OXiGENE Applies for Voluntary Delisting From the Stockholm Exchange

SOUTH SAN FRANCISCO, Calif., April 23, 2010 (GLOBE NEWSWIRE) -- OXiGENE, Inc.
(Nasdaq:OXGN), a clinical-stage biopharmaceutical company developing novel
therapeutics to treat cancer and eye diseases, today announced that it has
applied for the voluntary delisting of OXiGENE common shares from the Stockholm
Stock Exchange (SSE). The company will continue to be listed on the NASDAQ
Global Markets exchange. 

The Company believes that the listing of its common shares on the NASDAQ
exchange provides shareholders sufficient liquidity and has concluded that the
cost of maintaining the listing of its common shares on the SSE outweighs the
benefits of continuing such listing. Therefore, the Company has decided to
delist its common shares from the SSE. The estimated last day of trading of
OXiGENE shares on the SSE will be June 30, 2010. 

"Consolidating our shares into one market is a natural reflection of our newly
focused, cost-conscious operations," commented Peter Langecker, M.D., Ph.D.,
OXiGENE Chief Executive Officer. "We remain grateful for the long-standing
support of our Swedish shareholders, and are pleased that with today's trading
technology they can continue to participate in the company's success via the
NASDAQ exchange." 

Shareholders wishing to learn more about this change can contact their broker
or visit the FAQ page of OXiGENE's website at
http://investor.oxigene.com/faq.cfm. 

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 press release contains forward-looking statements that reflect
management's current views regarding the sufficiency of OXiGENE's public stock
trading outlet, its continued product development operations and the value and
potential of OXiGENE's product candidates in development. These forward-looking
statements involve risks and uncertainties, including but not limited to (i)
the sufficiency and continued availability of the Nasdaq exchange as a market
for OXiGENE shares; (ii) OXiGENE's product candidates are in the early to
mid-stage phases of clinical development and the risk of failure is high and
can occur at any stage prior to regulatory approval; (iii) OXiGENE may not be
able to successfully obtain regulatory approval for product candidates in
development; (iv) OXiGENE's patent applications for product candidates may not
issue, its issued patents may not be enforceable; and/or intellectual property
licenses from third parties may be required in the future as a result of
litigation or otherwise; and (v) other important risks and uncertainties set
forth in OXiGENE's most recent Annual Report on Form 10-K filed with the
Securities and Exchange Commission. Actual results could differ materially from
the forward-looking statements contained in this press release. OXiGENE
undertakes no obligation to update forward-looking statements, whether as a
result of new information, future events or otherwise. 

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