OXiGENE Stockholders Approve Share Issuance to Symphony Capital

Company to Receive $12.5 Million Equity Investment 

WALTHAM, Mass., Dec. 9, 2008 (GLOBE NEWSWIRE) -- OXiGENE, Inc. (Nasdaq:OXGN)
(XSSE:OXGN), a clinical-stage, biopharmaceutical company developing novel
therapeutics to treat cancer and eye diseases, today announced that during a
special meeting of stockholders held on December 9, 2008, stockholders approved
the proposal to issue additional shares of the Company's common stock to
Symphony ViDA Holdings LLC, related to the previously announced formation of
Symphony ViDA, Inc. Symphony ViDA was established by OXiGENE and Symphony to
develop OXi4503, OXiGENE's dual-mechanism, second-generation vascular
disrupting agent (VDA), and topical-route ZYBRESTAT for ophthalmology. 

This successful stockholder vote was a condition to the closing of the second
issuance of shares pursuant to the strategic collaboration between OXiGENE and
Symphony. At the closing of this transaction, which is expected to occur by the
end of December 2008, Symphony will exercise the warrant it holds covering 11.3
million shares of the Company's common stock and purchase all shares covered by
the warrant at a price of $1.11 per share, resulting in an additional $12.5
million in equity to the Company. OXiGENE anticipates that it will regain
compliance with NASDAQ Marketplace Rule 4450(a) (3) upon the closing of the
issuance of these shares to Symphony. OXiGENE announced on November 14, 2008,
that it had received notification from NASDAQ that as of September 30, 2008,
the Company did not comply with the $10,000,000 minimum stockholders' equity
requirement for continued listing on the NASDAQ Global Market. Notwithstanding
this planned infusion of additional equity, OXiGENE is evaluating additional
options to ensure compliance with the listing requirements of NASDAQ, and has
submitted a plan to achieve and sustain compliance. 

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 OXi4503 

OXi4503 (combretastatin A1 di-phosphate / CA1P) is a dual-mechanism VDA that is
being developed in clinical studies for the treatment of solid and liquid
tumors. Like its structural analog, ZYBRESTAT(TM) (fosbretabulin / CA4P),
OXi4503 has been observed to block and destroy tumor vasculature, resulting in
extensive tumor cell death and necrosis. In addition, preclinical data
indicates that OXi4503 is metabolized by oxidative enzymes (e.g., tyrosinase
and peroxidases), which are elevated in many solid tumors and tumor white blood
cell infiltrates, to an orthoquinone chemical species that has direct cytotoxic
effects on tumor cells. Preclinical studies have shown that OXi4503 has (i)
single-agent activity against a range of xenograft tumor models; and (ii)
synergistic or additive effects when incorporated in various combination
regimens with chemotherapy, molecularly-targeted therapies (including
tumor-angiogenesis inhibitors) and radiation therapy. OXi4503 is currently
being evaluated as a monotherapy in a Phase 1 dose-escalation clinical trial in
patients with advanced solid tumors. 

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 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. 

The OXiGENE, Inc. logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=4969 

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, timing for an interim analysis of the same, the
Company's ability to regain compliance with the listing requirements of NASDAQ,
timing of the development of a topical formulation of ZYBRESTAT, timing of a
Phase 2 clinical trial of ZYBRESTAT and bevacizumab in NSCLC, timing of a Phase
2 clinical trial of ZYBRESTAT in platinum-resistant ovarian cancer, 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 Forms 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:  OXiGENE, Inc.
          Investor and Media Contact:
          Michelle Edwards, Investor Relations 
          415-315-9413
          medwards@oxigene.com