OXiGENE, foundation fighting blindness sign research agreement for phase I/II clin...( WATERTOWN Mass. (Oct. 31 2002)-...)

WATERTOWN, Mass. (Oct. 31, 2002)- OXiGENE, Inc. (Nasdaq: OXGN, SSE: OXGN), in a step that will significantly advance vision-related research of its lead vascular targeting compound, Combretastatin A4 Prodrug (CA4P), today announced the signing of a funded research agreement with The Foundation Fighting Blindness, Inc. The Foundation is a nationwide charitable organization whose mission is to discover the causes, treatments and cures for retinal degenerative diseases.

Under the agreement, which is conditioned upon certain regulatory and institutional review board approvals, The Foundation has agreed to fund a physician-sponsored Phase I/II human clinical trial. The study will evaluate the safety and effectiveness of CA4P as a treatment for a retinal disease known as wet age-related macular degeneration (AMD). In the area of oncology, OXiGENE has already completed Phase I clinical trials of CA4P. A Phase Ib combination trial of CA4P and the chemotherapeutic agent Carboplatin is now being conducted and proceeding as planned at the University of Pennsylvania.

"We are honored that the nation's premier charitable eye research organization has chosen to support research of our lead vascular targeting compound," said Frederick Driscoll, OXiGENE's president and CEO. "The Foundation brings to this initiative not only funding but relationships with world-class researchers and clinicians. The Foundation's participation in this program and the pre-clinical work we have already completed in the area of retinal disease provide the groundwork to begin an early-stage clinical trial. We expect to announce the timing, location and protocol for this study in 2003, once all required approvals have been obtained."

"Our work with biotechnology companies like OXiGENE is to discover and test novel compounds that -- like Trojan Horses -- can deftly evade the retina's defenses and combat degenerative dise
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Contact: Scott Solomon
ssolomon@investorrelations.com
617-542-5300
Sharon Merrill Associates, Inc.
31-Oct-2002

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