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|  |  OXiGENE reports third-quarter 2005 operational and financial resultsPress Release October 26, 2005 Company Reports Significant Achievements for the Quarter including: - Initiation of a Phase II Clinical Trial in Platinum-Resistant Ovarian Cancer - Observation of an Early Indication of Survival Benefit in Non Small Cell Lung Cancer Patients in a Phase Ib Clinical Trial Evaluating CA4P in Combination with Radiotherapy - Addition of Pharmaceutical Executive, Richard Chin, M.D., to OXiGENE's Board of Directors Waltham, MA, -- October 26, 2005 -- OXiGENE, Inc. (NASDAQ: OXGN, XSSE: OXGN), an emerging pharmaceutical company developing novel small-molecule therapeutics to treat cancer and eye diseases, today reported operational and financial results for the third quarter ended September 30, 2005. "The third quarter was a robust and productive period for OXiGENE, as the Company progressed both clinically and operationally," stated Frederick Driscoll, President and CEO of OXiGENE. "We believe the Company is well poised for continued growth and evolution as we advance our lead vascular disrupting agent, CA4P, in a number of clinical trials, including combination trials with chemotherapy for the treatment of platinum-resistant ovarian cancer, with radiotherapy for the treatment of non small cell lung cancer, and as a single agent therapeutic for myopic macular degeneration." Financial Results The net loss for the three months ended September 30, 2005 was $3.4 million, or $0.17 per share, compared with a net loss of $2.9 million, or $0.17 per share, in the third quarter of 2004. For the nine-month period ended September 30, 2005, the net loss was $8.5 million, or $0.44 per share, compared with a net loss of $7.8 million, or $0.47 per share, for the comparable period in 2004. At September 30, 2005, OXiGENE had cash, cash equivalents and marketable securities of approximately $36.8 million compared with approximately $30.5 million at December 31, 2004. Clinical Update OXiGENE announced several significant clinical updates for its lead vascular disrupting agent, Combretastatin A4P. Most notably, and on the heels of positive clinical trial data from an ongoing Phase Ib/II trial evaluating CA4P in combination with chemotherapy (data announced at the 9th International Workshop of the Tumor Microenvironment Meeting), the Company announced the initiation of an international, open-label Phase II clinical trial evaluating the safety of CA4P in triple combination with carboplatin and paclitaxel in patients with platinum-resistant ovarian cancer. Further, OXiGENE announced an update on the second Phase Ib trial evaluating CA4P in combination with radiotherapy. At the National Cancer Research Institute Cancer Conference, Quan Ng, M.D., of the Mount Vernon Cancer Centre in the United Kingdom, reported an early indication of survival benefit in patients with Stage IIIB/IV inoperable, non small cell lung cancer when CA4P is administered in combination with radiotherapy. Dr. Ng presented data that showed that patients who received weekly radiotherapy in combination with CA4P for three weeks demonstrated a statistically significant--and sustained--forty percent reduction in tumor blood volume at the completion of the three-week treatment period. "We are extremely pleased with the clinical progress made with CA4P in the third quarter," Mr. Driscoll stated. "OXiGENE now has a defined clinical pathway in platinum-resistant ovarian cancer; and, we are optimistic about initiating a later-stage clinical trial in 2005 in a second key indication, advanced, inoperable, non small cell lung cancer. Further, we remain encouraged not only by the anti-tumor effects demonstrated by CA4P to date, but also by the positive safety profile reported by investigators. Collectively, the investigators are reporting that CA4P is well tolerated by patients and that the side effects of CA4P appear to be minimal and self-limiting, with no unexpected toxicities or significant adverse events reported to-date in these trials." OXiGENE's ophthalmology program also continues forward progress, and the Company reports that enrollment is accelerating for its Phase II clinical trial evaluating CA4P in patients with Myopic Macular Degeneration (MMD). Mr. Driscoll stated, "We are on schedule with our local formulation program in ophthalmology, and we expect to complete the ongoing experiments evaluating periorbital injection and novel eye drops by the end of the year." Preclinical Update OXiGENE provided an update on preclinical studies evaluating the therapeutic potential of its second candidate, OXi4503. Investigators at the 9th International Workshop of the Tumor Microenvironment Meeting presented evidence for an additional and novel mechanism of action for OXi4503, which leads to the formation of a highly reactive ortho-quinone. This mechanism could lead to direct killing of tumor cells and would be augmented by the previously observed vascular disrupting activity of OXi4503, making the compound a promising potential candidate for advanced cancers. Investigational Update OXiGENE, in October 2005, announced new research that elucidates another molecular pathway through which CA4P appears able to selectively regress the abnormal new vasculature associated with disease pathologies, such as cancer and macular degeneration. This research, presented in a paper entitled "Combretastatin A4 phosphate induces rapid regression of tumor neovessels and growth through interference with vascular endothelial-cadherin signaling," will be published in the peer-reviewed journal, The Journal of Clinical Investigation, Vol. 115, Number 11, November 2005. In the study, researchers observed that CA4P induces destabilization of VE-cadherin and that the associated inhibition of the VE-cadherin/b-catenin/Akt pathway profoundly influences many aspects of endothelial cell function, including inhibition of endothelial cell migration, proliferation and capillary tube formation pathways critical in angiogenesis. Operational Update "OXiGENE made significant strides this quarter in preparation for our continued growth," stated Driscoll. "The addition of new office space in Oxford, United Kingdom, and the ability to raise capital pursuant to our newly filed shelf registration statement, provide us with the infrastructure necessary to aggressively advance the Company's ongoing preclinical research and clinical trials. Further, OXiGENE announced the addition of Dr. Richard Chin to our Board of Directors. Dr. Chin, who currently serves as Senior Vice President and Head of Global Development for Elan Corporation, plc, brings tremendous pharmaceutical and drug commercialization expertise to OXiGENE. His experience will be invaluable as OXiGENE continues its progress towards commercial availability of CA4P." About OXiGENE, Inc. OXiGENE is an emerging pharmaceutical company developing novel small-molecule therapeutics to treat cancer and eye diseases. The Company's major focus is the clinical advancement of drug candidates that selectively disrupt abnormal blood vessels associated with solid tumor progression and visual impairment. OXiGENE is dedicated to leveraging its intellectual property position and therapeutic development expertise to bring life saving and enhancing medicines to patients.
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