OXiGENE Announces a Poster Presentation Highlighting Results from its Study of ZYBRETSTAT™ CA4P in Myopic Macular Degeneration (Study MMD-213) at the 47th Annual Meeting of the Association of Research in Vision and Ophthalmology

OXiGENE Announces a Poster Presentation Highlighting Results from its Study of
ZYBRETSTAT™ CA4P in Myopic Macular Degeneration (Study MMD-213) at the 47th
Annual Meeting of the Association of Research in Vision and Ophthalmology

( BW)(MA-OXIGENE)(OXGN)(OXGN.ST) OXiGENE Announces a Poster
Presentation Highlighting Results from its Study of ZYBRETSTAT(TM)
CA4P in Myopic Macular Degeneration (Study MMD-213) at the 47th Annual
Meeting of the Association of Research in Vision and Ophthalmology

    Business Editors/Health/Medical Writers

    WALTHAM, Mass.--(BUSINESS WIRE)--May 7, 2007--Regulatory News:

    OXiGENE, Inc. (NASDAQ: OXGN, XSSE: OXGN), a clinical-stage
biotechnology company developing novel therapeutics to treat cancer
and eye diseases, announced today that the results of its Phase II
combretastatin A4 phosphate (CA4P) clinical trial in myopic macular
degeneration (MMD) was presented at the 47th Annual Meeting of the
Association of Research in Vision and Ophthalmology (ARVO) in Fort
Lauderdale, FL. The abstract may be viewed at www.arvo.org.

    The following are the poster session details:

Poster No.:   1457/B534
Abstract      Phase II Clinical Trial of Intravenous Combretastatin A4
 Title:        Phosphate in Patients With Subfoveal Choroidal
               Neovascular Membranes (CNV) in Pathologic Myopia
Presentation  Monday, May 07, 2007, 8:30 AM -10:15 AM
 Time:

    The poster provided additional details from the ZYBRESTAT(TM) CA4P
Phase II clinical trial (MMD-213) in Myopic Macular Degeneration,
top-line results from which the Company previously announced on
February 15, 2007. Based on the positive results from this study, in
which 100% of patients met the primary endpoint of maintenance of
visual acuity, the Company has held a pre-IND meeting with the FDA
regarding topical ophthalmic formulations (eye drops and ocular
mini-tabs), is proceeding with development of a topical formulation of
ZYBRESTAT(TM), and anticipates filing and IND and initiating clinical
studies with the formulation in early 2008.

    About the Study (MMD-213):

    MMD-213 was a Phase II, double-masked (physician and subject),
dose-ranging, multi-center study designed to evaluate the safety and
efficacy of intravenous CA4P for treating subfoveal choroidal
neovascularization in subjects with pathologic myopia. Subjects were
assigned to receive CA4P at doses of 27, 36 or 45 mg/m(2). A total of
23 subjects, 7-8 per arm, were enrolled. All subjects received active
treatment; however, subjects and investigators were masked to dose.
Subjects received two doses of CA4P one week apart with up to 3
additional doses and they were followed for 3 months for efficacy and
safety. The primary efficacy variable was the best corrected Early
Treatment Diabetic Retinopathy Study (ETDRS) visual function (visual
acuity). Secondary variables included fluorescein angiography and
optical coherence tomography (OCT). All efficacy variables were
evaluated by a masked grader. Safety was assessed via vital signs,
laboratory tests, slit-lamp biomicroscopy, dilated fundus examination,
fundus photography, serial ECGs and elicited and observed adverse
events. Informal data reviews were conducted by OXiGENE throughout the
trial to ensure patient safety.

    About OXiGENE, Inc.

    OXiGENE is a clinical-stage biotechnology 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 associated with solid
tumor progression and visual impairment. OXiGENE is dedicated to
leveraging its intellectual property position and therapeutic
development expertise to bring life saving 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. 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 Form 10-Q, 8-K
and 10-K reports. 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, 2005 for a
description of these risks.

    NOTE TO EDITORS: In the expression, mg/m(2), which appears in the
paragraph, About the Study (MMD-213):, the figure '2' is in
superscript. This feature may not appear properly in some systems.

CONTACT: OXiGENE, Inc.
         Investor Relations
         781-547-5900