OXiGENE Announces Clinical Data to be Presented at the 2010 Annual Meeting of the American Society of Clinical Oncology

SOUTH SAN FRANCISCO, Calif., May 18, 2010 (GLOBE NEWSWIRE) -- OXiGENE, Inc.
(Nasdaq:OXGN) (Stockholm:OXGN), a clinical-stage, biopharmaceutical company
developing novel therapeutics to treat cancer and eye diseases, announced today
that data from clinical trials involving its vascular disrupting agent (VDA)
product candidates, fosbretabulin (ZYBRESTAT™) and OXi4503, will be presented
in two posters at the upcoming 2010 Annual Meeting of the American Society of
Clinical Oncology (ASCO) in Chicago, IL, June 4-8, 2010.  In addition, two
additional posters describing fosbretabulin and OXi4503 trial designs will be
presented in the newly-created "Trials in Progress" poster session. OXiGENE
will release a summary of results immediately after they are presented. 

ZYBRESTAT Presentation Details:

#7587: Randomized phase II trial of a tumor vascular disrupting agent
fosbretabulin tromethamine (CA4P) with carboplatin, paclitaxel and bevacizumab
in stage IIIb/IV nonsquamous non-small cell lung cancer (NSCLC): The FALCON
trial. Poster presentation by Edward Garon, M.D. on Sunday, June 6, 2010,
General Poster Session: Lung Cancer, S Hall A2, 8:00 am-12:00 pm. 

#2594: Phase I pharmacokinetic and pharmacodynamic evaluation of the vascular
disrupting agent OXi4503 in patients with advanced solid tumors. Poster
presentation by Martin Zweifel, M.D. on Monday, June 7, 2010, Developmental
Therapeutics: Molecular Therapeutics, S Hall A2, 8:00 am-12:00 pm. 

#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. on Monday, June 7, Trials in Progress
Poster Session, S Hall A2, 8:00 am-12:00 pm. 

#TPS147: A pilot study of fosbretabulin with bevacizumab in recurrent
high-grade gliomas. Poster presentation by Ramin Altaha, M.D., on Monday, June
7, Trials in Progress Poster Session, S Hall A2, 8:00 am-12:00 pm. 

About ZYBRESTAT (fosbretabulin)

ZYBRESTAT is being evaluated in a Phase 2 study of patients with non-small cell
lung cancer and other clinical trials. OXiGENE believes that ZYBRESTAT is
poised to become an important 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 trials 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. 

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(TM)
(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 (i) single-agent activity against a range of xenograft tumor
models; and (ii) 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 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, enrollment rate for patients in the ZYBRESTAT Phase 2/3 trial for
anaplastic thyroid cancer, interim analysis of the same, timing of the IND
filing and Phase I trial initiation for topical ZYBRESTAT, timing of a Phase 2
clinical trial of ZYBRESTAT and bevacizumab in NSCLC, timing or execution of a
strategic collaboration on any product or indication, and cash utilization
rates for 2009. 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