OXiGENE Announces Preclinical Data Demonstrating that the Active Metabolite of ZYBRESTAT Improves Glucose Metabolism through Similar Mechanism as a Sirtuin Agonist

OXiGENE Announces Preclinical Data Demonstrating that the Active Metabolite of
ZYBRESTAT Improves Glucose Metabolism through Similar Mechanism as a Sirtuin
Agonist 

Combretastatin-A4 and Its Analog, Resveratrol, Appear to Activate Same Pathways

WALTHAM, Mass. -- April 30, 2008--OXiGENE, Inc. (NASDAQ: OXGN, XSSE: OXGN) a
clinical-stage biopharmaceutical company developing novel therapeutics to treat
cancer and eye diseases, announced the publication by Zhang et al. of a paper
demonstrating that combretastatin-A4, like its structural analog, resveratrol,
activates cellular pathways (AMP-activated protein kinase and PPAR) involved in
glucose regulation and improves glucose metabolism in a preclinical model of
diabetes.  Resveratrol is a stilbene compound found in red wine and other plant
products that has been shown to increase healthy lifespan in animals and reduce
blood glucose levels in humans with type-2 diabetes.  Combrestatin-A4, a
stilbene compound originally isolated from the African bush willow tree and
similar in structure to resveratrol, is the active metabolite of ZYBRESTAT™
(fosbretabulin).  

In addition, the PPAR pathway has been implicated in the pathogenesis of
anaplastic thyroid cancer and other tumor types, and PPAR-agonist drugs have
been shown to exert anti-tumor effects in preclinical models of anaplastic
thyroid cancer and other tumor types.

“Given that the results described in Dr. Zhang's paper were obtained as part of
a preclinical study, we should interpret the results cautiously; however, we
believe that these results are exciting and may provide further insights into
the mechanisms by which ZYBRESTAT exerts anti-tumor effects, particularly in
anaplastic thyroid cancer,” commented Richard Chin, M.D., President and CEO of
OXiGENE.  “The elucidation of this additional potential mechanism further
increases our confidence that our ongoing pivotal study of ZYBRESTAT in
anaplastic thyroid cancer will be successful.” 
The article, “Combretastatin A-4 activates AMP-activated protein kinase and
improves glucose metabolism in db/db mice,” by Fang Zhang and collaborators, is
available online ahead of publication on the website of Pharmacological
Research. 

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.

About ZYBRESTAT (fosbretabulin)

ZYBRESTAT is currently being evaluated in a pivotal registration study in
anaplastic thyroid cancer (ATC) under a Special Protocol Assessment agreement
with the U.S. Food and Drug Administration (FDA).  OXiGENE 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.  In clinical studies in
solid tumors, ZYBRESTAT has demonstrated potent and selective activity against
tumor vasculature, as well as clinical activity against ATC, ovarian cancer, and
various other solid tumors.  In clinical studies in patients with forms of
macular degeneration, intravenously-administered ZYBRESTAT has demonstrated
clinical activity, and the Company is working to develop a convenient and
patient-friendly topical formulation of ZYBRESTAT for ophthalmological
indications.

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 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 significance of the preclinical results referred to in this
press release for the Company's ongoing Phase II/III clinical trial of ZYBRESTAT
in anaplastic thyroid cancer. 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, 2007.


Michelle Edwards, Investor Relations		
medwards@oxigene.com
Tel: 415-315-9413