OXiGENE Announces Preclinical Data Demonstrating that the Active Metabolite of ZYBRESTAT Improves Glucose Metabolism through Similar Mechanism as a Sirtuin Agonist

OXiGENE, Inc. (NASDAQ: OXGN, XSSE: OXGN) a clinical-stage biopharmaceutical company developing novel therapeutics to treat cancer and eye diseases, announced the publication by Zhang et al. of a paper demonstrating that combretastatin-A4, like its structural analog, resveratrol, activates cellular pathways (AMP-activated protein kinase and PPAR) involved in glucose regulation and improves glucose metabolism in a preclinical model of diabetes. Resveratrol is a stilbene compound found in red wine and other plant products that has been shown to increase healthy lifespan in animals and reduce blood glucose levels in humans with type-2 diabetes. Combrestatin-A4, a stilbene compound originally isolated from the African bush willow tree and similar in structure to resveratrol, is the active metabolite of ZYBRESTAT™ (fosbretabulin). In addition, the PPAR pathway has been implicated in the pathogenesis of anaplastic thyroid cancer and other tumor types, and PPAR-agonist drugs have been shown to exert anti-tumor effects in preclinical models of anaplastic thyroid cancer and other tumor types. "Given that the results described in Dr. Zhang’s paper were obtained as part of a preclinical study, we should interpret the results cautiously; however, we believe that these results are exciting and may provide further insights into the mechanisms by which ZYBRESTAT exerts anti-tumor effects, particularly in anaplastic thyroid cancer,” commented Richard Chin, M.D., President and CEO of OXiGENE. "The elucidation of this additional potential mechanism further increases our confidence that our ongoing pivotal study of ZYBRESTAT in anaplastic thyroid cancer will be successful.” The article, "Combretastatin A-4 activates AMP-activated protein kinase and improves glucose metabolism in db/db mice,” by Fang Zhang and collaborators, is available online ahead of publication on the website of Pharmacological Research. About OXiGENE OXiGENE is a clinical-stage biopharmaceutical company developing novel therapeutics to treat cancer and eye diseases. The company's major focus is developing vascular disrupting agents (VDAs) that selectively disrupt abnormal blood vessels associated with solid tumor progression and visual impairment. OXiGENE is dedicated to leveraging its intellectual property and therapeutic development expertise to bring life-extending and life-enhancing medicines to patients. About ZYBRESTAT (fosbretabulin) ZYBRESTAT is currently being evaluated in a pivotal registration study in anaplastic thyroid cancer (ATC) under a Special Protocol Assessment agreement with the U.S. Food and Drug Administration (FDA). OXiGENE believes that ZYBRESTAT is poised to become the first therapeutic product in a novel class of small-molecule drug candidates called vascular disrupting agents (VDAs). Through interaction with vascular endothelial cell cytoskeletal proteins, ZYBRESTAT selectively targets and collapses tumor vasculature, thereby depriving the tumor of oxygen and causing death of tumor cells. In clinical studies in solid tumors, ZYBRESTAT has demonstrated potent and selective activity against tumor vasculature, as well as clinical activity against ATC, ovarian cancer, and various other solid tumors. In clinical studies in patients with forms of macular degeneration, intravenously-administered ZYBRESTAT has demonstrated clinical activity, and the Company is working to develop a convenient and patient-friendly topical formulation of ZYBRESTAT for ophthalmological indications. 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 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 significance of the preclinical results referred to in this press release for the Company’s ongoing Phase II/III clinical trial of ZYBRESTAT in anaplastic thyroid cancer. 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, 2007.