$OXGN – OXiGENE Announces Interim Phase 2 Data for Lead Clinical Candidate CA4P (fosbretabulin) in Neuroendocrine Tumors

— Biomarker results in first nine subjects add to CA4P evidence of activity —
— Full results are expected in the second half of 2016 —

SOUTH SAN FRANCISCO, Calif., Oct. 19, 2015 (GLOBE NEWSWIRE) — OXiGENE, Inc. (Nasdaq:OXGN), a biopharmaceutical company developing novel cancer therapeutics, today announced the presentation of interim phase 2 data for the company’s lead investigational drug, CA4P (also known as fosbretabulin). The data were presented in a poster session on October 16 at the North American Neuroendocrine Tumor Society (NANETS) Annual Symposium in Austin, Texas.

Interim data from the first nine subjects in the study suggested that CA4P monotherapy may improve biomarkers and quality of life (QOL) measures. Additionally, CA4P appears to be relatively well tolerated by subjects. The poster also notes that results are preliminary, due to the small number of subjects analyzed at this point.

“The encouraging interim results seen in this Phase 2 study add to the body of evidence showing that CA4P has a positive effect in the treatment of solid tumors,” said William D. Schwieterman, MD, OXiGENE’s President and CEO. “We look forward to full results from this trial anticipated in the second half of 2016, as we simultaneously move to advance CA4P in later-stage trials in our core programs for ovarian cancer and glioblastoma multiforme, which will evaluate CA4P in combination with complementary, approved anti-angiogenic agents.”

The poster presentation, entitled “Phase 2 study (OX4218s) of fosbretabulin tromethamine (CA4P) for the treatment of well-differentiated, low-to-intermediate-grade unresectable, recurrent or metastatic pancreatic or gastrointestinal neuroendocrine tumors/carcinoid (PNETs or GI-NETs) with elevated biomarkers,” was authored by Steven K. Libutti, MD1, Lowell Anthony, MD2, Julie Ann Sosa, MD3, Pamela Kunz, MD4, James Thomas, MD, PhD5, Susan A. Cruikshank6, Alice Varga6, David J. Chaplin, PhD6, James Burke, MD6, and Edward M. Wolin, MD2. A copy has been posted to the company’s website under “Presentations.”

About CA4P

CA4P (also known as fosbretabulin), is a vascular disrupting agent (VDA) and is OXiGENE’s lead investigational drug. CA4P exerts its anti-tumor effects by targeting an established tumor’s immature endothelial cells within the tumor’s blood vessels, compromising the tumor vasculature and leading to widespread ischemia and necrosis of the cells within the central core of the tumor. OXiGENE plans to advance CA4P in clinical development in combination with approved anti-angiogenic agents which prevent the growth of new tumor blood vessels. Following an extensive clinical review, OXiGENE recently announced its plans to focus on initiation of two late-stage clinical programs for CA4P in 2016. These planned programs would combine CA4P with standard-of-care in platinum-resistant ovarian cancer and in glioblastoma multiforme. CA4P is also being evaluated in ongoing studies in neuroendocrine tumors and in recurrent ovarian cancer.

About OXiGENE

OXiGENE is a clinical-stage biopharmaceutical company developing vascular disrupting agents (VDAs) to treat cancer. VDAs selectively disrupt abnormal blood vessels that sustain tumors. The company’s investigational drugs include CA4P (fosbretabulin), which is in development as a treatment for solid tumors, and OXi4503, which 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, data and regulatory guidance relative to our clinical programs and 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, manufacturing and regulatory review, and the availability of additional financing to pursue and 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, 2014.

1Montefiore Medical Center, Bronx, NY; 2Markey Cancer Center, Lexington, KY; 3Duke University Medical Center, Durham, NC; 4Stanford University School of Medicine, Stanford, CA; 5Medical College of Wisconsin, Milwaukee, WI; 6OXiGENE Inc., South San Francisco, CA.

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

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