OXiGENE Initiates Phase 2 Trial of ZYBRESTAT for Ophthalmology

SOUTH SAN FRANCISCO, Calif., June 25, 2009 (GLOBE NEWSWIRE) -- OXiGENE, Inc., a
clinical-stage biopharmaceutical company developing novel therapeutics to treat
cancer and eye diseases, announced that the Company has initiated a Phase 2
study of its vascular disrupting agent (VDA) drug candidate ZYBRESTAT for
ophthalmology in patients with polypoidal choroidal vasculopathy (PCV). PCV is
a form of choroidal neovascularization characterized by the growth of abnormal
blood vessels in the back of the eye and is similar to wet age-related macular
degeneration (AMD). Current therapies active against wet AMD appear to have
limited benefits in patients with PCV, and OXiGENE believes the abnormal
vasculature in the retina and choroid that contributes to PCV patients' loss of
vision may be susceptible to treatment with ZYBRESTAT. 

The Phase 2 FAVOR (Fosbretabulin Against Vasculopathy of the Retina/choroid)
study is a single-dose, randomized, double-masked, placebo-controlled trial
being conducted at up to 10 sites in multiple countries in Asia and is expected
to enroll approximately 40 patients. Patients will receive one of four dose
levels of intravenous ZYBRESTAT (fosbretabulin) or a placebo on Day 1, and will
return for ophthalmologic assessments on Days 2, 8, 15, and 29. The study will
examine effects of ZYBRESTAT on PCV assessed as a change from baseline in the
number of polypoid lesions as measured by imaging with indocyanine green
angiography (ICGA) as well as changes to the vascular network, edema and
retinal thickness. The Company expects to announce top-line data from the Phase
2 trial in the first half of 2010. 

A key objective of the FAVOR study is estimation of retina/choroid drug
concentrations required for activity. Depending upon the results of the FAVOR
study and ongoing preclinical studies, the Company plans to advance clinical
development of a topically administered formulation of ZYBRESTAT for PCV and/or
other ophthalmological indications. 

"The initiation of the FAVOR study is an important milestone in our
ophthalmology program and lays the groundwork for conducting a clinical program
with a topical formulation of ZYBRESTAT, which we believe may represent a
significant opportunity for treating this debilitating eye disease," said John
Kollins, Chief Executive Officer for OXiGENE, Inc. "Our primary goals for the
FAVOR study are to establish the concentrations of ZYBRESTAT in the retina and
choroid that are required for activity, enable determination of an appropriate
topical-route dose, and provide proof-of-concept for this therapeutic approach.
Assuming data from the FAVOR study and preclinical studies are supportive, we
anticipate being in a position to initiate a Phase 1 trial with topical-route
ZYBRESTAT with a rationally-determined dose and schedule in 2010." 

Clinicians and other medical professionals who would like more information
about this study may contact OXiGENE at 650-635-7000. 

About PCV

The choroid is the vascular layer at the back of the eye that lies between the
retina and the sclera. In patients with PCV, dense clusters of polyp-like
vascular structures, or polypoids, can be observed on the choroid with ICG
angiography. Studies suggest that these polypoids may exist in up to one-third
of wet AMD patients. The vascular phenotype of these polypoids is similar to
the immature or abnormal tumor vasculature that is particularly responsive to
VDA therapy. To date, there are no approved therapies for PCV, and anti-VEGF
and photodynamic therapies have shown limited utility. OXiGENE is targeting
this indication because it represents a significant unmet medical need that is
not being addressed with current therapeutic products, including approved VEGF
inhibitors. The Company believes that because ZYBRESTAT is a vascular
disrupting agent, it has a mechanism of action that could target these
polypoids more effectively than agents currently being used, and may have
meaningful therapeutic advantages. 

About ZYBRESTAT

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 activity, and the Company's objective is to develop a topical
formulation of ZYBRESTAT for ophthalmological indications. OXiGENE is
developing ZYBRESTAT for ophthalmology under the strategic drug development
partnership it established with Symphony Capital in October 2008. 

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 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, those relating to the timing and results of the FAVOR study.
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, 2008. 

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