OXiGENE Reports First Quarter 2001 Results

Highlights:



* SuperGen licensing agreement

* Peer review in The Lancet Oncology

* Peer review in Cancer Research



Apr 26, 2001, 01:00 ET from OXiGENE, Inc.

    WATERTOWN, Mass. and STOCKHOLM, Sweden, April 26 /PRNewswire/ --
 OXiGENE, Inc. (Nasdaq:   OXGN, SSE: OXGN) today announced the Company's
 financial results for the first quarter ended March 31, 2001.  The Company
 recorded a net loss of $2.1 million, or $0.19 per share, compared to a net
 loss of $2.8 million, or $0.25 per share, for the first quarter of 2000.  The
 Company's cash and cash equivalents as of March 31, 2001 amounted to
 $24.5 million, compared to $27.1 million, as of December 31, 2000.
     "These quarterly results reflect a strong cash position going forward.
 From an operations perspective, we have a substantial leadership position in
 developing vascular targeting as an exciting new modality to combat cancer.
 Even as our first-generation vascular targeting agent -- combretastatin --
 moves forward in clinical development according to plan, we are broadening our
 technology platform to maintain this leadership role," said Bjorn Nordenvall,
 M.D., Ph.D, OXiGENE's Chief Executive Officer.
     Also in the first quarter, ARCUS Therapeutics, LLC, a joint venture
 between OXiGENE and Peregrine Pharmaceuticals, entered into a licensing
 agreement with SuperGen Inc. that provides ARCUS with future royalty payments
 on the net sales of products developed and sold commercially by SuperGen using
 ARCUS' VTA technology that employs Vascular Endothelial Growth Factor as the
 targeting entity.
     Vascular Targeting, VTA technology, attacks malignant tumors by destroying
 their blood supply.  In the first quarter of 2001, two peer-reviewed articles
 were published in The Lancet Oncology and in Cancer Research documenting
 important progress in developing vascular targeting to fight invasive
 solid-tumors.  According to The Lancet Oncology, "Preliminary data from phase
 I clinical trials ... are very encouraging for the further clinical
 development of combretastatin."
     "Taken together, these independent peer studies validate our vascular
 targeting technology on multiple fronts, and continue to strengthen our
 position as we move ahead," added Dr. Nordenvall.
 
     OXiGENE is an international biopharmaceutical company developing a diverse
 portfolio of innovative products to combat cancer and other major diseases.
 The Company's mission is to develop new therapeutics that will enhance the
 effectiveness of traditional cancer treatments and to introduce innovative
 therapies that attack cancer and other diseases in new ways.
 
     Certain statements in this press release, including the possible success
 of the Company's business and its technology goals, are forward-looking and
 are made pursuant to the safe harbor provisions of the Securities Litigation
 Reform Act of 1995.  Such statements relate to risks and uncertainties that
 may cause the Company's actual results or outcomes to be materially different
 from those anticipated and discussed in this press release.  Factors that may
 cause such a difference include, but are not limited to, those risks and
 uncertainties associated with the regulatory approval of the Company's
 proprietary drugs, and other risks included in the Company's Annual Report on
 Form 10-K and in the Company's other filings with the Securities and Exchange
 Commission during the past 12 months.
 
     Contact:
 
     OXiGENE, Inc.                       Noonan/Russo Communications
     Bjorn Nordenvall, M.D.,Ph.D.        Stephen Gendel, ext. 212 (media)
     Chairman and CEO                    Matthew Orsagh, ext. 357 (investors)
     617-673-7800                        212-696-4455
 
     Frederick W. Driscoll
     President of Operations and Finance
     617-673-7802
 
     CONSOLIDATED STATEMENTS OF OPERATIONS
     (All amounts in thousands USD)
                                                      Q1 2001        Q1 2000
     Revenues
     Licensing revenue                                   $757           $483
     Interest income                                      352            449
     Total revenues                                     1,109            932
 
     Expenses
     Costs relating to licensing revenue                  624            347
     Amortization of license agreement                     74             25
     Research and development                           1,251          2,477
     General and administrative expenses                1,286            878
     Interest expense                                      17             25
     Total expenses                                     3,252          3,752
     Net loss                                        $(2,143)       $(2,820)
 
