Arcus Therapeutics, LLC Announces the Launch of its Website www.arcusllc.com.

Business/Technology Editors

TUSTIN, Calif. and WATERTOWN, Mass.--(BUSINESS WIRE)--Nov. 15, 2001

Arcus Therapeutics, LLC, a joint venture between Peregrine Pharmaceuticals, Inc. (Nasdaq: PPHM) and OXiGENE, Inc. (Nasdaq: OXGN; SSE: OXGN), announced the launch of its new website at www.arcusllc.com.

The website describes Arcus and its novel vascular targeting technology. Arcus is developing an antibody technology for the treatment of solid tumors. The antibody technology is based upon therapeutic targeting agents that reduce the blood flow to cancerous tumors, thereby depriving the tumor of oxygen and nutrients, resulting in an avalanche of tumor cell death.

Arcus' vascular targeting technology is protected by numerous U.S. and foreign patents and other intellectual property rights. Arcus is developing the technology for use as either front-line therapy or in conjunction with other anti-cancer therapeutics for the treatment of solid tumors. Preclinical studies have shown that treatment with Arcus' vascular targeting technology coaguligand can result in significant anti-tumor effects and in some cases complete remission of the treated tumor. A coaguligand is a vascular targeting agent that uses a human coagulation protein to induce tumor blood vessel clotting.

"We believe this user friendly and comprehensive website could serve as a valuable resource for the scientific and medical communities and those who seek to understand the role of vascular targeting as a potential treatment for solid tumor cancers," said Bjorn Nordenvall, M.D., Ph.D., President and CEO of OXiGENE, "We look forward to using the website as a tool to communicate the promise of vascular targeting to our investors and to the scientific and medical communities."

"This website provides a solid overview of Arcus' promising technology platform and we believe it will assist us in our efforts to license uses of the technology and form joint ventures or other collaborations with companies interested in the vascular targeting field," said Edward Legere, Peregrine's President and CEO.

About Arcus Therapeutics

Arcus Therapeutics, LLC is a joint venture established in May 2000 between Peregrine Pharmaceuticals (Nasdaq: PPHM) and OXiGENE, Inc. (Nasdaq: OXGN; Sweden) for the development of antibody Vascular Targeting Agents (VTAs) to treat a wide variety of cancers. Arcus is capitalizing on the technology, product and intellectual property strengths of both companies in the development of next-generation antibody vascular targeting agents for the treatment of major diseases.

About OXiGENE, Inc.

OXiGENE, an international biopharmaceutical company, is the world leader in vascular targeting agents which attack blood vessels associated with cancerous tumors and that may have additional applications in the treatment of certain forms of ocular disease as well as in the prevention of in-stent restenosis. With its flagship family of Combretastatin-based vascular targeting agents, OXiGENE is developing a diverse portfolio of innovative products to combat these conditions. The Company's mission is to in-license new therapeutics from academic partners, develop new drugs that will enhance the effectiveness of traditional cancer treatments, and introduce innovative therapies that attack cancer and other diseases.

About Peregrine Pharmaceuticals

Peregrine Pharmaceuticals Inc. is a biopharmaceutical company focused on the development, commercialization and licensing of unique technologies for the treatment of cancer, primarily based on its "collateral targeting technologies." These technologies therapeutically target cell structures and cell types, rather than surface cancer cells, as a means to attack solid tumors, without causing damage to surrounding healthy tissue. The Company has three collateral targeting technologies: Tumor Necrosis Therapy (TNT), Vasopermeation Enhancement Agents (VEA), and Vascular Targeting Agents (VTA). The Company also has a direct tumor-targeting agent called Oncolym(R) which is currently in a multi-center Phase I for the treatment of advanced non-Hodgkin's B-cell Lymphoma. Peregrine has a robust clinical program for TNT, or Cotara(TM), in which it is currently conducting a Phase II study of Cotara in brain cancer and four Phase I studies in colorectal, pancreatic, sarcoma and liver cancers.

This press release contains "forward-looking statements" which are made pursuant to the safe harbor provisions of the Securities Litigation Reform Act of 1995. Forward-looking statements give our current expectations or forecasts of future events and use words such as "anticipate, " "estimate, " "believe, " "could," "may," "expects," and other words of similar meaning. These statements include, but are not limited to, those relating the use of vascular targeting as a treatment for cancer, certain eye diseases and other conditions including diabetic retinopathy, and the effectiveness of the website as a communications tool for advancing business objectives. Any or all of the forward-looking statements in this press release may turn out to be wrong. They can be affected by inaccurate assumptions we might make or by known or unknown risks and uncertainties and include, but are not limited to, the efficacy of our technology and its efficacy at acceptable dosage levels, the ability to raise capital when needed and on reasonable terms, successful clinical trial results, developing the necessary manufacturing processes and gaining all necessary regulatory approvals. 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 the reports of OXiGENE and Peregrine filed with the Securities and Exchange Commission including 10-Q, 8-K and 10-K reports.