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OXiGENE launches significant expansion of its R&D program in ophthalmology

Waltham, Mass., December 10, 2003 OXiGENE, Inc. (NASDAQ: OXGN, XSSE: OXGN) today announced a significant expansion of its research and development program in ophthalmology, including plans to begin human studies in several retinal degenerative indications and to develop formulations of its lead vascular targeting agent, Combretastatin A4 Prodrug (CA4P), for local delivery to the eye.

OXiGENE determined to broaden its ophthalmic clinical program after a 35-year-old man suffering from myopic macular degeneration showed dramatic improvement following treatment with CA4P. The patient was treated this fall by clinical investigators at the Wilmer Eye Institute of the Johns Hopkins University School of Medicine. The Wilmer Eye Institute is conducting a human study of CA4P for the treatment of a related condition, wet age-related macular degeneration, or wet AMD. The trial is being led by Assistant Professor of Ophthalmology Quan Dong Nguyen, M.D., and Professor of Ophthalmology Peter Campochiaro, M.D. Although the specifics of the patient's condition excluded him from participating in the wet AMD trial, the patient was treated by these investigators under a special U.S. Food and Drug Administration (FDA) exemption.

Prior to beginning a regimen of CA4P treatments, the patient had visual acuity of 20/50 in the study eye with active leakage in both eyes that had persisted following other treatment approaches. After the patient was treated with the systemically administered CA4P, his vision has been restored to 20/20 with significantly reduced leakage in each eye.

"The clinical investigators have told us that the patient has clearly responded to CA4P and has had a significant improvement in vision," said OXiGENE President and Chief Executive Officer Fred Driscoll. "This significant improvement in visual acuity and underlying pathology seen in this first patient, together with our current understanding of the safety profile of CA4P gleaned from
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Contact: Scott Solomon
ssolomon@investorrelations.com
617-542-5300
Sharon Merrill Associates, Inc.
11-Dec-2003


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