OXiGENE Presents Data From FAVOR Study of ZYBRESTAT in PCV

Tallahassee, FL 12/7/11 (StreetBeat) --OXiGENE, Inc. (Nasdaq:OXGN), a clinical-stage biopharmaceutical company developing novel therapeutics to treat cancer and eye diseases, announced today that Dr. Timothy Lai, MD, FRCS, FRCOphth, Honorary Clinical Associate Professor of Ophthalmology from the Chinese University of Hong Kong, presented encouraging data from the FAVOR study of ZYBRESTAT in polypoidal choroidal vasculopathy (PCV) at the 6th Asia-Pacific VitreoRetina Society (APVRS) Congress in Hyderabad, India on December 2, 2011.

FAVOR is a Phase 2 study investigating the use of a single intravenous injection of ZYBRESTAT at different doses compared to placebo in patients with PCV, followed by imaging of the retina on days 2, 8, 15, and 28. PCV is a potentially blinding eye disease that involves the growth of tiny, abnormal blood vessels under the retina. The data showed that ZYBRESTAT was well tolerated in the study. The primary objective of the study was to observe the change in the number of polyps from baseline following administration of ZYBRESTAT. Although this number was essentially unchanged, there were some suggestions of activity with a decrease in polyp activity and a reduction in subretinal fluid and retinal edema in patients receiving ZYBRESTAT.

Dr. Lai commented, "It is important to differentiate neovascular age-related macular degeneration (AMD) from PCV, as the polyps in PCV do not generally respond to anti-VEGF monotherapy. The current treatment of choice for PCV is photodynamic therapy, but this procedure carries the possibility of recurrence and hemorrhage after treatment. These results suggest that continued evaluation of ZYBRESTAT in patients with PCV is warranted, possibly with a topical formulation that has undergone initial preclinical testing"

"We are encouraged by the results of the FAVOR study and believe that a vascular targeting agent applied topically could one day prove to be a major breakthrough in treating retinal diseases," said Peter J. Langecker, M.D., Ph.D., Chief Executive Officer of OXiGENE. "Our strategy for ZYBRESTAT in ophthalmology is to continue to seek a partner with strong expertise and experience in ophthalmic drug development to advance this promising clinical program."

The FAVOR study was multicenter, placebo-controlled, double-masked study in Asian patients (N=20) evaluating the use of intravenous ZYBRESTAT for the treatment of PCV, which is seen in approximately 30% of Asian patients presenting with neovascular age-related macular degeneration.

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