JCEM Publishes Data from OXiGENE-sponsored Preclinical Study of Combretastatin A4 phosphate / CA4P Triple-Drug Combinations in Anaplastic Thyroid Cancer

JCEM Publishes Data from OXiGENE-sponsored Preclinical Study of Combretastatin
A4 phosphate / CA4P Triple-Drug Combinations in Anaplastic Thyroid Cancer

Triple-drug combination therapy shows promising antineoplastic activity

WALTHAM, Mass.--(BUSINESS WIRE)--Aug. 7, 2007--Regulatory News:

    OXiGENE, Inc. (NASDAQ: OXGN, XSSE: OXGN), a clinical-stage
biopharmaceutical company developing novel therapeutics to treat
cancer and eye diseases, today announced the publication of data from
a preclinical study of two triple-drug combinations -- combretastatin
A4 phosphate / CA4P, paclitaxel, and manumycin A, and CA4P,
paclitaxel, and carboplatin. Both triple-drug combinations indicated
positive antineoplastic activity in mouse xenograft models of
anaplastic thyroid cancer (ATC) utilizing two human ATC cell lines.
The study was partially funded by OXiGENE.

    In a paper published Monday, August 6, 2007, in the Journal of
Clinical Endocrinology and Metabolism, lead author Sai-Ching J. Yueng,
of the University of Texas M.D. Anderson Cancer Center in Houston, TX
and colleagues report that both triple-drug combinations incorporating
CA4P showed positive results, as determined by tumor volume and weight
assessments, in mouse xenograft models of ATC utilizing two human ATC
cell lines. In addition, correlative studies undertaken by the authors
corroborated vascular disruption / tumor blood-flow shut-down as the
primary mechanism by which CA4P exerted its anti-tumor activity in
these models."We believe that these results add to the body of data, including
Phase I and II human clinical trial results, indicating that CA4P - or
ZYBRESTAT(TM) - has both biological and clinical activity against
anaplastic thyroid cancer," commented Dai Chaplin, Ph.D., OXiGENE's
Chief Scientific Officer, also an author on the paper."Importantly, these data indicate that the combination of CA4P
(ZYBRESTAT) and chemotherapy has enhanced anti-tumor activity, and we
believe this animal data provide support for the use of the triple
combination comprising ZYBRESTAT, paclitaxel and carboplatin in the
ongoing pivotal registration human clinical study of ZYBRESTAT in
ATC," Dr. Chaplin indicated.

    OXiGENE announced on July 9, 2007 that it had initiated a
180-patient pivotal registration study of ZYBRESTAT in anaplastic
thyroid cancer under a Special Protocol Assessment agreement with the
FDA. Two-thirds of the patients enrolled in this study will receive
the triple-drug combination comprising intravenous ZYBRESTAT,
carboplatin and paclitaxel, and the other third will receive
carboplatin and paclitaxel alone. The primary endpoint will be a
statistically significant difference in the overall survival rate
between the two treatment arms, as determined by a log-rank analysis
of Kaplan-Meier survival curves at times when pre-determined numbers
of study events (patient deaths) are reached. The study design
incorporates a planned interim analysis for efficacy and safety, which
will be overseen by an Independent Data Monitoring Committee.
Approximately 40-45 clinical trial sites in North America, Europe, the
Middle East and India are expected to participate in the study.
ZYBRESTAT for treatment of ATC has been granted Fast Track status by
the FDA and Orphan Drug status by both the FDA and the European Agency
for the Evaluation of Medicinal Products (EMEA).

    About ZYBRESTAT / Combretastatin A4P (CA4P)

    The Company believes that ZYBRESTAT is poised to become the first
therapeutic product in a novel class of small-molecule drug candidates
called vascular disrupting agents (VDAs). Through interaction with
vascular endothelial cell cytoskeletal proteins, ZYBRESTAT selectively
targets and collapses tumor vasculature, thereby depriving the tumor
of oxygen and causing death of tumor cells. ZYBRESTAT has demonstrated
potent and selective activity against tumor vasculature, as well as
clinical activity against ATC and other solid tumors in clinical
studies.

    Information for Physicians, Patients and Caregivers

    Further information on the ZYBRESTAT pivotal registration study is
available at www.clinicaltrials.gov
(http://clinicaltrials.gov/ct/show/NCT00507429?order=1). If you are a
patient or a caregiver and would like further information about
anaplastic thyroid cancer and/or enrollment in OXiGENE's ongoing
pivotal registration study of ZYBRESTAT in anaplastic thyroid cancer,
please contact ThyCa, the Thyroid Cancer Survivors' Association, Inc.:

ThyCa
www.ThyCa.org
(877) 588-7904
thyca@thyca.org

    About OXiGENE, Inc.

    OXiGENE is a clinical-stage biotechnology company developing novel
small-molecule therapeutics to treat cancer and eye diseases. The
Company's major focus is the clinical advancement of drug candidates
that selectively disrupt abnormal blood vessels associated with solid
tumor progression and visual impairment. OXiGENE is dedicated to
leveraging its intellectual property position and therapeutic
development expertise to bring life saving and enhancing medicines to
patients.

    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,
including those relating to the future clinical development of
ZYBRESTAT, approval by the FDA, timing of patient enrollment, the
effective combination of ZYBRESTAT with other drugs, and ZYBRESTAT
leading a novel class of small-molecule drug candidates 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. 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 Form 10-K,
10-Q and 8-K reports. 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, 2006.


CONTACT:
OXiGENE, Inc.
Shari Annes, 650-888-0902
or
Investor Relations, 781-547-5900