OXiGENE Announces Discovery of New Vascular Targeting Agent; OXi8007
Exhibits Wide Therapeutic Window in Controlling Tumor Growth in Pre-
clinical Cancer Model


WATERTOWN, Mass., May 1, 2003 (BUSINESS WIRE) -- (BusinessWire)


Broadening its arsenal of novel Vascular Targeting Agents (VTAs)
designed to destroy solid tumors by disrupting their blood flow while
leaving healthy cells intact, OXiGENE, Inc. (NASDAQ: OXGN, XSSE:
OXGN) today announced plans for the presentation of the first
scientific paper on its new drug candidate, OXi8007.

In a paper scheduled to be delivered on Monday, May 5th at the Tumor
Microenvironment Workshop's "Eighth Annual International Meeting on
the Tumor Microenvironment and its Impact on Cancer Therapies"
conference in Miami Beach, Florida, researchers will describe in
vitro and in vivo experiments conducted with OXi8007. "The vascular
shutdown induced by administration of OXi8007 resulted in extensive
tumor cell death 24 hours following treatment, which translated into
a significant effect on tumor growth," said Kevin G. Pinney,
associate professor of chemistry at Baylor University, OXiGENE's
academic research partner.

The vascular effects of OXi8007 were evaluated in tumors implanted in
SCID (severe combined immunodeficient) mice and in normal tissue. At
a dose of 100 mg/kg, the compound triggered a more than 95 percent
reduction in tumor blood flow. At doses above 250 mg/kg, tumor growth
was completely repressed, researchers said.

"The profile of OXi8007 is unique from the other compounds that we
have in the pipeline," said Dai Chaplin, Ph.D., OXiGENE's chief
scientific officer and head of research and development. "With our
lead compound, Combretastatin A4 Prodrug, (CA4P), in Phase II
clinical trials, OXi4503 expected to enter the clinic early next year
and OXi6197 in pre-clinical development, OXi8007 complements a strong
drug development portfolio."

The molecular structure of OXi8007 is distinct from OXiGENE's
Combretastatin family of tumor-starving compounds (CA4P and OXi4503)
and from its OXi6197 anti-tumor agent. OXi8007 is the subject of a
pending patent application that, if issued, would provide OXiGENE
with a means of protecting the technology in the United States and
major market countries worldwide.

"Identification of OXi8007 as a lead preclinical development
candidate from another novel series of compounds underscores our
successful drug discovery initiatives," said Fred Driscoll, the
Company's president and CEO. "Although the compound is at an early
stage of development, we are encouraged by the fact that, thus far,
OXi8007 has exhibited a wide therapeutic window and an absence of
toxicity, even at high doses."