OXiGENE Reports Positive Safety Data From Phase 2 Trial of ZYBRESTAT in Non-Small Cell Lung Cancer at the 2009 AACR-NCI-EORTC Conference


Combination of ZYBRESTAT With Bevacizumab Appears Well-Tolerated; Fewer Patient
Deaths in Treatment Arm 

SOUTH SAN FRANCISCO, Calif., Nov. 17, 2009 (GLOBE NEWSWIRE) -- OXiGENE, Inc.
(Nasdaq:OXGN) (Stockholm:OXGN), a clinical-stage, biopharmaceutical company
developing novel therapeutics to treat cancer and eye diseases, today reported
positive interim safety data from the FALCON (Fosbretabulin in Advanced Lung
Oncology) study, a Phase 2, randomized, controlled study of ZYBRESTAT
(fosbretabulin) in patients with advanced non-small cell lung cancer (NSCLC).
The data from this planned interim safety analysis indicated that the
combination of fosbretabulin with carboplatin and paclitaxel plus bevacizumab
(Avastin(R)) appeared to be well-tolerated, and that there were no significant
overlapping toxicities with bevacizumab. Notably, 5 of the 6 patient deaths
during the evaluation period were due to disease progression and occurred in
the control arm. The data were presented in a poster by Edward Garon, M.D.,
Assistant Professor of Medicine at the University of California, Los Angeles,
principal investigator for the Phase 2 trial, at the 2009 AACR-NCI-EORTC
Molecular Targets and Cancer Therapeutics conference. A further analysis of the
efficacy and tolerability of this novel combination is expected to be presented
at the 2010 annual meeting of the American Society of Clinical Oncology (ASCO),
scheduled for June 4-8, 2010 in Chicago, IL. 

"We believe that results of this study complement previous data showing that
ZYBRESTAT is an active antitumor agent, and we are encouraged by the data
presented today in patients with advanced non-small cell lung cancer,"
commented Peter Langecker, M.D., Ph.D., OXiGENE's Chief Executive Officer.
"OXiGENE's FALCON study marks the first time that a vascular disrupting agent,
such as ZYBRESTAT, has been combined at full strength with an anti-angiogenic
agent against a background of chemotherapy. We believe this new approach has
the potential to fill an important void in anticancer therapy and that the
results show that this combination has significant promise as the next
important step in anti-vascular therapy. Fighting cancer by reducing tumor
blood flow with anti-angiogenic agents has evolved into a mainstay of oncology
therapy. We believe that these data underscore that the ability of VDAs to
specifically target existing vasculature can have an additive effect to the
prevention of new blood vessel growth by anti-angiogenic drugs. We look forward
to evaluating the FALCON data set as it matures and to updating the scientific
community at ASCO next year." 

The FALCON Study

The data reported today were presented in a poster, titled "Interim Safety
Results of a Randomized Ph 2 Trial of a Tumor Vascular Disrupting Agent
Fosbretabulin Tromethamine (CA4P) with Carboplatin, Paclitaxel and Bevacizumab
in Stage IIIB/IV Non-Squamous Non Small Cell Lung Cancer (NSCLC)." The results
are based on the analysis of data from 30 patients with advanced NSCLC. Of the
30 patients evaluated, 15 were enrolled in the control arm of the study and
were given bevacizumab with carboplatin and paclitaxel, and 15 were enrolled in
the treatment arm of the study and were given the same combination with the
addition of ZYBRESTAT. During the maintenance phase of the study, patients were
given either bevacizumab alone or bevacizumab plus ZYBRESTAT. 

Results of the analysis showed that:

 * The combination of ZYBRESTAT with bevacizumab, carboplatin and
   paclitaxel appeared to be well-tolerated, with no new safety
   signals or overlapping toxicities with bevacizumab;
 * Clinically significant QTc prolongation was not seen;
 * Rates of Grade 3/4 hypertension and cardiac ischemia, while
   higher on the treatment arm, were low;
 * An increase in Grade 3-4 neutropenia was observed in some
   patients in the treatment arm but did not result in a difference
   in chemotherapy dose intensity between the two study arms;
 * Dose reductions and discontinuation of therapy were minimal and
   comparable between the two study arms;
 * 6 patients died during the evaluation period: 5 in the control
   arm and 1 in the treatment arm.

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

About ZYBRESTAT

ZYBRESTAT (fosbretabulin) is currently being evaluated in a pivotal
registration study as a potential treatment for anaplastic thyroid cancer (ATC)
under a Special Protocol Assessment agreement with the U.S. Food and Drug
Administration (FDA). A Phase II study in platinum-resistant ovarian cancer has
been completed and a non-small cell lung cancer study combining fosbretabulin
with bevacizumab and platinum based chemotherapy is also ongoing. 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 clinical activity, and
the Company is working to develop a convenient and patient-friendly topical
formulation of ZYBRESTAT for ophthalmological indications. 

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 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 -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 pivotal trial for
anaplastic thyroid cancer, the potential for the use of VDAs in combination
with anti-angiogenic agents; interim analysis of the same, timing of the IND
filing and Phase I trial initiation for topical ZYBRESTAT, timing of a Phase II
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, 2008. 

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