Ex 99.1

Contact:
OXIGENE, INC.
Tammy Bishop
Director of Investor Relations and
Corporate Communications
(617) 673-7826

              OXIGENE COMMENTS ON THE DEVELOPMENT OF COMBRETASTATIN
                             AS AN ANTI-TUMOR AGENT

Watertown, MA and Stockholm, Sweden, August 20, 2001 - OXiGENE, Inc. (NASDAQ:
OXGN, SSE: OXGN), the vascular targeting company, today announced an interim
update on their collaboration with Bristol-Myers Squibb to develop the
Combretastatin compounds as a new class of anticancer agents.

In March of 2001, BMS began coordinating a Phase I safety trial of CA4P, one of
the Combretastatin compounds, at sites in the United States. This trial is open
to patients with certain types of solid tumors. Patients in this Phase I trial
will receive CA4P alone. The aim of this Phase I study is to obtain the maximum
amount of data to determine the optimal dose and dosing schedule for continued
development of the drug. The Phase I trial is expected to complete enrollment by
early next year.

In December of 1999, OXiGENE entered into a research and collaboration agreement
with Bristol-Myers Squibb for the development and commercialization of vascular
targeting agents including CA4P for the treatment of cancer. Upon the completion
of this current Phase I trial the next phase of clinical development will
commence. We would expect that to occur in the first half of 2002 although we
cannot control the developmental timetable which rests with our collaborator
Bristol-Myers Squibb.

Combretastatin compounds, such as CA4P, are the first in a new class of agents
called vascular targeting agents. These compounds appear to selectively target
existing blood vessels at tumor sites, thereby cutting off the tumor's blood
supply and depriving it of oxygen and the nutrients necessary for its survival
and growth. CA4P is being developed for potential use either as a stand-alone
therapy for solid tumors that require blood vessels for survival, or for
combination therapy with chemotherapy or radiation to enhance the effectiveness
of these traditional cancer treatments.

"We are very satisfied with BMS's clinical development of CA4P. We are pleased
to be working with the world leader in oncology on this important new approach
in treating cancer", stated Bjorn Nordenvall, M.D., Ph.D., Chairman and Chief
Executive Officer of OXiGENE.

OXiGENE's initial Phase I clinical trials have shown CA4P's ability to reduce
blood flow to the tumor, as measured by magnetic resonance imaging, thereby
attempting to inhibit the tumor's survival and growth. The studies are the first
demonstrations in human clinical trials of an inhibitor that reduces the flow of
blood within tumor-associated blood vessels.




"Phase I results from OXiGENE's European trial have shown that we can administer
CA4P to humans at well tolerated doses that cause a significant decrease in
blood flow to tumors" said Dr. David Chaplin, Chief Scientific Officer and Head
of Research, OXiGENE, Inc. "We are excited that similar results were seen in the
preliminary data from OXiGENE's two initial US Phase I trials."

OXiGENE, an international biopharmaceutical company, is the world leader in
vascular targeting agents which destroy existing blood vessels associated with
cancerous tumors, and which may have an application in the treatment of ocular
disease. With its flagship family of combretastatin-based vascular targeting
agents, OXiGENE is developing a diverse portfolio of innovative products to
combat these conditions. The Company's mission is to in-license new therapeutics
from academic partners, and develop new drugs that will enhance the
effectiveness of traditional cancer treatments and to introduce innovative
therapies that attack cancer and other diseases.

This press release contains "forward-looking statements." Forward-looking
statements give our current expectations or forecasts of future events and use
words such as "anticipate," "estimate," "believe," and other words of similar
meaning. Any or all of the forward-looking statements in this press release may
turn out to be wrong. They can be affected by inaccurate assumptions we might
make or by known or unknown risks and uncertainties and include, but are not
limited to, the efficacy of our technology and its efficacy at acceptable dosage
levels, the ability to raise capital when needed and on reasonable terms,
successful clinical trial results, developing the necessary manufacturing
processes and gaining all necessary regulatory approvals. Consequently, no
forward-looking statement can be guaranteed and actual results may vary
materially. Additional information concerning factors that could cause actual
results to materially differ from those in the forward-looking statements are
contained in our reports to the Securities and Exchange Commission including our
10-Q, 8-K and 10-K reports. However, we undertake no obligation to publicly
update forward-looking statements, whether as a result of new information,
future events or otherwise. We note these factors for investors as permitted by
the Private Securities Litigation Reform Act of 1995.


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