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OXiGENE Abstracts Published in ASCO Program

eve synergistic antitumor activity when administered concurrently. In animal studies, ZYBRESTAT has been shown to enhance the anti-tumor effects of several chemotherapeutic agents, several anti-angiogenic drugs, and radiation.

OXi4503 is a novel, second-generation vascular disrupting agent with potential intrinsic cytotoxicity exerted through an ortho-quinone metabolite. The drug candidate has demonstrated single-agent activity in human tumor xenograft models. Preclinical research with OXi4503 suggests that it not only shuts down tumor blood flow, but can also be metabolized into a compound which could assist with killing the remaining tumor cells at the periphery of the tumor by direct cytotoxic activity against tumor cells. In December 2004, the United Kingdom regulatory authorities accepted an application from our collaborators, Cancer Research UK, to initiate a dose-escalating Phase I clinical trial of OXi4503 in patients with advanced cancer. This trial is currently ongoing. In 2007, OXiGENE plans to initiate several preclinical studies to evaluate OXi4503 and possibly a Phase Ib clinical trial of OXi4503 in combination with an approved anti-angiogenic therapeutic.

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 including the initiation of further clinical trials with
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