OXiGENE, Inc.
Sep 4, 2008

ZYBRESTAT Named One of the 10 Most Interesting Oncology Projects Available for Partnering by Windhover

WALTHAM, Mass., Sep 4, 2008 (GlobeNewswire via COMTEX News Network) -- OXiGENE, Inc. (Nasdaq:OXGN), (XSSE:OXGN) today announced that ZYBRESTAT (fosbretabulin), the company's lead therapeutic product candidate, has been selected by Windhover Information and an independent expert advisory group, Campbell Alliance, as one of the top 10 most interesting oncology projects available for partnering.

ZYBRESTAT is among the first therapeutic products in a novel class of small-molecule drug candidates called vascular disrupting agents (VDAs) that exert anti-tumor effects by selectively destroying tumor blood vessels, thereby depriving tumors of oxygen and nutrients necessary for survival and growth.

ZYBRESTAT is currently being evaluated in a pivotal registration study as a treatment for anaplastic thyroid cancer (ATC), a highly lethal malignancy for which there is no effective therapy, under a Special Protocol Assessment agreement with the U.S. Food and Drug Administration (FDA). Phase II trials with ZYBRESTAT are ongoing in platinum-resistant ovarian cancer and non-small cell lung cancer. Based on clinical and preclinical study results, OXiGENE believes that ZYBRESTAT has therapeutic potential in a wide variety of solid and liquid tumor indications, and may be combined with a variety of current oncology treatments, including chemotherapy, anti-angiogenic drugs, radiation, and tyrosine-kinase inhibitors, to deliver improved efficacy benefits to cancer patients.

"Given the large universe of clinical-stage oncology drugs available for partnering, we believe that Windhover's selection of ZYBRESTAT as a top-10 oncology drug available for partnering is further validation of its potential to become an important oncology drug product," commented John Kollins, OXiGENE's Chief Operating Officer.

The selection of ZYBRESTAT was made by Windhover Information in conjunction with Campbell Alliance. Windhover is a leading provider of business information to senior executives in the pharmaceutical, biotechnology, and medical device industries. Campbell Alliance is a specialized management consulting firm focusing on the pharmaceutical and biotechnology industries.

"Selected companies were evaluated using a strict set of judging criteria and represent what our committee considered the most attractive oncology opportunities the industry has to offer," said Roger Longman, Managing Director of Windhover Information. "Winners have met rigorous criteria including: unmet medical need, market potential, diversity of indications, strong science, multi-level partnering opportunities, potential for new opportunities beyond initial indications, and corporate stability."

As a selected company, OXiGENE has been invited to present at Windhover's Therapeutic Area Partnerships conference on November 3-5, 2008 in Philadelphia.

About OXiGENE

OXiGENE is a clinical-stage biopharmaceutical company developing novel therapeutics to treat cancer and eye diseases. The company's major focus is developing vascular disrupting agents (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 life-enhancing medicines to patients.

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About ZYBRESTAT (fosbretabulin)

ZYBRESTAT is currently being evaluated in a pivotal registration study in anaplastic thyroid cancer (ATC) under a Special Protocol Assessment agreement with the U.S. Food and Drug Administration (FDA). 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.

About Windhover

Windhover Information Inc., an Elsevier company, has led the field in providing analysis of the healthcare industry to decision-makers at all levels since the founding of its flagship publication, IN VIVO, The Business & Medicine Report, in 1983. Windhover provides its information and analysis in many formats, including print, electronic databases, international conferences and webinars. For more on the company's products and services, please see www.windhover.com.

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, the potential for ZYBRESTAT to become an important oncology drug product. 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.

This news release was distributed by GlobeNewswire, www.globenewswire.com

SOURCE: OXiGENE, Inc.

OXiGENE, Inc.
Investor and Media Contact:
Michelle Edwards, Investor Relations
415-315-9413
medwards@oxigene.com