NOTICE TO REGISTERED HOLDERS OF WARRANTS OF CALL FOR REDEMPTION
                                 BY THE COMPANY

December 1, 1999

Notice is hereby given, pursuant to the Warrant Agreement dated August 26, 1993
(the "Agreement"; capitalized terms used herein but not otherwise defined shall
have meanings ascribed to such terms in the Agreement) between OXiGENE, Inc., a
Delaware corporation (the "Company") and American Stock Transfer & Trust Company
as amended, that the Company hereby exercises its right to redeem the Warrants
held by you, effective December 2, 1999 (the "Call"). As required by the
Agreement, the shares of the Company's Common Stock, as reported on the National
Market of the NASDAQ Stock Market, Inc., have traded at an average trading price
of not less than $16.00 per share for a period of ten consecutive trading days
from November 17, 1999 to December 1, 1999. The Company's Common Stock traded at
$17.25 per share on the NASDAQ National Market as of the date of this notice.
Any Warrants that are Called but remain unexercised after December 22, 1999 will
be redeemed promptly thereafter at redemption price of $.001 per Warrant payable
by the Company in cash. Upon payment to the holders of any unexercised warrants
that remain outstanding after December 22, 1999, shall be deemed cancelled with
no further action necessary by you or the Warrant Agent.

If you wish to exercise your Warrants prior to December 22, 1999, pursuant to
the Warrant Agreement you must deliver to the Warrant Agent the Warrant
Certificate representing such Warrants, with the exercise form thereon duly
executed by you or your attorney duly authorized in writing, together with
payment in cash or by check made payable to the Warrant Agent, of an amount
equal to $14.35 multiplied by the number of Warrants exercised (the "Aggregate
Purchase Price"). Upon receipt of the Warrant Certificate and the Aggregate
Purchase Price, the Warrant Agent shall issue 1.07 shares of the Company's
Common Stock for each Warrant exercised. Accordingly, the effective exercise
price of each warrant on the basis of one share of Common Stock is $13.41 per
share. If you have any questions regarding this matter, please contact Bo
Haglund, Chief Financial Officer at the Company Office in Stockholm. Phone
+46-8-6788720, fax +46-8-6788605.


                                       OXiGENE, INC.


                                       Bo Haglund
                                       Chief Financial Officer