OXiGENE Reports Positive Interim Results from Phase Ib ZYBRESTAT(TM) - Bevacizumab Combination Study in Advanced Solid Tumors

OXiGENE Reports Positive Interim Results from Phase Ib ZYBRESTAT(TM) -
Bevacizumab Combination Study in Advanced Solid Tumors

Combination Regimen Appears Safe and Well-Tolerated with Early Evidence of
Clinical Activity

WALTHAM, Mass.--(BUSINESS WIRE)--Oct. 5, 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 interim results from an
ongoing Phase Ib study of its lead product candidate, ZYBRESTAT(TM)
(combretastatin-A4 phosphate / CA4P), administered in combination with
bevacizumab (AVASTIN(R)) to patients with advanced solid tumors, were
presented today at the European School of Haematology's International
Conference on Vascular Targeted Therapies in Oncology in Mandelieu,
France.

    Based on results from the first two of three dose cohorts in the
study, in which a total of six patients were evaluable, the
ZYBRESTAT-bevacizumab combination appeared safe and well-tolerated,
resulted in significantly enhanced tumor blood-flow reductions as
measured by DCE-MRI imaging, and demonstrated early evidence of
clinical activity in the absence of concurrent cytotoxic chemotherapy.
A copy of the poster presentation is available at www.oxigene.com
under Press Room / Publications."These encouraging initial data underscore the potential for
delivering enhanced benefits to solid tumor patients by combining
these different-yet-complementary therapies to deprive tumors of blood
supply," commented Richard Chin, M.D., chief executive officer and
president of OXiGENE. "Based on the results from this study, we plan
to initiate by the first quarter of 2008 a controlled Phase II study
of ZYBRESTAT plus bevacizumab and standard chemotherapy in patients
with non-small-cell lung cancer."

    The principal investigator of this trial, Dr. Paul Nathan of the
Mount Vernon Cancer Centre, United Kingdom, commented, "This is the
first-ever clinical trial combining a vascular disrupting agent and an
anti-angiogenic drug. Importantly, the interim results provide
evidence of enhanced activity with this chemotherapy-free combination
regimen, as was initially predicted in preclinical studies. The
interim results to date indicate that the CA4P-bevacizumab combination
appears safe and well-tolerated, and functional imaging demonstrates
additive effects on tumor vasculature. In addition, early evidence of
clinical activity has been seen, based on the number and duration of
stable-disease responses achieved in these patients with advanced
disease."

    The ongoing Phase Ib study is an open-label, dose-escalation study
designed to evaluate safety and tolerability, pharmacodynamics,
pharmacokinetics, and biomarkers associated with three dosages of
ZYBRESTAT (45 mg/m2, 54 mg/m2 and 63 mg/m2) in combination with
bevacizumab (10mg/kg administered every 14 days). OXiGENE anticipates
completing enrollment in the study in the current quarter and
reporting further data from all dose cohorts at an appropriate
scientific forum in 2008.

    About ZYBRESTAT / Combretastatin A4P (CA4P)

    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. ZYBRESTAT has demonstrated
potent and selective activity against tumor vasculature, as well as
clinical activity against ATC and other solid tumors in clinical
studies.

    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,
including those relating to the future clinical development of
ZYBRESTAT, future results of the ongoing Phase Ib clinical trial,
approval by the FDA, timing of patient enrollment, the effective
combination of ZYBRESTAT with other drugs, and ZYBRESTAT leading a
novel class of small-molecule drug candidates 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-K,
10-Q and 8-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, 2006.

    AVASTIN(R) is a registered trademark of Genentech, Inc.

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