OXiGENE Presents Preclinical Data Demonstrating Significant Antitumor Activity of ZYBRESTAT(R) in Pancreatic Neuroendocrine

OXiGENE Presents Preclinical Data Demonstrating Significant Antitumor Activity
of ZYBRESTAT(R) in Pancreatic Neuroendocrine Tumor Model

SOUTH SAN FRANCISCO, Calif., Oct. 21, 2013 (GLOBE NEWSWIRE) -- OXiGENE, Inc.
(Nasdaq:OXGN), a clinical-stage biopharmaceutical company developing novel
therapeutics to treat cancer, announced the presentation of data from a
preclinical study of ZYBRESTAT® (fosbretabulin tromethamine/combretastatin A-4
phosphate or CA4P) demonstrating statistically significant differences between
the treatment arm and the control arm in a model of pancreatic neuroendocrine
tumors (PNETs). The data were presented at the AACR-NCI-EORTC International
Conference on Molecular Targets and Cancer Therapeutics, Boston, MA, in a
poster session on October 20, 2013. 

The poster, titled "Combretastatin A-4 Phosphate (CA4P) is effective for the
treatment of functional pancreatic neuroendocrine tumors (PNETs) in a
transgenic mouse model," was presented by ZiQiang Yuan, MD, Research Assistant
Professor, Department of Surgery, Albert Einstein College of Medicine. Steven
K. Libutti, MD, FACS, Professor of Surgery and Genetics, Albert Einstein
College of Medicine, and Montefiore Medical Center, is the senior author.

This preclinical study was designed to evaluate the efficacy of systemic
administration of ZYBRESTAT or CA4P for the treatment of functional
insulinomas in a transgenic mouse model of PNETs. PNETs are highly
vascularized tumors which originate in the pancreas. Functional PNETs make
hormones that can cause a cascade of disease symptoms, resulting in
significant morbidity for the patient. An insulinoma is a PNET that causes the
over-secretion of the hormone insulin.

The treatment group received ZYBRESTAT three times per week for four weeks,
and the control group received a placebo. After four weeks, tumor size, serum
insulin levels and other efficacy parameters, including apoptosis (cell
death), cell proliferation and effects on tumor vasculature, were assessed.
Key results were as follows.

  *Treatment with ZYBRESTAT resulted in a significant and sustained decrease
    in circulating insulin, with maximum effect seen by day 17 (p < 0.0001).
  *The reduction in insulin was accompanied by a significantly reduced tumor
    size in the treated group compared to the placebo group (p=0.0128).
  *Treatment with ZYBRESTAT was shown to disrupt tumor vasculature, induce
    apoptosis (cell death) and inhibit tumor cell proliferation.
  *ZYBRESTAT was shown to be well tolerated, with no obvious toxicity.

"The results of this preclinical study are very encouraging, showing a high
degree of efficacy at well-tolerated doses. This study identifies vascular
disruption induced by CA4P as a key mechanismin reducing both circulating
hormone levels and tumor size," said Dai Chaplin, PhD, former Chief Scientific
Officer of OXiGENE and currently a scientific advisor and member of the
Company's Board of Directors. "Patients with refractory PNETs have few
therapeutic options today, and ZYBRESTAT could represent an important
treatment option."

"ZYBRESTAT has demonstrated potent antitumor activity in a range of cancers,
and we believe that these preclinical data in PNETs underscore its promise as
an effective anti-vascular approach that has the potential to be used as
monotherapy or in combination with other treatment modalities," said Peter
Langecker, MD, PhD, OXiGENE President and Chief Executive Officer. "Focusing
on rare tumors is a key corporate strategy for OXiGENE, and we hope to
undertake clinical trials in PNETs in the future, either independently or in
collaboration with a development partner."

The poster will be made available on the OXiGENE website as follows:
www.oxigene.com under Downloads.

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. The Company's lead clinical product,
ZYBRESTAT, is in development as a potential treatment for ovarian cancer and
anaplastic thyroid cancer (ATC). 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 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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