OXiGENE Announces Positive Results of Phase II Study of Combretastatin (CA4P) in Combination with Paclitaxel and Carboplatin in Patients with Advanced Imageable Malignancies.

WALTHAM, Mass. -- OXiGENE, Inc. (NASDAQ: OXGN, XSSE: OXGN) today announced it has completed a Phase II Study in patients with advanced imageable malignancies. This was a randomized open-label study of intravenous CA4P administered at 45 or 63 mg/m2 followed by paclitaxel and carboplatin in 13 patients. The objectives of the trial were to identify optimal dose of CA4P for blood flow shutdown and to demonstrate safety and efficacy of CA4P in combination with paclitaxel and carboplatin. All patient data have been collected and analyzed, with the exception of one patient who is still continuing in the optional extension phase of the protocol due to continued good clinical response.

Topline data from the study indicate that the objectives of the study were met. The imaging confirmed blood flow shutdown in a wide variety of advanced imageable malignancies, safety is in line with expectations and tumor responses were seen in multiple patients. "We are pleased with the study results, and the completion of this study again illustrates our focus on timely execution of our programs" said OXiGENE's President and CEO, Richard Chin, MD.

The study was conducted at the Huntsman Cancer Center (HCI), University of Utah by Dr. Wallace Akerley and his co-investigators. It is anticipated that the results will be presented at an upcoming scientific meeting in 2007.

Background

Despite advances in the management of cancer with radiotherapy, chemotherapy and surgery, there is an unmet medical need for treatments with new mechanisms of action, which may act synergistically with chemotherapy and radiotherapy. Tumor vasculature has become a relatively recent target in the development of new cancer therapies, with the focus aimed primarily on compounds that prevent the formation and growth of new blood vessels (i.e., anti-angiogenesis therapy). Combretastatin A-4 Phosphate (CA4P) is a novel anti-cancer agent that has displayed potent and selective toxicity towards tumor vasculature in clinical studies to date. Our strategy for optimizing the antitumor activity of CA4P is to combine it with cytotoxic agents. The rationale for combining CA4P with other cytotoxic regimens stems from the hypothesis that agents with different and potentially complimentary mechanisms of action and with a non-overlapping toxicity profile may achieve synergistic antitumor activity when administered concurrently. CA4P has been shown to enhance and the anti-tumor effects of several chemotherapeutic agents and radiation in animal studies.

About OXiGENE, Inc.

OXiGENE is an emerging pharmaceutical company developing novel small-molecule therapeutics to treat cancer and eye diseases. The Company's major focus is the clinical advancement of drug candidates that selectively disrupt abnormal blood vessels associated with solid tumor progression and visual impairment. OXiGENE is dedicated to leveraging its intellectual property position and therapeutic development expertise to bring life saving and enhancing medicines to patients.

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. 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 Form 10-Q, 8-K and 10-K reports. 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, 2005 for a description of these risks.