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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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      <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>Washington,
        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>
      <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>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): October 17,
        2005</strong></font><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: 14pt; FONT-FAMILY: Times New Roman"><strong>ARBIOS
        SYSTEMS, INC.</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>(Exact
        Name of Registrant as Specified in its Charter)</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>Delaware</strong></font></div>
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        or Other Jurisdiction of Incorporation)</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>(Commission
                  File Number)</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>91-1955323</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>(I.R.S.
                  Employer Identification No.)</strong></font></div>
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            <tr>
              <td valign="top" width="40%">&#160;</td>
              <td valign="top" width="40%">&#160;</td>
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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>8797
                  Beverly Blvd., Suite 304</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>Los
                  Angeles, California </strong></font></div>
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                  of Principal Executive Offices)</strong></font></div>
              </td>
              <td valign="top" width="40%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">&#160;</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>90048</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>(Zip
                  Code)</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"><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>(310)
        657-4898</strong></font></div>
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        Telephone Number, Including Area Code)</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"><br></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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        Written
        communications pursuant to Rule&#160;425 under the Securities Act (17
        CFR&#160;230.425)</font></div>
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        Soliciting material pursuant to Rule&#160;14a-12 under the Exchange Act
        (17
        CFR&#160;240.14a-12)</font></div>
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        Pre-commencement communications pursuant to Rule&#160;14d-2(b) under the
        Exchange Act (17 CFR 240.14d-2(b))</font></div>
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        Pre-commencement communications pursuant to Rule&#160;13e-4(c) under the
        Exchange Act (17 CFR 240.13e-4(c))</font><br></div><br>
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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"><strong>ITEM
        1.01 </strong></font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 56.45pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>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="justify">&#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">On
        October 17, 2005 Arbios Systems, Inc. (the &#8220;Corporation&#8221;) signed an agreement
        with Walter C. Ogier pursuant to which Mr. Ogier will become the Corporation&#8217;s
        new President and Chief Executive Officer effective November 7, 2005. The
        Corporation has also agreed to appoint Mr. Ogier as a member of the
        Corporation&#8217;s Board of Directors. Under the terms of the employment letter, Mr.
        Ogier&#8217;s annual salary will be $300,000. Mr. Ogier will be eligible to earn an
        annual performance bonus of up to 50% of his annual salary based on meeting
        certain performance goals mutually established by him and the Board of
        Directors. The Corporation agreed to pay Mr. Ogier a bonus of $50,000 on
        January
        31, 2006, which amount will be credited against the annual bonus that may
        be
        payable to Mr. Ogier at the end of his first year of employment. The agreement
        is terminable by either Mr. Ogier or the Corporation at any time for any
        reason.
        However, if the Corporation terminates Mr. Ogier&#8217;s employment without Cause (as
        defined in the agreement), or if Mr. Ogier elects to terminate his employment
        for Good Reason (as defined in the agreement), Mr. Ogier will be entitled
        to
        twelve months of salary continuance, including health benefits.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#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">In
        connection with his employment, the Corporation agreed to issue to Mr. Ogier
        a
        stock option to purchase 500,000 shares of the Corporation&#8217;s Common Stock at an
        exercise price equal to the closing price of the Corporation&#8217;s Common Stock on
        the day prior the date he commences employment. This option will vest as
        follows: 250,000 shares on the one year anniversary of the date Mr. Ogier&#8217;s
        employment commences, and 250,000 shares will vest ratably at the end of
        each of
        the twelve months of the second year of employment. The vesting period of
        the
        foregoing options will accelerate under certain circumstances, including
        upon
        the occurrence of certain corporate transactions, including a merger of the
        Corporation or a sale of all or substantially all of its asset, or if Mr.
        Ogier
        terminates his employment with the Corporation for Good Reason.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#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; COLOR: #000000; FONT-FAMILY: Times New Roman">Since
        2001, Mr. Ogier has been the President and Chief Executive Officer of GENETIX
        Pharmaceuticals, Inc., a private genomics and gene therapy company. From
        1997 to
        2001, Mr. Ogier was President and Chief Executive Officer of Eligix, Inc.,
        a
        Harvard University-affiliated, venture backed company, engaged in monoclonal
        antibody-based therapies for stem cell transplantation and immune therapy.
