OXiGENE, Inc. Announces $16 Million At-The-Market Registered Direct Offering

OXiGENE, Inc. Announces $16 Million At-The-Market Registered Direct Offering

Company Significantly Strengthens Cash Position

SOUTH SAN FRANCISCO, Calif., May 23, 2014 (GLOBE NEWSWIRE) -- OXiGENE, Inc.
(Nasdaq:OXGN), a biopharmaceutical company developing novel cancer
therapeutics, today announced that it has entered into definitive agreements
with institutional investors to purchase an aggregate of $16 million of
registered shares of OXiGENE common stock in an at-the-market direct offering
at $ 2.9625 per share. For each share of common stock purchased, investors
will receive one-half of an unregistered warrant to purchase a share of common
stock at an exercise price of $2.90 per share, which are exercisable
immediately and expire five years and three months from the date of issuance.
The closing of the offering is expected to take place on or about May 28,
2014, subject to the satisfaction of customary closing conditions.

H.C. Wainwright & Co., LLC acted as the exclusive placement agent in
connection with this offering.

With this $16 million financing, OXiGENE significantly increases its cash
position, which was approximately $24.7 million as of March 31, 2014.The
Company intends to use the proceeds from the offering to continue advancing
its current development programs and research activities.

The shares of common stock described above are being offered pursuant to a
shelf registration statement (File No. 333-181813), which became effective on
June 14, 2012.The securities may be offered only by means of a prospectus,
including a prospectus supplement, forming a part of the effective
registration statement. Pursuant to a Registration Rights Agreement, the
Company has agreed to file one or more registration statements with the SEC
covering the resale of the shares of common stock issuable upon exercise of
the warrants.

This press release shall not constitute an offer to sell or the solicitation
of an offer to buy any of the securities described herein. There shall not be
any offer, solicitation of an offer to buy, or sale of securities in any state
or jurisdiction in which such an offering, solicitation, or sale would be
unlawful prior to registration or qualification under the securities laws of
any such state or jurisdiction. The Company will file a prospectus supplement
with the SEC relating to the common stock, and following such filing, copies
of the prospectus supplement and the accompanying base prospectus relating to
this offering may be obtained at the SEC's website at http://www.sec.gov, or
from H.C. Wainwright & Co., LLC by e-mailing placements@hcwco.com.

About OXiGENE

OXiGENE is a clinical-stage biopharmaceutical company developing novel
therapeutics to treat cancer.The Company is focused on developing vascular
disrupting agents (VDAs), which are compounds that selectively disrupt
abnormal blood vessels associated with solid tumor survival and progression.
The Company's lead clinical product candidate, ZYBRESTAT^® (fosbretabulin
tromethamine), is in development as a potential treatment for solid tumors.
OXi4503, its second product candidate, is in development for acute myeloid
leukemia (AML).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, 2013.

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

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