OXiGENE'S Board of Directors Names Experienced Biotech Executive, Richard Chin, M.D., as President and Chief Executive Officer

OXiGENE, Inc. (NASDAQ: OXGN; XSSE: OXGN), a leading developer ofbiopharmaceutical compounds to treat oncologic and ophthalmologicdiseases, announced that Richard Chin, M.D. has been appointed to theposition of President and Chief Executive Officer, replacing FrederickDriscoll.

Dr. Chin, a Harvard trained, Board Certified Internist, and acurrent member of OXiGENE's Board of Directors, brings with himextensive experience in drug development and corporate collaborations.During Dr. Chin's tenures at Elan Corporation, Genentech and Procter &Gamble, he oversaw over 40 Investigational New Drug (IND) Applicationsfor new molecular entities and new indications, and eight New DrugApplications (NDAs)/Biologic License Applications (BLAs). Mostrecently, he oversaw the approval of the reintroduction of TYSABRI(R),a multiple sclerosis drug developed in collaboration with Biogen Idec.Other FDA approved products which Dr. Chin was instrumental inlaunching are TNKase(TM) (for myocardial infarction), Raptiva(R) (forpsoriasis), Xolair(R) (for asthma), Cathflo(R) (for catheterclearance) and Prialt(R) (for pain). He also has significant expertisein the development of angiogenic and antiangiogenic therapies. Heplayed a critical role in developing Lucentis(TM) (for age-relatedmacular degeneration), oversaw the Vascular Endothelial Growth Factor(VEGF) program for wound healing, and led the Avastin(R) non-oncologyteams at Genentech. Also at Genentech, he led the Herceptin(R)cardiotoxicity team and oversaw multiple programs for Rituxan(R) inimmunological diseases as well as the Hedgehog antagonist basal cellcarcinoma program.

"We are pleased to have a person of Richard's caliber on ourmanagement team to dynamically lead the Company and its compoundstowards potential commercialization," commented Joel Citron, Chairmanof the Board of Directors at OXiGENE. "Richard's therapeuticdevelopment expertise combined with his extensive knowledge of globalregulatory processes will be invaluable as OXiGENE works to advanceits lead compounds for the treatment of oncology and certain eyediseases."

In Dr. Chin's most recent role as Senior Vice President and Headof Global Development for Elan Corporation, he had worldwideresponsibility for Clinical Development, Regulatory, Biostatistics,Quality Assurance/Compliance, Chemistry Manufacturing and Control,Safety and Medical Affairs, comprising up to 300 employees.Previously, Dr. Chin served in various clinical and scientific rolesof increasing responsibility for Genentech, Inc., and ultimatelyserved as the Head of Clinical Research for the Biotherapeutics Unit.In this position, Dr. Chin oversaw approximately half of all Phase Ithrough Phase IV clinical trials for Genentech, including over 20products. Dr. Chin also oversaw clinical due diligence for allnon-oncology business development activities at Genentech and hasextensive experience managing multiple corporate partnerships,including relationships with Boehringer Ingelheim, Xoma, Roche, BiogenIdec, Aventis, and Cor (now Millenium), among others. Dr. Chin beganhis career at Procter & Gamble Pharmaceuticals where he served asAssociate Medical Director.

"I am a strong believer in the potential of vascular disruptingtechnology and was delighted to join OXiGENE's Board of Directors lastAugust," commented Dr. Richard Chin. "Today, I am honored to assume mynew role and to lead OXiGENE in its next phase of growth, includingthe clinical, regulatory, and business development activities thatwill be required to bring Combretastatin to potential marketcommercialization. I look forward to working and collaborating withthe stellar team of employees at OXiGENE as we strive to bring newtherapeutics to patients with significant unmet medical needs."

Dr. Chin holds a Medical Degree from Harvard Medical School. Hereceived a Masters and Bachelor of Arts degree in Law with honors fromOxford University, England under a Rhodes Scholarship. He graduatedwith a Bachelor of Arts in Biology, magna cum laude, from HarvardUniversity. Dr. Chin is a Diplomate, American Board of InternalMedicine and is licensed to practice medicine in California. Hepreviously served on the adjunct clinical faculty at Stanford MedicalSchool.

Mr. Citron concluded, "We thank Fred Driscoll for his leadershipduring an important and challenging phase of OXiGENE's growth anddevelopment. Fred, who has been with OXiGENE for approximately sixyears, has been instrumental in positioning the Company for successwith its vascular disruption technology."

About OXiGENE, Inc.

OXiGENE is an emerging pharmaceutical company developing novelsmall-molecule therapeutics to treat oncologic and ophthalmicdiseases. The Company's major focus is clinical advancement of drugcandidates that selectively disrupt abnormal blood vessels associatedwith solid tumor progression and visual impairment. OXiGENE isdedicated to leveraging its intellectual property position andtherapeutic development expertise to bring life saving and enhancingmedicines to patients.

Safe Harbor Statement

Certain statements in this news release may be considered"forward-looking statements" within the meaning of the PrivateSecurities Litigation Reform Act of 1995. These statements include,but are not limited to: the timing and results of clinical developmentof CA4P; the therapeutic promise of the vascular disrupting mechanism;and the availability of resources to execute on critical corporateobjectives. Any or all of the forward-looking statements in this pressrelease may turn out to be wrong. They can be affected by inaccurateassumptions OXiGENE might make or by known or unknown risks anduncertainties, including, but not limited to: the early stage ofproduct development; the ability to secure necessary patents;uncertainties as to the future success of ongoing and planned clinicaltrials; and the unproven safety and efficacy of products underdevelopment. Consequently, no forward-looking statement can beguaranteed, and actual results may vary materially. Additionalinformation concerning factors that could cause actual results tomaterially differ from those in the forward-looking statements iscontained in OXiGENE's reports to the Securities and ExchangeCommission, including OXiGENE's Form 10-Q, 8-K and 10-K reports.However, OXiGENE undertakes no obligation to publicly updateforward-looking statements, whether because of new information, futureevents or otherwise.

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