Updated Clinical Studies Continue to Show Promise of OXiGENE's Drug Candidate, CA4P, for the Treatment of Advanced Ovarian Cancer.

WALTHAM, Mass. -- OXiGENE, Inc.

-- Principal Investigator Provides Interim Update to Clinical Trial; Data Shows Additional Responders in Patients with Advanced Ovarian Cancer--

-- CA4P in Combination with Chemotherapy is Well Tolerated; No Drug-Related Serious Adverse Events or Cardiac Toxicities Observed--

-- Dosing Regimen Established for Phase II Clinical Trial in Platinum-Resistant Ovarian Cancer--

At the AACR/NCI/EORTC International Conference on Molecular Targets and Cancer Therapeutics--OXiGENE, Inc. (NASDAQ: OXGN, XSSE: OXGN), a leading developer of biopharmaceutical compounds to treat cancer and certain ophthalmologic diseases, today announced the presentation of new and positive patient response data from an ongoing Phase Ib clinical trial evaluating OXiGENE's Combretastatin A4P (CA4P) in combination therapy with either carboplatin, paclitaxel or both treatments combined. The data indicate a 67 per cent response rate among a sub-population of evaluable patients with advanced, inoperable ovarian cancer who were treated with a combination of CA4P and chemotherapy, all of whom had failed previous, alternate cancer treatments. OXiGENE believes that the patient response rate observed to date provides an early indication of the potential success of this therapeutic combination as it enters a multi-center, international, Phase II clinical trial.

Gordon Rustin, M.D., Director of Medical Oncology at Mount Vernon Cancer Centre in the United Kingdom, presented a paper entitled, A Dose Escalating Study Combining Combretastatin A-4 Phosphate (CA4P) in Combination with Carboplatin or Paclitaxel in Patients with Advanced Cancer, at the AACR/NCI/EORTC International Conference on Molecular Targets and Cancer Therapeutics being held in Philadelphia, PA. Dr. Rustin noted in his presentation today that a total of 43 patients have now been enrolled in the trial, and that the trial has entered the final stage in which the triple combination of CA4P/Carboplatin/Taxol is being administered consecutively. Tumor response, as defined according to RECIST or CA125, was observed in ten out of 15 evaluable patients with ovarian cancer. Four additional ovarian cancer patients had disease stabilization during treatment, and partial responses were seen in patients with esophageal cancer and small cell lung cancer.

"This combination of CA4P with either carboplatin or paclitaxel, or both together, is well tolerated and has shown signs of anti-tumor activity in heavily pre-treated patients," commented Dr. Rustin. "It is important to note that these patients have failed previous rounds of alternate therapies but have now responded to this combination therapy of CA4P and chemotherapy. We are eager to move forward into the next level of clinical development in the recently initiated Phase II trial in platinum resistant ovarian cancer."

Dr. Rustin offered an update in his presentation today to the dose and associated side effect profile of CA4P in double and triple combination therapy, and discussed the recommended dosing level for the previously announced Phase II clinical trial evaluating the effectiveness of CA4P in combination with carboplatin/taxol for the treatment of patients with advanced, platinum-resistant ovarian cancer.

Dr. Rustin noted that minimal myelosuppression has been seen at a dose of CA4P at 54 mg/m2 or CA4P at 63 mg/m2 administered 18 - 22 hours prior to carboplatin, paclitaxel or both drugs combined. Significant myelosuppression is a classic side effect of carboplatin/taxol treatment. The double and triple combination therapies have been well tolerated to date, with no drug-related, serious adverse events. The most common side effects observed were headache, fatigue and transient hypertension. No cardiac toxicities were observed.

Dr. Rustin continued by reporting that in this dose-escalating study--in which the goal of the study is to determine the maximum tolerable drug dosage (MTD) level--dosing levels of CA4P were raised to 72mg/m2. "Dose limiting toxicities (DLT) were achieved at a dose of CA4P at 72mg/m2. These DLTs consisted of one patient who experienced hypertension that was rapidly reversed by sublingual nitroglycerin, as well as one patient with reversible ataxia. Therefore, we recommend a Phase II clinical trial dose in platinum resistant ovarian cancer of CA4P at 63mg/m2, combined with 175mg/m2 of paclitaxel and carboplatin at AUC 5. We believe this dosing protocol minimizes myelosuppression, and we are confident we have optimized the dose for the next phase of this important clinical trial."

"The data reported by Dr. Rustin and his team continue to be extremely encouraging," stated Frederick Driscoll, President and CEO of OXiGENE. "This patient response data, combined with a positive safety profile observed to date, reinforce the Company's decision to choose platinum-resistant ovarian cancer as a potential registrational pathway. We look forward to an update on that trial in 2006."

About Combretastatin A4P (CA4P)

CA4P leads a novel class of small molecule drug candidates called vascular disrupting agents (VDAs). CA4P works via two potentially synergistic processes that selectively target pericyte-depleted neovessels, which lack ensheathment from smooth muscle support cells. CA4P is a potent and reversible tubulin depolymerizing agent that causes newly formed endothelial cells that line blood vessels to change shape, round up and detach from the vessel wall. Recent preclinical research has also shown that CA4P disrupts the molecular engagement of VE-cadherin, a junction protein important for endothelial cell survival and function, and inhibits the associated beta-catenin/AKT signaling pathway, leading to rapid vascular collapse and necrosis. These complementary mechanisms block the flow of blood to a tumor and deprive it of oxygen and nutrients essential to its survival. Similarly, in eye diseases that are characterized by abnormal blood vessel growth, CA4P has been shown in preclinical studies to suppress development and induce regression of these unnecessary blood vessels.

CA4P is currently being studied in eight clinical trials in oncology, including anaplastic thyroid, lung, head and neck, prostate, colorectal, ovarian, cervical cancers and other imageable tumor types. These clinical trials involve the use of CA4P in both single-agent and combination therapies. It is also currently being studied in a Phase II clinical trial in myopic macular degeneration.

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

Certain statements in this news release concerning clinical trials being conducted on OXiGENE's lead VTA, CA4P, are considered "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to: the timing and results of clinical development of CA4P and positive anti-tumor effects using CA4P in double or triple combination therapy, as well as any statements regarding timing of data or results from Phase II clinical trials. 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 OXiGENE might make or by known or unknown risks and uncertainties, including, but not limited to: the early stage of product development; the ability to secure necessary patents; uncertainties as to the future success of ongoing and planned clinical trials; and the unproven safety and efficacy of products under development. 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 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.