OXiGENE Reports Positive Results in Phase 2 Study of ZYBRESTAT(TM) in Platinum-Resistant Ovarian Cancer

OXiGENE Reports Positive Results in Phase 2 Study of ZYBRESTAT(TM) in
Platinum-Resistant Ovarian Cancer

Meets Pre-specified Primary Efficacy Endpoint in Stage 1 of Simon Two-Stage
Study

WALTHAM, Mass.--(BUSINESS WIRE)--Dec. 31, 2007--Regulatory News:

    OXiGENE, Inc. (NASDAQ: OXGN, XSSE: OXGN), a clinical-stage,
biopharmaceutical company developing novel therapeutics to treat
cancer and eye diseases, announced today that its lead product
candidate, ZYBRESTAT(TM) (combretastatin-A4 phosphate / CA4P), has
achieved the pre-specified primary efficacy endpoint for Stage 1 of an
ongoing Phase 2 ovarian cancer clinical trial. The clinical trial
utilizes an open-label, Simon two-stage design to evaluate the
combination of ZYBRESTAT, carboplatin and paclitaxel in patients with
advanced, platinum-resistant ovarian cancer, a refractory form of
ovarian cancer for which therapeutic options are limited. Having met
the Stage 1 primary efficacy endpoint, the clinical trial will proceed
to its second stage, in which an additional 25 patients will be
enrolled."These results add to the growing body of data indicating that
ZYBRESTAT has clinical activity against a wide variety of solid
tumors, particularly when administered in combination with
conventional chemotherapeutic agents," commented Patricia Walicke,
M.D., Ph.D., Chief Medical Officer of OXiGENE. "They also corroborate
previously-reported Phase 1b data in ovarian cancer and provide strong
evidence of an efficacy signal in ovarian cancer.""The encouraging initial results with the ZYBRESTAT-chemotherapy
combination in this refractory patient population support further
testing and development of the drug for ovarian carcinoma and other
solid tumors," commented Dr. Gordon Rustin, of Cancer Research UK, the
principal investigator on the study and an internationally recognized
expert in the management of gynecological malignancies.

    In the ongoing study, in order to advance to the second stage of
the trial, a minimum of three out of the first 18 patients treated
with the ZYBRESTAT-chemotherapy combination needed to achieve a
partial response (PR) or better. Response was determined by the
investigators based upon tumor imaging (RECIST) and/or ovarian cancer
response biomarker (CA-125) criteria. In addition to the three
patients with confirmed partial responses, preliminary results
communicated to OXiGENE by Dr. Rustin indicated that stable disease
was observed in seven of the first 11 evaluable subjects in the
clinical trial. The combination regimen of ZYBRESTAT, carboplatin and
paclitaxel appeared to be well-tolerated, with no observations of
colon perforations that had been reported previously with anti-VEGF
therapy in this patient population. OXiGENE anticipates that updated
results from Stage 1 of the Phase 2 trial will be reported at an
upcoming scientific forum.

    In November 2005, OXiGENE announced results from the Phase 1b
portion of the clinical trial presented by Dr. Rustin at the
AACR/NCI/EORTC International Conference on Molecular Targets and
Cancer Therapeutics. Of 15 ovarian cancer patients treated with
combinations of ZYBRESTAT and chemotherapy (carboplatin and/or
paclitaxel), 10 patients achieved partial responses (per RECIST or
CA-125 criteria). Only three of these patients, however, had
platinum-resistant disease, which is generally more refractory to all
treatments.

    About ZYBRESTAT (combretastatin A4 phosphate / CA4P)

    ZYBRESTAT(TM) 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 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 -enhancing medicines to patients.

    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 timing and
results of Stage 2 of the Phase 2 clinical trial of ZYBRESTAT in
ovarian cancer. 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, 2006.

OXiGENE, Inc.
Investor Relations
Shari Annes, 650-888-0902
sannes@oxigene.com