First Patient Enrolled in OXiGENE’s Phase Ib Trial of Its Lead Vascular Disrupting Agent, CA4P, in Combination With an Antiangiogenic Agent, Bevacizumab (Avastin) for the Treatment of Advanced Cancer

OXiGENE, Inc. (NASDAQ: OXGN, XSSE: OXGN) today announced that the first patient has been enrolled and dosed in its Phase Ib clinical trial in advanced solid tumors, which combines its lead Vascular Disrupting Agent (VDA), CA4P, with an antiangiogenic agent, bevacizumab (Avastin). In a recent Science (Shaked, et al, 2006) publication, the combination of a VDA with an antiangiogenic agent was described as offering a powerful and highly targeted regimen for suppressing tumor growth. Dr. Richard Chin, President and CEO of OXiGENE, stated, “We are very excited to begin enrollment in this important trial. We believe that the combination of CA4P and Avastin has the potential to bring significant benefit to patients. This patient enrollment also highlights our renewed focus on executing our programs rapidly and on schedule.” OXiGENE believes that this dose escalation trial is the first step toward fully elucidating the efficacy and safety profiles of combining VDAs and antiangiogenic agents in patients.

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 OXiGENE’s business 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, those relating to: the success and timing of future enrollment of patients into the Phase Ib trial of CA4P in combination with Avastin in advanced solid tumors and the efficacy and safety of combining CA4P with antiangiogenic agents. 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 reports on Form 10-Q, 8-K and 10-K. However, OXiGENE undertakes no obligation to publicly update forward-looking statements, whether because of new information, future events or otherwise.