OXiGENE Announces Corporate Goals for 2005: Company Plans to Move CA4P

OXiGENE Announces Corporate Goals for 2005: Company Plans to Move CA4P into Later-stage Clinical Studies in Two Cancer Indications in 2005

    Business Editors/Health/Medical Writers
    BIOWIRE2K

    WALTHAM, Mass.--(BUSINESS WIRE)--Jan. 7, 2005--OXiGENE, Inc. (Nasdaq: OXGN, XSSE: OXGN), developing novel small-molecule therapeutics to treat cancer and certain eye diseases, today announced its corporate goals for 2005.
    "We believe we are entering 2005 in the Company's strongest position ever. We have multiple advanced clinical programs, providing us with opportunities to either move forward with OXiGENE-led commercialization efforts and/or explore external co-development alliances." commented Fred Driscoll, President and Chief Executive Officer of OXiGENE. "The successful execution of our goals for 2005 will be pivotal in evolving OXiGENE into a later-stage pharmaceutical development company."
    Mr. Driscoll continued, "We look forward in 2005 to the release of clinical data on our lead vascular targeting agent (VTA) Combretastatin A4 Prodrug (CA4P), presentation of new pre-clinical data on our compounds and advancing CA4P into later-stage clinical development." More specific goals include:

--	Clinical update on CA4P expected to be presented at the American Society for Clinical Oncology (ASCO) conference
--	New pre-clinical data expected to be presented at the American Association for Cancer Research (AACR) conference
--	Receive regulatory clearance to enter into a later-stage, randomized, controlled trial with CA4P combined with carboplatin and paclitaxel in a specific cancer indication
--	Receive regulatory clearance to enter into a later-stage, randomized, controlled trial with CA4P and radiotherapy in a specific cancer indication
--	Complete the Phase I/II CA4P trial in patients with wet age-related macular degeneration (wAMD)
--	Select a means of local ocular administration for VTAs and initiate in vivo evaluation
--	Enroll the majority of patients in the ongoing Phase II ophthalmology trial with CA4P in patients with myopic macular degeneration (MMD)
--	Complete the Phase II CA4P mono-therapy trial in patients with advanced anaplastic thyroid cancer
--	Strengthen the clinical and regulatory capabilities through additional key hires

    Reflecting on 2004

    "From almost every aspect, 2004 was a year of tremendous accomplishment and progress for the company," said Mr. Driscoll. "We believe that the ability to execute on the clinical development strategy that we launched over two years ago has placed CA4P in a lead position in clinical development in the field of vascular targeting."
    During 2004, OXiGENE initiated two new CA4P oncology clinical trials involving patients with breast, lung, ovarian and advanced cervical cancers. The addition of these two new clinical studies has CA4P currently being investigated in a total of seven clinical trials in oncology. These trials include patients with lung, head and neck, prostate, colorectal, ovarian, breast, cervical and advanced and newly diagnosed anaplastic thyroid cancers, and involve the use of CA4P in both single-agent and multiple treatment modalities, including chemotherapy, radiotherapy and antibody therapy. In addition, OXiGENE broadened its clinical development program of CA4P into ophthalmology by initiating a Phase II international multi-centered study in the treatment of myopic macular degeneration. The Company also accomplished a major achievement by moving its second clinical candidate, the ortho-quinone prodrug OXi4503, into a Phase I oncology study in patients with advanced solid tumors.

    Key Accomplishments in 2004 included:

    -- CA4P entered two oncology trials; now studied in seven
    clinical oncology trials

    -- Company initiated a Phase II trial of CA4P in myopic macular
    degeneration under its own IND

    -- OXiGENE's second clinical candidate OXi4503 entered into a
    Phase I trial in oncology

    -- Strengthened balance sheet by raising $24 million

    About OXiGENE, Inc.

    OXiGENE is an emerging pharmaceutical company developing novel small-molecule therapeutics to treat cancer and eye diseases. The Company's major focus is the clinical advancement of drug candidates that selectively disrupt abnormal blood vessels associated with solid tumor progression and visual impairment. OXiGENE is dedicated to leveraging its intellectual property position and therapeutic development expertise to bring life saving and enhancing medicines to patients.

    Safe Harbor Statement

    Certain statements in this news release concerning OXiGENE's business are considered "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to: the ability of the Company to achieve the corporate goals set forth in this press release during 2005, the advancement of CA4P into additional later stage trials, the Company's ability to rapidly move CA4P toward commercialization, the ability of the Company to hire additional key employees, the presentation of clinical and pre-clinical data on the Company's compounds at scientific meetings, and the ability of the Company to complete or to receive regulatory clearance for additional trials by the end of 2005. Any or all of the forward-looking statements in this press release may turn out to be wrong. They can be affected by inaccurate assumptions OXiGENE might make or by known or unknown risks and uncertainties, including, but not limited to: the early stage of product development; the ability to secure necessary patents; uncertainties as to the future success of ongoing and planned clinical trials; the uncertainties of the regulatory approval process; and the unproven safety and efficacy of products under development. Consequently, no forward-looking statement can be guaranteed, and actual results may vary materially. None of OXiGENE's products under development have been approved for marketing by the FDA. Additional information concerning factors that could cause actual results to materially differ from those in the forward-looking statements are contained in OXiGENE's reports to the Securities and Exchange Commission, including OXiGENE's 10-Q, 8-K and 10-K reports. However, OXiGENE undertakes no obligation to publicly update forward-looking statements, whether because of new information, future events or otherwise.

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CONTACT: OXiGENE, Inc. Courtney Harris Manager of Investor Relations 781-547-5907 charris@oxigene.com or MacDougall BioCommunications Chris Erdman Vice President 508-647-0209 cerdman@macbio.com

KEYWORD: MASSACHUSETTS INDUSTRY KEYWORD: PHARMACEUTICAL BIOTECHNOLOGY PRODUCT SOURCE: OXiGENE, Inc.

Copyright Business Wire 2005