arbios
      common stock. The offering was made to accredited investors, as defined in
      applicable SEC regulations. Participating in the financing were current
      investors, including several funds managed by LibertyView Capital Management
      (a
      division of Neuberger Berman, LLC, a Lehman Brothers company) as well as Bristol
      Investment Fund, Ltd. (advised by Bristol Capital Advisors, LLC), and a new,
      individual investor.
Under
      the
      terms of the purchase agreement, the Units were sold at a price of $1.10 per
      Unit, and the warrants will be exercisable for a period of five years at a
      price
      of $1.50 per share. Pursuant to the purchase agreement, each investor has a
      right to participate in any closing of a subsequent financing by the Company
      of
      its common stock or common stock equivalents up to an amount equal to the
      aggregate purchase price paid by such investor pursuant to the purchase
      agreement until the first anniversary of the declaration of effectiveness by
      the
      SEC of a registration statement for the resale of the shares of common stock
      and
      the shares of common stock underlying the warrants sold in the private
      placement. The Company also agreed to propose at the next annual meeting of
      the
      Company's stockholders that the number of current members of the Company's Board
      of Directors be reduced to nine persons or less. The closing was subject to
      customary closing conditions.
Under
      the
      terms of the registration rights agreement, the Company has agreed to file
      a
      registration statement with the SEC for the resale of the shares of common
      stock
      and the shares of common stock underlying the warrants sold in the private
      placement within 60 days of the March 6, 2006 closing. Failure to file the
      registration statement in a timely manner will result in payment by the Company
      to each investor of liquidated damages, subject to certain limitations set
      forth
      in the registration rights agreement. Such liquidated damages are also payable
      in the event that the resale registration statement has not been declared
      effective within certain time periods or if sales cannot be made pursuant to
      the
      registration statement following its effectiveness, each as described in the
      registration rights agreement.
ITEM
      9.01 FINANCIAL STATEMENTS AND EXHIBITS.
(d)
      Exhibits.
Exhibit No.
Exhibit
99.1
Press
                Release of Arbios Systems, Inc. dated March 6,
                2006
SIGNATURES
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.
ARBIOS
                SYSTEMS, INC.
Date: March
              9, 2006
By:
/s/ WALTER
              OGIER
Walter
              Ogier, Chief Executive Officer
EXHIBIT
      INDEX
Exhibit No.
Exhibit
99.1
Press
                Release of Arbios Systems, Inc. dated March 6, 2006