OXIGENE ANNOUNCES REDEMPTION OF WARRANTS

BOSTON,  MA and  Stockholm,  Sweden  --  (December  2,  1999) --  OXiGENE,  Inc.
(NASDAQ:  OXGN,  SSE:  OXGN) today  announced  the Company  will  exercise its
right to redeem the public warrants,  which were due to expire on December 31,
1999.

According to the original Warrant Agreement dated August 26,1993, as amended,
the Company can redeem the approximately 841,235 public warrants outstanding,
after the Company's common stock, as reported on NASDAQ, has traded at an
average trading price of not less than $16.00 per share for ten consecutive
trading days. OXiGENE's common stock met the trading requirements for the
redemption call from November 17 through December 1, 1999.

Each warrant is convertible to 1.07 of common stock at a price of $14.35 per
warrant, or approximately $13.41 per common share of the Company's stock. A
Notice to Registered Holders of Warrants has been issued.

OXiGENE is an international biopharmaceutical company developing a diverse
portfolio of innovative products to combat cancer and other major diseases. The
Company's mission is to develop new therapeutics that will enhance the
effectiveness of traditional cancer treatments and to introduce innovative
therapies that attack cancer in new ways.

This press release may contain forward-looking statements that involve risks and
uncertainties that may cause the Company's actual results or outcomes to be
materially different from those anticipated and discussed in this press release,
specifically related to the successful redemption of all public warrants.
Factors that may cause such a difference include, but are not limited to, those
risks and uncertainties included in the Company's Annual Report on Form 10-K and
in the Company's other filings with the Securities and Exchange Commission
during the past 12 months.