        </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">From
        1994
        to 1997, Mr. Ogier was with Aastrom Biosciences, Inc., a publicly traded
        company
        developing patient-specific products utilizing proprietary adult stem cell
        technology. While at Aastrom, Mr. Ogier first served as Director of Marketing
        before being promoted to Vice President of Marketing. Prior to that, from
        1987
        to 1994, Mr. Ogier held various positions with Baxter Healthcare Corporation
        and
        its Fenwal Division, and subsequently served as Director, Business Development
        in the Immunotherapy Division. Mr. Ogier earned a Bachelor of Arts degree
        in
        Chemistry from Williams College in 1979, and received his Masters in Business
        Administration from Yale School of Management in 1987.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#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">Amy
        Factor&#8217;s employment as the Corporation&#8217;s current Chief Executive Officer will
        terminate effective November 7, 2005. Ms. Factor will, however, continue
        to be a
        member of the Corporation&#8217;s Board of Directors.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
        October 17, 2005, the Corporation entered into a Consulting Agreement with
        Marvin S. Hausman, M.D. Dr. Hausman is a member of the Corporation&#8217;s Board of
        Directors. Under the Consulting Agreement, Dr. Hausman has agreed to provide
        the
        Corporation with consulting services in support of the Corporation&#8217;s pilot
        clinical trial for the SEPET&#8482;. The Consulting Agreement can be terminated at any
        time after 15 days&#8217; notice by either the Corporation or by Dr. Hausman. The
        Corporation has agreed to pay Dr. Hausman $10,000 a month for his consulting
        services and has to granted Dr. Hausman a five-year non-qualified stock option
        to purchase 30,000 shares of the Corporation&#8217;s common stock under the
        Corporation&#8217;s 2005 Stock Incentive Plan. The exercise price of the foregoing
        options is $1.80 per share. The stock options shall vest at various rates
        based
        on achieving certain patient accrual milestones and on the duration of Dr.
        Hausman&#8217;s consulting services. </font></div>
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        <div>&#160;</div>
        <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>ITEM
          </strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>9.01</strong></font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Financial
          Statements and Exhibits.</strong></font></div>
      </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"><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;(c)</font></div>
              </td>
              <td align="left" valign="top" width="63%">
                <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">Exhibits.</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"><strong><u>Exhibit
                  No.</u></strong></font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              </td>
              <td align="left" valign="top" width="63%" style="BORDER-BOTTOM: medium none">
                <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><u>Description</u></strong></font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              </td>
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            <tr>
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                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">99.1</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              </td>
              <td align="left" valign="top" width="63%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Press
                  Release dated October 20, 2005 announcing&#160;the appointment
                  of Walter
                  C. Ogier as the Corporation&#8217;s Chief Executive Officer.</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              </td>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</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>SIGNATURES</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><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>
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              <td colspan="2"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">ARBIOS
                SYSTEMS, INC.</font></td>
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              <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Date:&#160;October
                20, 2005</font></td>
              <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">By:&#160;&#160;</font></td>
              <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">/s/&#160;Amy
                Factor</font></td>
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                <hr style="COLOR: #000000" align="left" noshade size="2" width="80%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Amy
                Factor, Chief Executive Officer</font></td>
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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": "051148102"}, "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): October 17,
        2005
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
        October 17, 2005 Arbios Systems, Inc. (the "Corporation") signed an agreement
        with Walter C. Ogier pursuant to which Mr. Ogier will become the Corporation's
        new President and Chief Executive Officer effective November 7, 2005. The
        Corporation has also agreed to appoint Mr. Ogier as a member of the
        Corporation's Board of Directors. Under the terms of the employment letter, Mr.
