OXiGENE Announces Going Concern Opinion On Its Audited Financial Statements for 2009

SOUTH SAN FRANCISCO, Calif., March 19, 2010 (GLOBE NEWSWIRE) -- OXiGENE, Inc.
(Nasdaq:OXGN), a clinical-stage biopharmaceutical company developing novel
therapeutics to treat cancer and eye diseases, today announced that the audit
report from its independent registered public accounting firm on its financial
statements for the fiscal year ended December 31, 2009, included in the
Company's Annual Report on Form 10-K, filed with the Securities and Exchange
Commission on March 16, 2010, contains an explanatory paragraph regarding the
Company's ability to continue as a going concern. 

This announcement is required by Nasdaq Marketplace Rule 5250(b)(2), which
requires a public announcement of receipt of an audit opinion containing a
going concern explanatory paragraph. This announcement does not represent any
change or amendment to the Company's financial statements or to its Annual
Report on Form 10-K for the fiscal year ended December 31, 2009. 

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 

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