<ARTICLE>                                    5
<LEGEND>                                     THIS SCHEDULE CONTAINS
                                             SUMMARY FINANCIAL
                                             INFORMATION EXTRACTED FROM
                                             THE UNAUDITED CONSOLIDATED
                                             FINANCIAL STATEMENTS OF
                                             OXIGENE, INC. FOR THE NINE
                                             MONTHS ENDED SEPTEMBER 30,
                                             1997 AND IS QUALIFIED IN ITS
                                             ENTIRETY BY REFERENCE TO SUCH
                                             FINANCIAL STATEMENTS.
</LEGEND>
<MULTIPLIER>                                 1000
       


<PERIOD-TYPE>                                9-MOS
<FISCAL-YEAR-END>                            DEC-31-1997
<PERIOD-END>                                 SEP-30-1997
<CASH>                                       42,162
<SECURITIES>                                 0
<RECEIVABLES>                                0
<ALLOWANCES>                                 0
<INVENTORY>                                  0
<CURRENT-ASSETS>                             43,205
<PP&E>                                       299
<DEPRECIATION>                               (93)
<TOTAL-ASSETS>                               43,491
<CURRENT-LIABILITIES>                        1,239
<BONDS>                                      0
<PREFERRED-MANDATORY>                        0
<PREFERRED>                                  0
<COMMON>                                     101
<OTHER-SE>                                   42,151
<TOTAL-LIABILITY-AND-EQUITY>                 43,491
<SALES>                                      0
<TOTAL-REVENUES>                             1,659
<CGS>                                        0
<TOTAL-COSTS>                                7,325
<OTHER-EXPENSES>                             0
<LOSS-PROVISION>                             0
<INTEREST-EXPENSE>                           0
<INCOME-PRETAX>                              (5,666)
<INCOME-TAX>                                 0
<INCOME-CONTINUING>                          (5,666)
<DISCONTINUED>                               0
<EXTRAORDINARY>                              0
<CHANGES>                                    0
<NET-INCOME>                                 (5,666)
<EPS-PRIMARY>                                (0.59)
<EPS-DILUTED>                                (0.59)