        Ogier's annual salary will be $300,000. Mr. Ogier will be eligible to earn an
        annual performance bonus of up to 50% of his annual salary based on meeting
        certain performance goals mutually established by him and the Board of
        Directors. The Corporation agreed to pay Mr. Ogier a bonus of $50,000 on
        January
        31, 2006, which amount will be credited against the annual bonus that may
        be
        payable to Mr. Ogier at the end of his first year of employment. The agreement
        is terminable by either Mr. Ogier or the Corporation at any time for any
        reason.
        However, if the Corporation terminates Mr. Ogier's employment without Cause (as
        defined in the agreement), or if Mr. Ogier elects to terminate his employment
        for Good Reason (as defined in the agreement), Mr. Ogier will be entitled
        to
        twelve months of salary continuance, including health benefits.
In
        connection with his employment, the Corporation agreed to issue to Mr. Ogier
        a
        stock option to purchase 500,000 shares of the Corporation's Common Stock at an
        exercise price equal to the closing price of the Corporation's Common Stock on
        the day prior the date he commences employment. This option will vest as
        follows: 250,000 shares on the one year anniversary of the date Mr. Ogier's
        employment commences, and 250,000 shares will vest ratably at the end of
        each of
        the twelve months of the second year of employment. The vesting period of
        the
        foregoing options will accelerate under certain circumstances, including
        upon
        the occurrence of certain corporate transactions, including a merger of the
        Corporation or a sale of all or substantially all of its asset, or if Mr.
        Ogier
        terminates his employment with the Corporation for Good Reason.
Since
        2001, Mr. Ogier has been the President and Chief Executive Officer of GENETIX
        Pharmaceuticals, Inc., a private genomics and gene therapy company. From
        1997 to
        2001, Mr. Ogier was President and Chief Executive Officer of Eligix, Inc.,
        a
        Harvard University-affiliated, venture backed company, engaged in monoclonal
        antibody-based therapies for stem cell transplantation and immune therapy.
From
        1994
        to 1997, Mr. Ogier was with Aastrom Biosciences, Inc., a publicly traded
        company
        developing patient-specific products utilizing proprietary adult stem cell
        technology. While at Aastrom, Mr. Ogier first served as Director of Marketing
        before being promoted to Vice President of Marketing. Prior to that, from
        1987
        to 1994, Mr. Ogier held various positions with Baxter Healthcare Corporation
        and
        its Fenwal Division, and subsequently served as Director, Business Development
        in the Immunotherapy Division. Mr. Ogier earned a Bachelor of Arts degree
        in
        Chemistry from Williams College in 1979, and received his Masters in Business
        Administration from Yale School of Management in 1987.
Amy
        Factor's employment as the Corporation's current Chief Executive Officer will
        terminate effective November 7, 2005. Ms. Factor will, however, continue
        to be a
        member of the Corporation's Board of Directors.
On
        October 17, 2005, the Corporation entered into a Consulting Agreement with
        Marvin S. Hausman, M.D. Dr. Hausman is a member of the Corporation's Board of
        Directors. Under the Consulting Agreement, Dr. Hausman has agreed to provide
        the
        Corporation with consulting services in support of the Corporation's pilot
        clinical trial for the SEPET™. The Consulting Agreement can be terminated at any
        time after 15 days' notice by either the Corporation or by Dr. Hausman. The
        Corporation has agreed to pay Dr. Hausman $10,000 a month for his consulting
        services and has to granted Dr. Hausman a five-year non-qualified stock option
        to purchase 30,000 shares of the Corporation's common stock under the
        Corporation's 2005 Stock Incentive Plan. The exercise price of the foregoing
        options is $1.80 per share. The stock options shall vest at various rates
        based
        on achieving certain patient accrual milestones and on the duration of Dr.
        Hausman's consulting services.
ITEM
9.01
Financial
          Statements and Exhibits.
(c)
Exhibits.
Exhibit
                  No.
Description
99.1
Press
                  Release dated October 20, 2005 announcing the appointment
                  of Walter
                  C. Ogier as the Corporation's Chief Executive Officer.
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: October
                20, 2005
By:
/s/ Amy
                Factor
Amy
                Factor, Chief Executive Officer