OXiGENE Reports Positive Primate Ocular Tolerance and Penetration Data with Topical Formulation of ZYBRESTAT™ for Ophthalmology

OXiGENE Reports Positive Primate Ocular Tolerance and Penetration Data with
Topical Formulation of ZYBRESTAT™ for Ophthalmology

Topical Anti-Vascular Therapy Could, If Approved, Provide
                Attractive New Option for Many Patients
    WALTHAM, Mass.--(BUSINESS WIRE)--March 11, 2008--Regulatory News:

    OXiGENE, Inc. (NASDAQ: OXGN)(XSSE: OXGN), a clinical-stage,
biopharmaceutical company developing novel therapeutics to treat
cancer and eye diseases, today reported positive results from a
primate study with topical formulations of ZYBRESTAT (fosbretabulin)
for ophthalmological indications. The study indicates that two
formulations of ZYBRESTAT, when applied topically to the surface of
the eye, are absorbed and result in concentrations of drug in target
tissues in the back of the eye (the retina and choroid) that are well
within the expected therapeutic range. The Company believes the
formulations will be appropriate for age-related macular degeneration
(ARMD) and potentially other eye diseases and conditions in which
abnormal neovascularization plays a key role. These results confirm
results seen in earlier preclinical studies conducted in rabbits."We have now demonstrated successful delivery of topical ZYBRESTAT
in three species," commented OXiGENE's President and Chief Executive
Officer, Richard Chin, M.D. "These data, combined with the positive
results observed in our previous human proof-of-concept study, which
indicated that intravenously-administered ZYBRESTAT shows activity in
patients with macular degeneration, make us optimistic about the
prospects for providing a patient-friendly and convenient new
treatment option for many people suffering from eye diseases
characterized by the abnormal growth of new blood vessels."

    Tolerability of the formulations was favorable in the primate
studies, confirming data from earlier rabbit and rodent studies. Based
on these results, OXiGENE plans to file an IND for the ZYBRESTAT
topical ophthalmology program by mid-year 2008. The Company
anticipates that data from primate and rabbit tolerance and
penetration studies will be presented at an appropriate scientific
forum in 2008.

    In February 2007, OXiGENE announced positive results from a Phase
II clinical trial of intravenous ZYBRESTAT in 23 patients with myopic
macular degeneration. All patients achieved the primary endpoint of
the trial, stabilization of vision. Results from the trial were
reported in poster form in May 2007 at the 47th Annual Meeting of the
Association of Research in Vision and Ophthalmology, and a copy of the
poster is available on OXiGENE's website at
http://www.oxigene.com/press/publications.asp - Posters.

    About ZYBRESTAT (fosbretabulin)

    ZYBRESTAT(TM) 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 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 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
success of further preclinical studies of topical formulations of
ZYBRESTAT for ophthalmological indications and the timing and ability
to submit an IND for a topical formulation of ZYBRESTAT for
ophthalmological indications. 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, 2006.

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