OXiGENE Announces OXi4503 Granted Orphan Designation for Treatment of Acute Myelogenous Leukemia

OXiGENE Announces OXi4503 Granted Orphan Designation for Treatment of Acute
Myelogenous Leukemia

SOUTH SAN FRANCISCO, Calif., Nov. 21, 2012 (GLOBE NEWSWIRE) -- OXiGENE, Inc.
(Nasdaq:OXGN), a clinical-stage biopharmaceutical company developing novel
therapeutics to treat cancer, announced that its product candidate OXi4503 has
been granted orphan designation by the US Food and Drug Administration for the
treatment of acute myelogenous leukemia (AML). Orphan drug designation
qualifies a company for several benefits, including the potential for market
exclusivity, development grants, and for certain tax credits.

OXi4503 is a novel, second-generation anticancer agent that combines vascular
disrupting activity with direct cytotoxicity. A Phase 1 study of OXi4503 for
the treatment of patients with AML or myelodysplastic syndrome (MDS) is
currently under way, with support from The Leukemia & Lymphoma Society's
Therapy Acceleration Program.

Commented Peter J. Langecker, M.D., Ph.D., OXiGENE Chief Executive Officer:
"OXi4503 is a valuable asset in our company's product portfolio of vascular
disrupting agents, and has shown highly potent antitumor activity in
preclinical and clinical studies. We believe that orphan designation in the US
may increase the attractiveness of OXi4503 as a partnering asset, and we plan
to seek orphan designation in the European Union as well. We look forward to
having initial results from the ongoing Phase 1 trial in AML before the end of
2012. AML is a highly lethal disease, and there is an urgent need for
therapeutic approaches based on new mechanisms of action that can be used as
monotherapy or in combination with current treatment regimens. We are
optimistic that OXi4503 has the potential to represent a promising and novel
way to treat AML, especially in resistant populations."

The US Orphan Drugs Act aims to encourage the development of drugs involved in
the diagnosis, prevention or treatment of a medical condition affecting fewer
than 200,000 people in the United States. Orphan drug designation grants US
market exclusivity to a drug for a particular indication for a seven-year
period if the sponsor complies with certain FDA specifications. Additional
incentives for the sponsor include tax credits related to clinical trial
expenses and a possible exemption from the FDA user fee, and the orphan status
also allows the sponsor to apply for grants to support clinical trials.

About OXi4503 and the Phase 1 AML Trial

OXi4503 (combretastatin A1 diphosphate /CA1P) is a dual-mechanism vascular
disrupting agent that is being developed in clinical trials for the treatment
of leukemias and solid tumors. Like its structural analog, ZYBRESTAT®
(fosbretabulin/CA4P), OXi4503 has been observed to block and destroy tumor
vasculature, resulting in extensive tumor cell death and necrosis. In
addition, preclinical data indicate 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 single-agent activity against a range of xenograft
tumor models, and synergistic or additive effects when incorporated in various
combination regimens with chemotherapy, molecularly-targeted therapies
(including tumor-angiogenesis inhibitors), and radiation therapy. OXi4503 has
been evaluated as a monotherapy in a Phase 1 dose-escalation trial in patients
with advanced solid tumors and in patients with cancers involving the liver.

Patients in the ongoing Phase 1 study with relapsed and refractory AML and MDS
are receiving OXi4503 administered weekly for four weeks.Patients are being
individually assessed for safety and dose limiting toxicity for the purpose of
determining the maximum tolerated dose during the first cycle of OXi4503.
Additional information about the trial can be found by searching for trial
number NCT01085656 at www.clinicaltrials.gov.

About OXiGENE

OXiGENE is a clinical-stage biopharmaceutical company developing novel
therapeutics to treat cancer. The Company's major focus is developing vascular
disrupting agents (VDAs) that selectively disrupt abnormal blood vessels
associated with solid tumor progression. OXiGENE is dedicated to leveraging
its intellectual property and therapeutic development expertise to bring
life-extending and life-enhancing medicines to patients.

The OXiGENE, Inc. logo is available
athttp://www.globenewswire.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, which include the timing of
advancement, outcomes, and regulatory guidance relative to our clinical
programs, achievement of our business and financing objectives 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 inherent risks of drug development and regulatory
review, and the availability of additional financing to continue development
of our programs.

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, 2011.

CONTACT: Investor and Media Contact:
         ir@oxigene.com
         650-635-7000

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