OXiGENE Announces Granting of Orphan Drug Status in Europe for ZYBRESTAT in Ovarian Cancer

OXiGENE Announces Granting of Orphan Drug Status in Europe for ZYBRESTAT in
Ovarian Cancer

SOUTH SAN FRANCISCO, Calif., July 18, 2013 (GLOBE NEWSWIRE) -- OXiGENE, Inc.
(Nasdaq:OXGN), a clinical-stage biopharmaceutical company developing novel
therapeutics to treat cancer, announced that the European Medicines Agency
(EMA) has granted orphan drug designation for ZYBRESTAT® (fosbretabulin
tromethamine) for the treatment of ovarian cancer. Orphan drug designation in
the European Union (EU) is given to products that are designed for the
diagnosis, prevention or treatment of rare diseases that are life-threatening
or very serious. A disease is defined as rare in the EU if it affects fewer
than five in 10,000 people. Granting of orphan drug designation in the EU
provides companies with development and commercial incentives, including a
period of market exclusivity, access to a centralized review process, protocol
assistance (scientific advice) and waiving of marketing and post-marketing
authorization fees.

OXiGENE is developing ZYBRESTAT as a potential treatment for patients with
advanced ovarian cancer. Data from a randomized, two-arm Phase 2 clinical
trial testing the combination of ZYBRESTAT and Avastin® (bevacizumab) to treat
patients with advanced ovarian cancer could be available in early 2014, and,
if positive, could provide the basis for a registration program.

"Obtaining orphan drug status for ZYBRESTAT in the EU is an important
milestone in advancing OXiGENE's clinical strategy in ovarian cancer," said
Peter Langecker, M.D., Ph.D., OXiGENE's Chief Executive Officer. "We are
particularly excited about the ongoing GOG Phase 2 trial, as it is the first,
and currently the only, randomized trial to test an anti-angiogenic
therapeutic agent combined with a vascular disrupting agent in ovarian cancer,
without including any cytotoxic chemotherapy. Both preclinically and
clinically this combination has been shown to result in more significant
reduction in blood flow that can starve and kill the tumor than either drug
alone. Strategically it is important to note that in the EU Avastin® is
already approved for the treatment of ovarian cancer as a single agent.We
have been gratified by the broad interest in ZYBRESTAT within the worldwide
oncology community, and look forward to advancing this program toward
registration, either with the support of a corporate partner or on our own."

The Phase 2 clinical trial of ZYBRESTAT and Avastin, called GOG186I, is being
conducted by the Gynecologic Oncology Group under the sponsorship of Cancer
Therapy Evaluation Program of the National Cancer Institute. This trial is
also being performed in collaboration with Genentech, the manufacturer of
Avastin.A total of 107 patients with advanced, platinum-sensitive and
resistant ovarian cancer have been enrolled in this trial at over 80 clinical
sites in the US. The primary endpoint of the trial is progression-free
survival, and the trial is designed to detect a level of reduction in the
hazard ratio of arm 2 to arm 1 of 37.5%. This result would be comparable to an
increase of 50% to 65% in the cumulative proportion of patients alive and
progression-free at five months in the arm treated with ZYBRESTAT plus
Avastin. Secondary endpoints include safety, overall survival and objective
responses by treatment. OXiGENE expects that an interim efficacy analysis will
be conducted during the third quarter of 2013. The company will remain blinded
to the data from this interim analysis.

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.

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, including the
timing for an interim efficacy analysis and for receipt of preliminary data
from the ongoing GOG 186I trial discussed 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 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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