ADVISORY/OXiGENE -Nasdaq: OXGN, SSE: OXGN- Second-Quarter 2002 Conference Call.

Business Editors & Health/Medical Writers

ADVISORY ... for Thursday (July 25)

--(BUSINESS WIRE)

-O-

When:             10:00 a.m. ET, Thursday, July 25, 2002

Speakers:         Fred Driscoll, president and chief executive officer
                  Dai Chaplin, Ph.D., chief scientific officer

Dial-in Number:   800-837-5450 (U.S.); [phone]  (international)

48-hour Replay:   [phone] (U.S.); or [phone]
                  (international) Res. #: 20775513

Audio Webcast:    (Live and archived for one week)
                  http://www.corporate-ir.net/ireye/
                  ir_site.zhtml?ticker=OXGN&script=1000

Investment Highlights:

-- Leading Technology Position: OXiGENE is a global biopharmaceutical company that is pioneering a novel technology platform -- vascular targeting -- for drug development in the fight against cancer. In contrast to anti-angiogenesis agents, which stop the formation of new tumor blood vessels, OXiGENE's flagship vascular targeting agent, Combretastatin A4 Prodrug (CA4P), attacks existing tumor vasculature.

--Clinical Development Milestones: OXiGENE has successfully completed Phase I U.S. clinical trials of CA4P, the first vascular targeting drug to be tested in a human trial in the United States. The trials demonstrated CA4P's ability to reduce blood flow that feeds malignant tumors, without the presence of traditional cytotoxic side effects. OXiGENE has launched a Phase Ib clinical trial with CA4P in combination with chemotherapy, and also expects to initiate a Phase II clinical trial.

--Strong Product Pipeline: OXiGENE's next-generation vascular targeting compound, Oxi-4503, induced complete regression of human breast cancer tumors grown in mice. Oxi-4503 has demonstrated the ability to block blood flow in all regions of the tumor, including the periphery. The company plans to begin Phase I clinical trials on Oxi-4503 in 2003.

For questions regarding conference call logistics, contact: Scott Solomon, Investor Relations, 617-542-5300

This conference call notice contains forward-looking statements including, but not limited to, those relating to planned clinical trials of Combretastatin A4P and Oxi-4503 and the efficacy of these compounds. Any or all of the forward-looking statements in this notice may turn out to be wrong. They can be affected by inaccurate assumptions we might make or by known or unknown risks and uncertainties, including, but not limited to, the early stage of our product development; our ability to raise capital when needed and on reasonable terms; uncertainties as to the future success of ongoing and planned clinical trials; our dependence on others for much of the clinical development of our technology, as well as for obtaining regulatory approvals and conducting manufacturing and marketing of any products that might successfully reach the end of the development process; competition from other companies and other institutions pursuing alternative technologies; and uncertainties related to our ability to obtain adequate intellectual property protection for our technology and products. Consequently, no forward-looking statement can be guaranteed, and actual results may vary materially. Additional information concerning factors that could cause actual results to materially differ from those in the forward-looking statements are contained in our reports to the Securities and Exchange Commission including our 10-Q, 8-K and 10-K reports. However, we undertake no obligation to publicly update forward-looking statements, whether as a result of new information, future events or otherwise.