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OXiGENE Reports Second Quarter 2012 Financial Results

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, 2011.

OXiGENE, Inc.    
Balance Sheet Data    
(Unaudited)    
  June 30, 2012 December 31, 2011
   (All amounts in 000's) 
Assets     
     
Cash and restricted cash  $ 6,922  $ 9,992
Prepaid expenses  460  582
License agreement  240  289
Other assets  114  193
     
Total assets  $ 7,736  $ 11,056
     
     
Liabilities and stockholders' equity    
     
Accounts payable and accrued liabilities  $ 1,617  $ 2,253
Derivative liabilities  1  6
Total stockholders' equity   6,118  8,797
     
Total liabilities and stockholders' equity   $ 7,736  $ 11,056
         
         
OXiGENE, Inc.         
Statement of Operations Data         
(Unaudited)  Three months ended June 30,   Six months ended June 30, 
  2012 2011 2012 2011
   (All amounts in 000's except per share amounts) 
Product revenue  $ -  $ -  $ 114  $ -
         
Operating Expenses:        
         
Research and development 1,080 1,499 1,734 3,182
General and administrative  1,199  1,401  2,531  2,786
Restructuring  (2)  -  11  -
         
Total operating expenses  2,277  2,900  4,276  5,968
         
Loss from Operations  (2,277)  (2,900)  (4,162)  (5,968)
         
Change in fair value of warrants  4  (31)  5  2,179
Investment income  3  1  8  2
Other (expense) income, net  4  (2)  (8)  (8)
         
Net loss  $ (2,266)  $ (2,932)  $ (4,157)  $ (3,795)
         
Basic and diluted net loss per common share  $ (0.14)  $ (0.32)  $ (0.26)  $ (0.49)
Weighted average number of common shares outstanding   16,484  9,110  16,104  7,820
CONTACT: Investor and Media Contact:
         ir@oxigene.com
         650-635-7000

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