OXiGENE Announces Clinical Trials Data to be Presented At the 2008Annual Meeting of the American Society of Clinical Oncology

WALTHAM, Mass., May 28, 2008 (PRIME NEWSWIRE) -- OXiGENE, Inc. (Nasdaq:OXGN) (Stockholm:OXGN), a clinical-stage, biopharmaceutical company developing novel therapeutics to treat cancer and eye diseases, announced today that two abstracts summarizing data from clinical trials with its vascular disrupting agent (VDA) product candidates, fosbretabulin (referred to as combretastatin A4-phosphate / CA4P) and OXi4503, will be presented in posters at the upcoming 2008 Annual Meeting of the American Society of Clinical Oncology (ASCO) in Chicago, IL, May 30-June 3, 2008. Two additional abstracts containing fosbretabulin clinical trials data are published in the ASCO meeting program. ASCO Poster Presentations: Abstract #3550: A phase I study of combretastatin A4 phosphate (CA4P) and bevacizumab in subjects with advanced solid tumors. Poster presentation by Paul Nathan, MBBS, PhD, FRCP, Consultant Medical Oncologist, Mount Vernon Cancer Centre, Northwood, Middlesex, United Kingdom, on Sunday, June 1, 2008, Developmental Therapeutics: Molecular Therapeutics, S Hall A1, Poster 22B, 2:00-6:00 p.m. Abstract #3551: Phase I evaluation of vascular disrupting agent OXi4503. Poster presentation by Daniel M. Patterson, MD, Department of Medical Oncology, Mount Vernon Hospital, Northwood, Middlesex, United Kingdom on Sunday, June 1, 2008, Developmental Therapeutics: Molecular Therapeutics, S Hall A1, Poster 22F, 2:00-6:00 p.m. Abstracts Published in the ASCO Annual Meeting Program: Abstract #14584: Volumetric perfusion CT assessment of concurrent combretastatin-A4-phosphate (CA4P) and radiotherapy (RT) in non-small cell lung cancer. H. C. Mandeville, V. Goh, Q. S. Ng, J. Milner, M. I. Saunders, P. J. Hoskin. Abstract #14517: A phase I/II trial of radioimmunotherapy with 131Iodine labeled A5B7 anti-CEA antibody (131I-A5B7) in combination with Combretastatin-A4-Phosphate (CA4P) in advanced gastrointestinal carcinomas. A. M. Gaya, J. Violet, G. Dancey, A. Green, M. Stratford, S. Sharma, K. Owen, A. Padhani, G. J. Rustin, R. H. Begent, T. Meyer. About ZYBRESTAT ZYBRESTAT (fosbretabulin) is currently being evaluated in a pivotal registration study as a potential treatment for anaplastic thyroid cancer (ATC) under a Special Protocol Assessment agreement with the U.S. Food and Drug Administration (FDA). Phase II studies in platinum-resistant ovarian cancer and non-small cell lung cancer are also ongoing. 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 OXi4503 OXi4503 (combretastatin A1 di-phosphate / CA1P) is a dual-mechanism VDA that is being developed in clinical studies for the treatment of solid and liquid tumors. Like its structural analog, ZYBRESTAT(TM) (fosbretabulin / CA4P), OXi4503 has been observed to block and destroy tumor vasculature, resulting in extensive tumor cell death and necrosis. In addition, preclinical data indicates that OXi4503 is metabolized by oxidative enzymes (e.g., tyrosinase and peroxidases), which are elevated in many solid tumors and tumor white blood cell infiltrates, to an orthoquinone chemical species that has direct cytotoxic effects on tumor cells. Preclinical studies have shown that OXi4503 has (i) single-agent activity against a range of xenograft tumor models; and (ii) synergistic or additive effects when incorporated in various combination regimens with chemotherapy, molecularly-targeted therapies (including tumor-angiogenesis inhibitors), and radiation therapy. OXi4503 is currently being evaluated as a monotherapy in a Phase I dose-escalation clinical trial in patients with advanced 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 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. The OXiGENE, Inc. logo is available at http://www.primenewswire.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 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, enrollment rate for patients in the ZYBRESTAT pivotal trial for anaplastic thyroid cancer, interim analysis of the same, timing of the IND filing and Phase I trial initiation for topical ZYBRESTAT, timing of a Phase II clinical trial of ZYBRESTAT and bevacizumab in NSCLC, timing or execution of a strategic collaboration on any product or indication, and cash utilization rates for 2008. 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, 2007. CONTACT: OXiGENE, Inc. Investor and Media Contact: Michelle Edwards, Investor Relations +1 (415) 315-9413 medwards@oxigene.com