OXiGENE Presents Encouraging Preclinical Data on ZYBRESTAT Ophthalmology Program

SOUTH SAN FRANCISCO, Calif., June 22, 2010 (GLOBE NEWSWIRE) -- OXiGENE, Inc.
(Nasdaq:OXGN), a clinical-stage, biopharmaceutical company developing novel
therapeutics to treat cancer and eye diseases, announced today that the company
presented an update on its ZYBRESTAT ophthalmology program, including
encouraging preclinical data showing that the company's topical formulation
achieved target retina/choroid concentrations with minimal systemic exposure.
OXiGENE has two topical formulations of ZYBRESTAT in development - an eye drop
and a minitab - both of which have demonstrated attractive pharmacokinetic and
safety properties and efficacy in destroying abnormal vasculature in a rat
choroidal melanoma model. The company believes that a topical formulation could
be ready for clinical development in early 2011. 

The data were presented at Glaucoma and Retinopathies 2010 conference by Dai
Chaplin, Ph.D., head of research and development and chief scientific officer
at OXiGENE. 

"We are pleased with the outcome of preclinical studies with our topical
formulations and believe that ZYBRESTAT has significant potential as a safe,
effective, potent topical product that can improve upon injectable
anti-angiogenic agents which are the mainstay of treatment for conditions such
as age-related macular degeneration, but which may have limited efficacy and
inconvenient means of delivery," said Dr. Chaplin. "We believe that our
ZYBRESTAT ophthalmology program is achieving critical mass in demonstrating
significant therapeutic and commercial potential. We look forward to presenting
our data package to companies with strong ophthalmology franchises with the
goal of partnering this promising program." 

OXiGENE has previously reported positive results from proof-of-concept Phase 2
studies using an intravenous formulation showing that ZYBRESTAT achieved the
primary endpoint of stable disease in patients with myopic macular degeneration
(MMD). The ongoing FAVOR (fosbretabulin against vasculopathy of the
retina/choroid) is a 20-patient, randomized, controlled, double-masked
single-dose study of intravenous-route ZYBRESTAT in patients with polypoidal
choroidal vasculopathy or PCV, a form of choroidal neovascularization that can
serve as a model disease for macular degeneration. Data from the FAVOR study is
intended to facilitate dose selection decisions in subsequent studies with
topical-route ZYBRESTAT. 

Dr. Chaplin added: "We believe PCV represents an attractive development
pathway, as anti-angiogenic drugs are not approved for this indication and have
not been reported to have strong activity. Because the phenotype of
pathological vasculature in patients with PCV is similar to that of tumor
vasculature, PCV is likely to be particularly susceptible to treatment with a
vascular disrupting agent, such as ZYBRESTAT. We expect to report data from the
FAVOR study later in 2010." 

About ZYBRESTAT (fosbretabulin) 

ZYBRESTAT is being evaluated in a Phase 2 study of patients with non-small cell
lung cancer and other clinical trials, including the FAVOR study in patients
with PCV. 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 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
and topical formulation timelines and outcomes, therapeutic and commercial
potential and the potential of partnering ZYBRESTAT ophthalmology programs 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 continued financing for the continuation of
development efforts, the potential for negative clinical study or formulation
development outcomes, a lack of superior competitive results and the absence of
third party interest in jointly developing 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