 
     CONSOLIDATED BALANCE SHEETS
     (All amounts in thousands USD)               March 31, 2001  Dec. 31, 2000
 
     Assets
     Cash and cash equivalents                        $24,525        $27,063
     Available-for-sale security                          859            549
     Other current assets                                 737            625
     Total current assets                              26,121         28,237
     Fixed assets                                         732            654
     License agreement, net of accumulated amortization 2,162          2,236
     Deposits                                              84            102
     Total assets                                     $29,099        $31,229
 
     Liabilities and Stockholders' equity
     Current liabilities                               $1,593         $1,931
     Amount payable under license agreement, non-current  724            707
     Deferred licensing revenue                         7,312          7,445
     Stockholders' equity                              19,470         21,146
     Total liabilities and stockholders' equity       $29,099        $31,229
 
 
     KEY FIGURES AND DATA PER SHARE
 
                                       Three months            Three months
                                       ended 31-3-01           ended 31-3-00
     (Amounts in USD)
     Asset leverage ratio,%                  66.9                     72.9
     Net loss per share                   $(0.19)                  $(0.25)
     Stockholders' equity per share         $1.71                    $2.58
     Weighted average no. of
      outstanding common stock         11,225,819               11,281,718
     Outstanding and issuable
      number of common stock           11,415,593               11,309,534
 
 
                                       2000             1999           1998
     (Amounts in USD)
     Asset leverage ratio,%            67.7             72.9           91.4
     Net loss per share             $(0.81)          $(1.02)        $(1.13)
     Stockholders' equity per share   $1.85            $2.76          $2.96
     Weighted average no. of
      outstanding common stock   11,181,426       10,273,902     10,200,567
     Outstanding and issuable
      number of common stock     11,415,593       11,261,268     10,207,049
 
 
     The information in this release is qualified in its entirety by the
 information set forth in the Company's Quarterly Report on Form 10-Q to be
 filed with the Securities and Exchange Commission.  A copy will be distributed
 on request, and may be ordered from the Company 617-673-7800.
 
                     MAKE YOUR OPINION COUNT -- Click Here
                http://tbutton.prnewswire.com/prn/11690X54453903
 
 

SOURCE OXiGENE, Inc.
    WATERTOWN, Mass. and STOCKHOLM, Sweden, April 26 /PRNewswire/ --
 OXiGENE, Inc. (Nasdaq:   OXGN, SSE: OXGN) today announced the Company's
 financial results for the first quarter ended March 31, 2001.  The Company
 recorded a net loss of $2.1 million, or $0.19 per share, compared to a net
 loss of $2.8 million, or $0.25 per share, for the first quarter of 2000.  The
 Company's cash and cash equivalents as of March 31, 2001 amounted to
 $24.5 million, compared to $27.1 million, as of December 31, 2000.
     "These quarterly results reflect a strong cash position going forward.
 From an operations perspective, we have a substantial leadership position in
 developing vascular targeting as an exciting new modality to combat cancer.
 Even as our first-generation vascular targeting agent -- combretastatin --
 moves forward in clinical development according to plan, we are broadening our
 technology platform to maintain this leadership role," said Bjorn Nordenvall,
 M.D., Ph.D, OXiGENE's Chief Executive Officer.
     Also in the first quarter, ARCUS Therapeutics, LLC, a joint venture
 between OXiGENE and Peregrine Pharmaceuticals, entered into a licensing
 agreement with SuperGen Inc. that provides ARCUS with future royalty payments
 on the net sales of products developed and sold commercially by SuperGen using
 ARCUS' VTA technology that employs Vascular Endothelial Growth Factor as the
 targeting entity.
     Vascular Targeting, VTA technology, attacks malignant tumors by destroying
 their blood supply.  In the first quarter of 2001, two peer-reviewed articles
 were published in The Lancet Oncology and in Cancer Research documenting
 important progress in developing vascular targeting to fight invasive
 solid-tumors.  According to The Lancet Oncology, "Preliminary data from phase
 I clinical trials ... are very encouraging for the further clinical
 development of combretastatin."
     "Taken together, these independent peer studies validate our vascular
 targeting technology on multiple fronts, and continue to strengthen our
 position as we move ahead," added Dr. Nordenvall.
 
