OXiGENE Begins Phase II NSCLC Trial of ZYBRESTAT(TM) in Combination with Bevacizumab and Chemotherapy


OXiGENE Begins Phase II NSCLC Trial of ZYBRESTAT(TM) in Combination with
Bevacizumab and Chemotherapy

WALTHAM, Mass.--(BUSINESS WIRE)--March 26, 2008--Regulatory News:

    OXiGENE, Inc., a clinical-stage biopharmaceutical company
developing novel therapeutics to treat cancer and eye diseases,
announced that the company has begun dosing patients in a randomized,
double-blinded, controlled Phase II study of its potential
first-in-class vascular disrupting agent (VDA), ZYBRESTAT(TM)
(fosbretabulin), in combination with the anti-angiogenic drug,
bevacizumab, and the chemotherapeutic agents carboplatin and
paclitaxel as first-line therapy for patients with Stage IIIb/IV
non-small cell lung cancer (NSCLC).

    The multi-center study is being conducted in the US and India and
is expected to enroll approximately 60 patients at 14 sites. Half of
the patients will be administered intravenous ZYBRESTAT plus
bevacizumab, carboplatin and paclitaxel, and half will receive the
standard first-line regimen of a combination of bevacizumab,
carboplatin and paclitaxel. The primary outcome of the trial will be a
comparison of safety and progression-free survival between the two
treatment arms. The study design also includes analysis of tumor
response rate as measured by RECIST criteria. The anticipated duration
of the study is 24 months, and the company expects to announce
top-line data in the second half of 2009."This study builds upon encouraging observations made in
preclinical and clinical studies suggesting that combination therapy
with ZYBRESTAT and bevacizumab results in enhanced anti-tumor activity
and prolonged tumor blood-flow inhibition," commented Patricia
Walicke, M.D., Chief Medical Officer of OXiGENE. "We're optimistic
that this study will provide further support for this combination in
the treatment of non-small cell lung cancer, and more generally for
the paradigm of anti-vascular therapy with VDA and anti-angiogenic
agent combinations."

    Additional information regarding the study design, enrollment
criteria, and participating centers will be available at
http://www.clinicaltrials.gov (keyword: non-small cell lung cancer).

    About ZYBRESTAT (fosbretabulin)

    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
anaplastic thyroid cancer, ovarian cancer, and various other solid
tumors. In clinical studies in patients with forms of macular
degeneration, intravenously-administered ZYBRESTAT has demonstrated
clinical activity.

    About Non-small Cell Lung Cancer

    The American Cancer Society estimates that over 180,000 cancer
patients in the United States will be diagnosed with NSCLC in 2008.
Lung cancer deaths in Europe are estimated to be over 340,000 per
year. Lung cancer is the leading cause of cancer death among both men
and women - more than prostate, breast and colon cancer combined.

    About OXiGENE, Inc.

    OXiGENE is a clinical-stage biopharmaceutical 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 associatedwith solid tumor progression and visual impairment. OXiGENE is
dedicated to leveraging its intellectual property position and
therapeutic development expertise to bring life-saving and
life-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 the Phase 2 clinical trial of ZYBRESTAT in non-small cell
lung 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, 2007.

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

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