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OXiGENE Announces Issuance of Patent for Benzosuberenes, a Novel Anticancer Class of Agents

OXiGENE Announces Issuance of Patent for Benzosuberenes, a Novel Anticancer
Class of Agents

SOUTH SAN FRANCISCO, Calif., March 20, 2013 (GLOBE NEWSWIRE) -- OXiGENE, Inc.
(Nasdaq:OXGN), a clinical-stage biopharmaceutical company developing novel
therapeutics to treat cancer, announced today that the US Patent and Trademark
Office issued U.S. Patent No. 8,397,859, covering certain benzosuberene-based
compounds, including the analogues referred to as KGP18 and KGP156 that are
currently in preclinical development. The patent also covers methods of using
those compounds to inhibit tubulin polymerization, to reduce blood flow to a
tumor, or to restrain, slow, stop or reverse progression of a tumor.

These compounds are the product of OXiGENE's ongoing collaboration with Kevin
G. Pinney, Ph.D. and Mary Lynn Trawick, Ph.D.at Baylor University to identify
inhibitors of tubulin polymerization as vascular targeting agents and as
back-up compounds to OXiGENE's combretastatin A-4P (ZYBRESTAT^®) and OXi4503.
Recently, the focus of this collaboration has centered on the development of
novel antiproliferative agents (benzosuberenes) and anti-invasive molecules
(cathepsin L inhibitors). OXiGENE has an exclusive license to the worldwide
rights to all of the compounds that result from this collaboration.

"The issuance of the patent covering benzosuberenes is an important
achievement for OXiGENE that enhances the value of our anticancer portfolio
for potential pharmaceutical partners and investors," said Peter J. Langecker,
M.D., Ph.D., OXiGENE's Chief Executive Officer. "We believe that this exciting
new class of compounds has the potential to enhance treatment options for
oncologists and patients with cancer. This work also demonstrates the
continued productivity of our collaboration with Baylor University."

"This benzosuberene series of molecules are among the most potent
antiproliferative agents identified to date in our laboratories, and we
believe this exceptional potency coupled with their antivascular activity make
these compounds potentially well-suited for selective delivery strategies,
including their use as payloads for antibody-directed therapy," said Dr.
Pinney, Professor of Chemistry at Baylor University.

Benzosuberenes have highly potent anti-proliferative activity via inhibition
of tubulin assembly at the colchicine binding site. Lead compounds include
KGP18 and KGP156, which are potent small-molecule tubulin depolymerizing
agents displaying sub-nanomolar (in the case of KGP18) antiproliferative
activity in vitro against a number of human cancer cell lines. These compounds
have also been shown to disrupt capillary-like networks of endothelial cells
in vitro and induce reductions in tumor blood flow in human tumor xenografts
in mice. Two publications detailing the synthesis and in vitro activity of the
initial lead compounds in this series of benzosuberenes have appeared in print
(Bioorg. Med. Chem. 16:8161-8171 (2008); and Med. Chem. Commun. 3:720-24
(2012).

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 at
http://www.globenewswire.com/newsroom/prs/?pkgid=4969

About BAYLOR UNIVERSITY

Baylor University is a private Christian university and a nationally ranked
research institution, characterized as having "high research activity" by the
Carnegie Foundation for the Advancement of Teaching. The university provides a
vibrant campus community for approximately 15,000 students by blending
interdisciplinary research with an international reputation for educational
excellence and a faculty commitment to teaching and scholarship. Chartered in
1845 by the Republic of Texas through the efforts of Baptist pioneers, Baylor
is the oldest continually operating university in Texas. Located in Waco,
Baylor welcomes students from all 50 states and more than 80 countries to
study a broad range of degrees among its 11 nationally recognized academic
divisions. Baylor sponsors 19 varsity athletic teams and is a founding member
of the Big 12 Conference.

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, 2012.

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

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