     OXiGENE is an international biopharmaceutical company developing a diverse
 portfolio of innovative products to combat cancer and other major diseases.
 The Company's mission is to develop new therapeutics that will enhance the
 effectiveness of traditional cancer treatments and to introduce innovative
 therapies that attack cancer and other diseases in new ways.
 
     Certain statements in this press release, including the possible success
 of the Company's business and its technology goals, are forward-looking and
 are made pursuant to the safe harbor provisions of the Securities Litigation
 Reform Act of 1995.  Such statements relate to risks and uncertainties that
 may cause the Company's actual results or outcomes to be materially different
 from those anticipated and discussed in this press release.  Factors that may
 cause such a difference include, but are not limited to, those risks and
 uncertainties associated with the regulatory approval of the Company's
 proprietary drugs, and other risks included in the Company's Annual Report on
 Form 10-K and in the Company's other filings with the Securities and Exchange
 Commission during the past 12 months.
 
     Contact:
 
     OXiGENE, Inc.                       Noonan/Russo Communications
     Bjorn Nordenvall, M.D.,Ph.D.        Stephen Gendel, ext. 212 (media)
     Chairman and CEO                    Matthew Orsagh, ext. 357 (investors)
     617-673-7800                        212-696-4455
 
     Frederick W. Driscoll
     President of Operations and Finance
     617-673-7802
 
     CONSOLIDATED STATEMENTS OF OPERATIONS
     (All amounts in thousands USD)
                                                      Q1 2001        Q1 2000
     Revenues
     Licensing revenue                                   $757           $483
     Interest income                                      352            449
     Total revenues                                     1,109            932
 
     Expenses
     Costs relating to licensing revenue                  624            347
     Amortization of license agreement                     74             25
     Research and development                           1,251          2,477
     General and administrative expenses                1,286            878
     Interest expense                                      17             25
     Total expenses                                     3,252          3,752
     Net loss                                        $(2,143)       $(2,820)
 
 
     CONSOLIDATED BALANCE SHEETS
     (All amounts in thousands USD)               March 31, 2001  Dec. 31, 2000
 
     Assets
     Cash and cash equivalents                        $24,525        $27,063
     Available-for-sale security                          859            549
     Other current assets                                 737            625
     Total current assets                              26,121         28,237
     Fixed assets                                         732            654
     License agreement, net of accumulated amortization 2,162          2,236
     Deposits                                              84            102
     Total assets                                     $29,099        $31,229
 
     Liabilities and Stockholders' equity
     Current liabilities                               $1,593         $1,931
     Amount payable under license agreement, non-current  724            707
     Deferred licensing revenue                         7,312          7,445
     Stockholders' equity                              19,470         21,146
     Total liabilities and stockholders' equity       $29,099        $31,229
 
 
     KEY FIGURES AND DATA PER SHARE
 
                                       Three months            Three months
                                       ended 31-3-01           ended 31-3-00
     (Amounts in USD)
     Asset leverage ratio,%                  66.9                     72.9
     Net loss per share                   $(0.19)                  $(0.25)
     Stockholders' equity per share         $1.71                    $2.58
     Weighted average no. of
      outstanding common stock         11,225,819               11,281,718
     Outstanding and issuable
      number of common stock           11,415,593               11,309,534
 
 
                                       2000             1999           1998
     (Amounts in USD)
     Asset leverage ratio,%            67.7             72.9           91.4
     Net loss per share             $(0.81)          $(1.02)        $(1.13)
     Stockholders' equity per share   $1.85            $2.76          $2.96
     Weighted average no. of
      outstanding common stock   11,181,426       10,273,902     10,200,567
     Outstanding and issuable
      number of common stock     11,415,593       11,261,268     10,207,049
 
 
     The information in this release is qualified in its entirety by the
 information set forth in the Company's Quarterly Report on Form 10-Q to be
 filed with the Securities and Exchange Commission.  A copy will be distributed
 on request, and may be ordered from the Company 617-673-7800.
 
                     MAKE YOUR OPINION COUNT -- Click Here
                http://tbutton.prnewswire.com/prn/11690X54453903
 
 SOURCE  OXiGENE, Inc.