OXiGENE awarded US patent for vascular targeting technology

March 26, 2003

Watertown, Massachusetts, March 26, 2003 -- OXiGENE, Inc. (Nasdaq: OXGN, XSSE: OXGN) announced today that it has been awarded a U.S. patent covering the Company's method of treating vascular proliferative diseases with "smart" drugs designed to seek out and destroy abnormal blood vessels.

U.S. Patent No.6,538,038, "Compositions and Methods for Use in Vascular Targeting Destruction," covers the use of multiple Vascular Targeting Agents (VTAs) to treat cancer, macular degeneration and other illnesses characterized by the formation of abnormal blood vessels. To accomplish this, OXiGENE uses a "prodrug strategy" in which tubulin-binding compounds are designed to selectively target and destroy abnormal blood vessels without damaging healthy tissue.

OXiGENE's lead vascular targeting compound, Combretastatin A4 Prodrug (CA4P), is involved in three concurrent human clinical trials of patients with solid tumor cancers. In addition, the Foundation Fighting Blindness, Inc., the nation's premier charitable eye research organization, has agreed to fund a clinical trial to evaluate CA4P in patients with wet age-related macular degeneration, a form of the leading cause of blindness in Americans over age 55.

"This is the first issued vascular-targeting-related patent owned solely by OXiGENE, and the first resulting from our internal research and development initiatives," said Fred Driscoll, the Company's President and Chief Executive Officer. "This patent builds on OXiGENE's portfolio of in-licensed intellectual property related to our vascular targeting technology. In addition to the patent being announced today, we have filed 13 U.S. patent applications and numerous foreign patent applications, all relating to our vascular targeting technology."

OXiGENE is the world leader in the development of vascular targeting agents that attack existing blood vessels associated with cancerous tumors and may have an application in the treatment of certain forms of ocular disease and other conditions. OXiGENE is using its proprietary vascular targeting technology to develop new drugs that will enhance the effectiveness of traditional cancer treatments and to introduce innovative therapies that attack cancer and other diseases. For more information about OXiGENE, visit www.oxigene.com.

Safe Harbor Statement

This news release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to: the ability of the Company's vascular targeting agents to attack existing blood vessels associated with cancerous tumors; continued funding from the Foundation Fighting Blindness, Inc. to conduct the applicable clinical trial; the applicability of the Company's VTAs to certain forms of ocular disease; the ability of the Company's drugs to enhance the effectiveness of traditional cancer treatments; and the introduction of innovative therapies that attack cancer and other diseases. Any or all of the forward-looking statements in this press release may turn out to be wrong. They can be affected by inaccurate assumptions OXiGENE might make or by known or unknown risks and uncertainties, including, but not limited to: the ability to successfully enroll patients in planned clinical trials; the early stage of product development; uncertainties as to the future success of ongoing and planned clinical trials; and the unproven safety and efficacy of products under development. Consequently, no forward-looking statement can be guaranteed, and actual results may vary materially. Additional information concerning factors that could cause actual results to materially differ from those in the forward-looking statements are contained in OXiGENE's reports to the Securities and Exchange Commission, including OXiGENE's 10-Q, 8-K and 10-K reports. However, OXiGENE undertakes no obligation to publicly update forward-looking statements, whether because of new information, future events or otherwise.

Sharon Merrill Associates, Inc.

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