OXiGENE Reports Encouraging Safety and Efficacy Data from Ongoing Phase 2 Trial of ZYBRESTAT in Non-Small Cell Lung Cancer at the 2010 ASCO Annual Meeting

SOUTH SAN FRANCISCO, Calif., June 6, 2010 (GLOBE NEWSWIRE) -- OXiGENE, Inc.
(Nasdaq:OXGN), a clinical-stage, biopharmaceutical company developing novel
therapeutics to treat cancer and eye diseases, announced today that it
presented updated safety and clinical activity data from the FALCON trial, a
randomized, controlled Phase 2 study of ZYBRESTAT™ (CA4P) in patients with
non-small cell lung cancer (NSCLC), at the 2010 Annual Meeting of the American
Society of Clinical Oncology (ASCO). The updated analysis showed that
meaningful improvements were observed in response rate, progression-free
survival and overall survival rates in the study arm (ZYBRESTAT combined with
bevacizumab and carboplatin/paclitaxel chemotherapy) as compared with the
control arm (bevacizumab and chemotherapy) of the trial. The combination
regimen including ZYBRESTAT was observed to be well-tolerated with no
significant cumulative toxicities when compared with the control arm of the
study. 

The data were presented in a poster titled, "Randomized phase II trial of a
tumor vascular disrupting agent fosbretabulin tromethamine (CA4P) with
carboplatin, paclitaxel and bevacizumab in stage IIIb/IV nonsquamous non-small
cell lung cancer (NSCLC): The FALCON trial," by Edward Garon, M.D., Assistant
Professor of Medicine at the University of California, Los Angeles and primary
investigator in the study. 

"The data gathered to date from the FALCON study are highly encouraging as they
demonstrate improvement over the standard of care for this challenging and
aggressive disease," commented Dr. Garon. "This initial trend is exciting, and
if maintained as the data matures, these results strongly suggest that
ZYBRESTAT should be evaluated further in a Phase 3 study in non-small cell lung
cancer." 

"We believe that these promising data continue to build upon the growing body
of evidence demonstrating that ZYBRESTAT can yield clinical benefit without
increased toxicity when added to existing mainstay cancer therapies," commented
Peter Langecker, M.D., Chief Executive Officer at OXiGENE. "This study is the
first trial to investigate the combined use of a vascular disrupting agent with
an anti-angiogenic therapy at full strength. Anti-angiogenic agents represented
an important breakthrough when combined with conventional chemotherapy in
multiple tumor types, and have since become the standard by which other
therapies are measured. We believe that the addition of the VDA ZYBRESTAT
represents the next key step in treating patients with cancer." 

FALCON is a controlled, randomized study investigating the addition of
ZYBRESTAT (fosbretabulin tromethamine, or CA4P) to standard therapy
(carboplatin, paclitaxel, and bevacizumab) in patients with Stage IIIb or IV
predominantly non-squamous NSCLC. A total of 53 patients were treated with 27
in the standard therapy arm and 26 in the CA4P + standard therapy arm (safety
population). The treatment arms were well balanced except for a greater number
of males in the CA4P arm. Disease was predominately Stage IV in both arms.
Patients received CA4P plus standard therapy or standard therapy alone every 21
days for up to 6 cycles (treatment phase). Patients without disease progression
after 6 cycles could continue to receive bevacizumab with or without CA4P
(depending on treatment arm) until disease progression (maintenance phase). 

Key data points from the ongoing FALCON trial are as follows.

Progression-free survival (PFS)

PFS determined by RECIST criteria 
Median PFS was 6.9 months in the CA4P arm versus 6.2 months in the standard
therapy arm (hazard ratio (95%CI) = 0.70 (0.27, 1.82)) 
Represents a 30% reduction in the odds of progression for patients receiving
CA4P vs. standard therapy 
Tumor response

Partial Response (PR) was 60% in the CA4P arm and 40% in the standard therapy
arm 
Survival

With 22 deaths overall (12 in the Control Arm and 10 in the CA4P Arm), median
survival has not been reached in either arm 
In the efficacy population, the observed hazard ratio and 95%CI is 0.68 (0.26,
1.79) in favor of the CA4P arm 
A copy of the ASCO presentation is available on OXiGENE's website at
www.oxigene.com. 

About ZYBRESTAT (fosbretabulin)

ZYBRESTAT is being evaluated in a Phase 2 study of patients with non-small cell
lung cancer and other clinical trials. OXiGENE believes that ZYBRESTAT is
poised to become an important product in a novel class of small-molecule drug
candidates called vascular disrupting agents. 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 trials 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. 

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 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. 

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, which include projected study
outcomes, emerging oncology treatments and the expected conclusion of ongoing
or initiation of new clinical studies 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
outcome of clinical studies and the availability of additional financing to
continue development of ZYBRESTAT. 

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, 2009. 

CONTACT:  OXiGENE, Inc.
          Investor and Media Contact:
          Michelle Edwards, Investor Relations
          650-635-7006
          medwards@oxigene.com