OXiGENE Completes Enrollment of ZYBRESTAT Phase 2 Trial in Non-Small Cell Lung Cancer

Encouraging Safety and Outcome Data Recently Reported at the 2010 ASCO Annual
Meeting 

SOUTH SAN FRANCISCO, Calif., June 16, 2010 (GLOBE NEWSWIRE) -- OXiGENE, Inc.
(Nasdaq:OXGN), a clinical-stage, biopharmaceutical company developing novel
therapeutics to treat cancer and eye diseases, announced today that it has
completed its targeted enrollment of 60 patients in the FALCON trial, a
randomized, controlled Phase 2 study of ZYBRESTAT™ in patients with
non-squamous non-small cell lung cancer (NSCLC). An updated safety and outcome
analysis from this trial was recently presented at the 2010 Annual Meeting of
the American Society of Clinical Oncology (ASCO) showing that trends towards
improved outcomes were observed in response rate, progression-free survival and
overall survival rates in the study arm (ZYBRESTAT combined with bevacizumab
and carboplatin/paclitaxel chemotherapy) as compared with the control arm
(bevacizumab and chemotherapy) of the trial. The combination regimen including
ZYBRESTAT was observed to be well-tolerated with no significant cumulative
toxicities when compared with the control arm of the study. OXiGENE anticipates
that further data from the trial will be available later in 2010. 

"We continue to be encouraged by the growing body of data showing that
ZYBRESTAT has potential as an important cancer treatment based on its unique
vascular disrupting mechanism of action and excellent combinability with other
treatment modalities, including anti-angiogenic agents," said Peter Langecker,
M.D., Chief Executive Officer at OXiGENE. "We look forward to presenting a more
complete analysis of the FALCON trial later in 2010 at a scientific meeting. If
the encouraging positive trends in terms of progression free survival and
overall survival that we presented at ASCO are maintained, they will underscore
ZYBRESTAT's utility in non-small cell lung cancer and potentially pave the way
toward embarking upon a registration pathway. We appreciate the positive
response to our data from the oncology community and plan to continue efforts
to find a partner for later-stage development." 

A copy of the ASCO presentation is available on OXiGENE's website at
www.oxigene.com. 

About ZYBRESTAT (fosbretabulin)

ZYBRESTAT is being evaluated in a Phase 2 study of patients with non-squamous
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. 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 anaplastic thyroid cancer,
ovarian cancer and various other solid tumors. 

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 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, emerging oncology treatments and the expected conclusion of ongoing
or initiation of new clinical 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 clinical studies and the availability of additional financing to
continue development of 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