October 21, 2008

OXiGENE Announces Clinical Trials Interim Data Update to Be Presented At the 12th Biennial Meeting of the International Gynecologic Cancer Society

WALTHAM, Mass., Oct. 21, 2008 (GLOBE NEWSWIRE) -- OXiGENE, Inc. (Nasdaq:OXGN) (Stockholm:OXGN), a clinical-stage, biopharmaceutical company developing novel therapeutics to treat cancer and eye diseases, announced today that data from clinical trials with its vascular disrupting agent (VDA) product candidate, ZYBRESTAT (fosbretabulin) (formerly referred to as combretastatin A4 phosphate / CA4P), will be presented at the upcoming 12th Biennial Meeting of the International Gynecologic Cancer Society in Bangkok, Thailand, October 25-28, 2008.

Paper Presentation:

Abstract #315: FOSBRETABULIN (COMBRETASTATIN A4 PHOSPHATE (CA4P)) CARBOPLATIN AND PACLITAXEL IS ACTIVE IN PATIENTS WITH PLATINUM RESISTANT OVARIAN CANCER; Poster presentation by Gordon Rustin, MB.BS, MSC, MD, FRCP, Northwood, United Kingdom, on Saturday, October 25th, 2008. Poster Session 1: Category C: OVARIAN CANCER; 08:00-19:00h in the Poster Area, Queen Sirikit National Convention Center.


ZYBRESTAT (fosbretabulin) is currently being evaluated in a pivotal registration study as a potential treatment for anaplastic thyroid cancer (ATC) under a Special Protocol Assessment agreement with the U.S. Food and Drug Administration (FDA). Phase II studies in platinum-resistant ovarian cancer and non-small cell lung cancer are also ongoing. OXiGENE believes that ZYBRESTAT is poised to become the first therapeutic product in a novel class of small-molecule drug candidates called vascular disrupting agents (VDAs). Through interaction with vascular endothelial cell cytoskeletal proteins, ZYBRESTAT selectively targets and collapses tumor vasculature, thereby depriving the tumor of oxygen and causing death of tumor cells. In clinical studies in solid tumors, ZYBRESTAT has demonstrated potent and selective activity against tumor vasculature, as well as clinical activity against ATC, ovarian cancer, and various other solid tumors. In clinical studies in patients with forms of macular degeneration, intravenously-administered ZYBRESTAT has demonstrated clinical activity, and the Company is working to develop a convenient and patient-friendly topical formulation of ZYBRESTAT for ophthalmological indications.


OXiGENE is a clinical-stage biopharmaceutical company developing novel therapeutics to treat cancer and eye diseases. The company's major focus is developing VDAs that selectively disrupt abnormal blood vessels associated with solid tumor progression and visual impairment. OXiGENE is dedicated to leveraging its intellectual property and therapeutic development expertise to bring life-extending and -- enhancing medicines to patients.

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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, including, but not limited to, enrollment rate for patients in the ZYBRESTAT pivotal trial for anaplastic thyroid cancer, interim analysis of the same, timing of the IND filing and Phase I trial initiation for topical ZYBRESTAT, timing of a Phase II clinical trial of ZYBRESTAT and bevacizumab in NSCLC, timing or execution of a strategic collaboration on any product or indication, and cash utilization rates for 2008. 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 reports on Form 10-K, 10-Q and 8-K. 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, 2007.

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 CONTACT:  OXiGENE, Inc.           Investor and Media Contact:           Michelle Edwards, Investor Relations           415-315-9413           [email protected]