OXiGENE Reports Positive Data From Phase 1 Study of OXi4503 at the 2010 ASCO Annual Meeting

SOUTH SAN FRANCISCO, Calif., June 7, 2010 (GLOBE NEWSWIRE) -- OXiGENE, Inc.
(Nasdaq:OXGN), a clinical-stage, biopharmaceutical company developing novel
therapeutics to treat cancer and eye diseases, announced today that in
collaboration with OXiGENE, Professor Gordon Rustin and colleagues from the
Mount Vernon Cancer Research Centre, UK and other institutions in the United
Kingdom, reported positive final data from an investigator-sponsored Phase 1
study of OXi4503 in patients with solid tumors. Data from a dose escalation
study of 45 patients with advanced solid tumors who had declined or were
refractory to standard treatment were presented at the 2010 Annual Meeting of
the American Society of Clinical Oncology (ASCO). Partial responses were
observed in two patients with epithelial ovarian cancer and stable disease was
observed in 9 patients. OXi4503 was also shown to be well-tolerated. 

The data were presented in a poster titled, "Phase 1 Pharmacokinetic and
Pharmacodynamic Evaluation of the Vascular Disrupting Agent OXi4503 in Patients
with Advanced Solid Tumors," by  Dr. Martin Zweifel of the Mount Vernon Cancer
Centre, UK. 

"The data from this study provide excellent insight into the tolerability and
potential optimal dosing schedule for OXi4503, with intriguing and encouraging
signs of activity," commented Peter Langecker, M.D., Ph.D., OXiGENE CEO. "Of
particular clinical interest are the two patients with epithelial ovarian
cancer who achieved partial responses and the 9 patients with stable disease.
We believe that OXi4503 is a highly promising, second-generation, dual action
vascular disrupting agent with potential both as a single agent and in
combination with other treatment modalities. The encouraging results from this
Phase 1 study suggest that a Phase 2 study of OXi4503 in patients with solid
tumors would be an exciting next step." 

In this study, OXi4503 was given intravenously in escalating doses ranging from
0.06 to 15.4 mg/m2. Dose levels of 8.5, 11.0, 12.5, and 14 mg/m2 were repeated
following the introduction of amlodopine as prophylaxis to prevent
hypertension. 

Key data points from the Phase 1 study of OXi4503 are as follows. 

-- OXi4503 was observed to be well-tolerated; common adverse events included
tumor pain, nausea, hypertension, fatigue and myelosuppression. 

-- Drug-related dose-limiting toxicities of grade 3 hypertension and visual
disturbances were seen in two patients at 15.4 mg/m2 before the introduction of
amlodopine as prophylaxis. 

-- One dose-limiting toxicity (grade 3 troponin level elevation) at 11 mg/m2
was seen thereafter. 

-- 67% of evaluable patients showed DCE-MRI changes consistent with VDA
activity. 

-- Best observed responses include 2 RECIST partial responses at 11 mg/m2 and
14 mg/m2 in patients with epithelial ovarian cancer. 

-- The investigators recommend a phase 2 dose between 11 and 14 mg/m2. 

The company also announced that two posters describing trials investigating
OXiGENE drug candidates were presented as part of the new "Trials in Progress"
session of the ASCO annual meeting. 

-- #TPS164: A multicenter, open-label phase Ib/II study to assess the safety
and clinical activity of intravenous combretastatin A1 diphosphate (OXi4503) as
monotherapy in subjects with primary or secondary hepatic tumor burden. Poster
presentation by Paul N. Mainwaring, M.D. 
  
-- #TPS147: A pilot study of fosbretabulin with bevacizumab in recurrent
high-grade gliomas. Poster presentation by Ramin Altaha, M.D. 

A copy of the 2010 ASCO presentations will be available on OXiGENE's website at
www.oxigene.com. 

About OXi4503

OXi4503 (combretastatin A1 di-phosphate / CA1P) is a dual-mechanism vascular
disrupting agent (VDA) that is being developed in clinical trials for the
treatment of solid tumors. Like its structural analog, ZYBRESTAT™
(fosbretabulin / CA4P), OXi4503 has been observed to block and destroy tumor
vasculature, resulting in extensive tumor cell death and necrosis. In addition,
preclinical data indicate that OXi4503 is metabolized by oxidative enzymes
(e.g., tyrosinase and peroxidases), which are elevated in many solid tumors and
tumor white blood cell infiltrates, to an orthoquinone chemical species that
has direct cytotoxic effects on tumor cells. Preclinical studies have shown
that OXi4503 has (1) single-agent activity against a range of xenograft tumor
models; and (2) synergistic or additive effects when incorporated in various
combination regimens with chemotherapy, molecularly-targeted therapies
(including tumor-angiogenesis inhibitors), and radiation therapy. OXi4503 is
currently being evaluated as a monotherapy in a Phase 1 dose-escalation trial
in patients with advanced solid tumors and in patients with hepatic tumor
burden. 

About OXiGENE

OXiGENE is a clinical-stage biopharmaceutical company developing novel
therapeutics to treat cancer and eye diseases. The Company's major focus is
developing vascular disrupting agents (VDAs) that selectively disrupt abnormal
blood vessels associated with solid tumor progression and visual impairment.
OXiGENE is dedicated to leveraging its intellectual property and therapeutic
development expertise to bring life-extending and life-enhancing medicines to
patients. 

The OXiGENE, Inc. logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=4969 

Safe Harbor Statement

This news release contains "forward-looking statements" within the meaning of
the Private Securities Litigation Reform Act of 1995. Any or all of the
forward-looking statements in this press release, which include projected study
outcomes, anticipated conclusions of ongoing studies and the initiation of new
studies may turn out to be wrong. Forward-looking statements can be affected by
inaccurate assumptions OXiGENE might make or by known or unknown risks and
uncertainties, including, but not limited to, the outcome of ongoing clinical
studies, emerging oncology treatments and the availability of sufficient
financing to continue development of Oxi4503 and ZYBRESTAT. 

Additional information concerning factors that could cause actual results to
materially differ from those in the forward-looking statements is contained in
OXiGENE's reports to the Securities and Exchange Commission, including
OXiGENE's reports on Form 10-K, 10-Q and 8-K. However, OXiGENE undertakes no
obligation to publicly update forward-looking statements, whether because of
new information, future events or otherwise. Please refer to our Annual Report
on Form 10-K for the fiscal year ended December 31, 2009. 

CONTACT:  OXiGENE, Inc.
          Investor and Media Contact:
          Michelle Edwards, Investor Relations
          650-635-7006
          medwards@oxigene.com