WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.

  

<ARTICLE>                     5
<LEGEND>
     THIS SCHEDULE  CONTAINS SUMMARY  FINANCIAL  INFORMATION  EXTRACTED FROM THE
UNAUDITED  CONSOLIDATED  FINANCIAL  STATEMENT OF OXIGENE,  INC. FOR THE 6 MONTHS
ENDED JUNE 30,  1998 AND IS  QUALIFIED  IN ITS  ENTIRETY  BY  REFERENCE  TO SUCH
FINANCIAL STATEMENT.
</LEGEND>
       
                             
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                              DEC-31-1998
<PERIOD-END>                                   JUN-30-1998
<CASH>                                         36,259
<SECURITIES>                                   0
<RECEIVABLES>                                  0
<ALLOWANCES>                                   0
<INVENTORY>                                    0
<CURRENT-ASSETS>                               37,286
<PP&E>                                         433
<DEPRECIATION>                                 (166)
<TOTAL-ASSETS>                                 37,633
<CURRENT-LIABILITIES>                          2,241
<BONDS>                                        0
<PREFERRED-MANDATORY>                          0
<PREFERRED>                                    0
<COMMON>                                       102
<OTHER-SE>                                     35,290
<TOTAL-LIABILITY-AND-EQUITY>                   37,633
<SALES>                                        0
<TOTAL-REVENUES>                               1,062
<CGS>                                          0
<TOTAL-COSTS>                                  0
<OTHER-EXPENSES>                               5,739
<LOSS-PROVISION>                               0
<INTEREST-EXPENSE>                             0
<INCOME-PRETAX>                                (4,677)
<INCOME-TAX>                                   0
<INCOME-CONTINUING>                            (4,677)
<DISCONTINUED>                                 0
<EXTRAORDINARY>                                0
<CHANGES>                                      0
<NET-INCOME>                                   (4,677)
<EPS-PRIMARY>                                  (0.46)
<EPS-DILUTED>                                  (O.46)