updated 2/10/2011 7:16:44 AM ET 2011-02-10T12:16:44

SOUTH SAN FRANCISCO, Calif., Feb. 10, 2011 (GLOBE NEWSWIRE) -- OXiGENE, Inc. (Nasdaq:OXGN), a clinical-stage, biopharmaceutical company developing novel therapeutics to treat cancer and eye diseases, today announced an update on three near-term corporate events.

  • The board of directors has voted unanimously to enact a reverse stock split with a 20:1 ratio, following authorization of the reverse split by a shareholder vote on December 21, 2010. The reverse split will be effective as of February 23, 2011. 
  • OXiGENE anticipates receiving a ruling from NASDAQ before the end of February on the Company's requests for an exception through June 13, 2011 to regain compliance with NASDAQ's listing standards and transfer the listing of its common stock to the Nasdaq Capital Market. The Company believes that the reverse stock split will represent a positive contributing factor in NASDAQ's consideration.
  • The Company also announced that the U.S. Food and Drug Administration (FDA) has granted OXiGENE's request for a meeting to discuss the results of the FACT study of ZYBRESTAT as a potential treatment for anaplastic thyroid cancer. The meeting date has been set for March 16, 2011. 

"We believe that the events reported today, as well as our recently announced warrant exchange, further support our overall goal of developing effective solutions to treat cancer and eye diseases," said OXiGENE Chief Executive Officer Peter J. Langecker, M.D., Ph.D. "We look forward to providing additional updates as key events unfold."

OXiGENE expects to provide additional updates on these and other corporate activities in its fourth quarter and full year 2010 financial results press release and on its conference call, the date of which will be announced shortly.

About OXiGENE

OXiGENE is a clinical-stage biopharmaceutical company developing novel therapeutics to treat cancer and eye diseases. The Company's major focus is developing vascular disrupting agents that selectively disrupt abnormal blood vessels associated with solid tumor progression and visual impairment. OXiGENE is dedicated to leveraging its intellectual property and therapeutic development expertise to bring life-extending and life-enhancing medicines to patients.

The OXiGENE, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=4969

Safe Harbor Statement

This news release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Any or all of the forward-looking statements in this press release, which include the timing of the reverse split and receipt of regulatory and stock listing guidance may turn out to be wrong. Forward-looking statements can be affected by inaccurate assumptions OXiGENE might make or by known or unknown risks and uncertainties, including, but not limited to, an adverse stock listing determination and the availability of additional financing to continue development of ZYBRESTAT.

Additional information concerning factors that could cause actual results to materially differ from those in the forward-looking statements is contained in OXiGENE's reports to the Securities and Exchange Commission, including OXiGENE's reports on Form 10-K, 10-Q and 8-K. However, OXiGENE undertakes no obligation to publicly update forward-looking statements, whether because of new information, future events or otherwise. Please refer to our Annual Report on Form 10-K for the fiscal year ended December 31, 2009.

CONTACT: Investor and Media Contact:
         Michelle Edwards, Investor Relations
         medwards@oxigene.com
         650-635-7006

© Copyright 2012, GlobeNewswire, Inc. All Rights Reserved

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