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OXIGENE INC. ANNOUNCES COMPLETION OF $2.3 MILLION PRIVATE PLACEMENT TO FUND COMMENCEMENT OF CLINICAL TRIAL

 NEW YORK, Feb. 8 /PRNewswire/ -- Oxigene Inc. today announced it has received $2.3 million in proceeds from a private placement. The placement, representing approximately 30 percent of the company's common stock, was sold to 30 individual investors through Gilford Securities, New York. The funds will be used by the company to begin FDA authorized Phase II/III clinical trials of Sensimide, its unique formulation of metoclopramide as an adjunct to radiation therapy for patients suffering from squamous cell lung carcinoma, a fatal form of cancer that has proven resistant to existing therapies.
 "Inauguration of these trials is a major step in establishing Oxigene as the premier company developing therapeutics based on modification of the critical cellular process of DNA repair," said John E. Lucas, Oxigene's chairman, president and chief executive officer.
 The trial will begin in early March and will be conducted under the supervision of Cato Research Ltd. in accordance with the company's Investigational New Drug Application (IND) reviewed by the Food and Drug Administration in late 1992. The study will involve 200 patients suffering from the highly fatal form of lung cancer and is a result of extensive preclinical studies as well as a pilot Phase I study completed by Dr. Ronald W. Pero and his associates at the Lund University Hospital Oncology Center in Lund, Sweden. In that study, the compound used in conjunction with standard radiation therapy was shown to more than double the mean longevity of patients receiving radiation alone. The Phase II/III trial will be conducted at six oncology centers in Sweden and is expected to be completed in seven months. Should the results compare favorably to tumor response seen in the pilot study, the company will seek early licensing by the FDA and European regulatory agencies before the end of the year.
 Protocols for glioblastoma and head and neck and cancer trials are included in the IND and are expected to begin in the United States later this year.
 Oxigene is a New York-based development stage biopharmaceutical company founded in 1991 to commercialize research which has been on- going since 1984. The company's core technology is based on modification of the critical cellular process of DNA repair and has focused initially on inhibition of the tumor DNA repair enzyme Adenosine Diphosphoribosyl Transferase to improve the effectiveness of cancer chemo- and radiotherapy. To date, more than $9 million has been raised from investors and grants.
 -0- 2/8/93
 /CONTACT: John Lucas of Oxigene, 212-421-0001, or Roger S. Pondel of Pondel Parsons & Wilkinson, 310-207-9300, for Oxigene/


CO: Oxigene Inc. ST: New York IN: MTC SU:

MS-LS -- LA022 -- 4245 02/08/93 15:59 EST
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Date:Feb 8, 1993
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