The June 1, 2011 letter from NASDAQ stated that the Company's MVLS has been at least $35 million for more than 10 consecutive business days (from May 10, 2011 through May 31, 2011). NASDAQ previously notified the Company on March 10, 2011 that the Company had regained compliance with the Minimum Bid Price Requirement of at least $1.00 per share. Accordingly, the NASDAQ Hearing Panel (Panel) determined on June 1, 2011 that the Company has regained compliance with all of the Panel's conditions to continued listing on NASDAQ, and that the Panel is closing its inquiry into this matter.

About OXiGENE

OXiGENE is a clinical-stage biopharmaceutical company developing novel therapeutics to treat cancer and eye diseases. The Company's major focus is developing vascular disrupting agents (VDAs) that selectively disrupt abnormal blood vessels associated with solid tumor progression and visual impairment. OXiGENE is dedicated to leveraging its intellectual property and therapeutic development expertise to bring life-extending and life-enhancing medicines to patients.

Source: OXiGENE, Inc.