Bristol-Myers Squibb and OXiGENE Announce Research and Licensing Agreement For Combretastatin Anti-Tumor Agents / Novel Compounds Target Blood Vessels Necessary

PRINCETON, N.J., BOSTON, and STOCKHOLM, Sweden (PROTEXT) -Bristol-Myers Squibb Company (NYSE: BMY) and OXiGENE, Inc.(Nasdaq: OXGN; Sweden) today announced an exclusive licensingagreement and research collaboration to develop and commercializecombretastatin anti-tumor vascular targeting agents. Bristol-Myers Squibb has obtained worldwide rights to develop compoundsin this new class of anticancer therapies, including the leadcompound, Combretastatin A4 Prodrug (CA4P). Under the terms of the definitive agreement, Bristol-MyersSquibb will provide up to $70 million in licensing fees,including an upfront payment, development milestones and researchfunding to OXiGENE for the development of combretastatincompounds for systemic use in all indications. In addition,OXiGENE will receive royalties from any systemic drugs resultingfrom the collaboration and has retained the rights for non-systemic use in all indications. Further financial details werenot disclosed. Combretastatin compounds, including CA4P, may selectivelytarget existing blood vessels at tumor sites, thereby cutting offthe tumor's blood supply and depriving it of oxygen and nutrientsnecessary for survival and growth. CA4P is being developed forpotential use either as a stand-alone therapy for solid tumorsthat require blood vessels for survival, or in combination withchemotherapy and radiation to enhance the effectiveness of thesetraditional cancer treatments. "As a world leader in oncology therapy, we are committed todeveloping a variety of new approaches for treating cancer," saidRenzo Canetta, M.D., vice president, Clinical Oncology, Bristol-Myers Squibb. "We believe the combretastatin technology showsgreat promise for attacking the lifeline of tumors. We lookforward to working with OXiGENE to further develop this excitingnew approach." Bjorn Nordenvall, Ph.D, M.D., OXiGENE's President and CEO,said, "This definitive agreement with Bristol-Myers Squibb is astrong validation of the potential significance of ourcombretastatin compounds and makes us confident that we candevelop the first anti-tumor targeting agent to shutdownbloodflow at the existing tumor site for patients with cancer.Bristol-Myers Squibb is widely recognized as a global leader inthe field of oncology and historically has an excellent trackrecord for bringing anticancer therapies through the developmentstages to market. CA4P's potential, combined with the commitmentfrom Bristol-Myers Squibb makes this an extraordinary event forOXiGENE." With the signing of this agreement, Bristol-Myers Squibbassumes responsibility for the clinical development of CA4P, withthe exception of three ongoing Phase I/II clinical trials.OXiGENE is funding and conducting two of these trials in theUnited States, and one in the United Kingdom, in collaborationwith the Cancer Research Campaign. Interim data from two of thesestudies were recently presented in London, New York andWashington, DC. OXiGENE's Phase I/II clinical trials have shown CA4P's abilityto reduce blood flow to the tumor measured by magnetic resonanceimaging, thus inhibiting the tumor's survival and growth. Thestudies are the first demonstrations in human clinical trials ofan inhibitor that blocks the flow of blood within tumor-associated blood vessels. "In preclinical models, a single dose of CA4P could destroy upto 95 percent of solid tumor cells. In addition, the interimclinical results show that we can administer CA4P to humanssafely at doses that cause a significant decrease in bloodflow totumors," said Dr. Nordenvall. OXiGENE is an international biopharmaceutical companydeveloping a diverse portfolio of innovative products to combatcancer and other major diseases. The Company's mission is todevelop new therapeutics that will enhance the effectiveness oftraditional cancer treatments and to introduce therapies thatattack cancer in new ways. Bristol-Myers Squibb is a diversified worldwide health andpersonal care company whose principal businesses arepharmaceuticals, consumer medicines, beauty care, nutritionals,and medical devices. It is a leading maker of innovativetherapies for cardiovascular, metabolic and infectious diseases,central nervous system and dermatological disorders, and cancer.The company is a leader in consumer medicines, orthopaedicdevices, ostomy care, wound management, nutritional supplements,infant formulas, and hair and skin care products. Certain statements made in this press release related toconsummation of a definitive agreement between the two parties,and success of the Company's business and technology goals areforward-looking and are made pursuant to the safe harborprovisions of the Securities Litigation Reform Act of 1995. Suchstatements involve risks and uncertainties that may cause theCompany's (OXiGENE's) actual results or outcomes to be materiallydifferent from those anticipated and discussed in this pressrelease. Factors that may cause such a difference include, butare not limited to, those risks and uncertainties associated withthe regulatory approval of the Company's proprietary drugs, andother risks included in the Company's Annual Report on Form 10-Kand in the Company's other filings with the Securities andExchange Commission during the past 12 months. Visit OXiGENE's website at: www.oxigene.com Visit Bristol-Myers Squibb on the World Wide Web athttp://www.bms.com CONTACT: Sylvia D. Sharockman of Bristol-Myers Squibb, 609-252-3390, or sylvia.sharockman@bms.com; or Bjorn Nordenvall,Ph.D., M.D., President and CEO, 46-8-678-87-20, or David Sherris,Ph.D., COO and Director of Drug Development, 617-536-9500, bothof OXiGENE; or Judy Brenna (investors and media), Assistant VicePresident, 212-696-4455, Ext. 221, or Matthew Knight (media),212-696-4455, Ext. 271, both of Noonan/Russo Communications, forOXiGENE. ots Original Text Service: Bristol-Myers Squibb CompanyInternet: http://www.newsaktuell.de Contact: Sylvia D.Sharockman of Bristol-Myers Squibb, 609-252-3390, orsylvia.sharockman@bms.com; or Bjorn Nordenvall, Ph.D., M.D.,President and CEO, 46-8-678-87-20, or David Sherris, Ph.D., COOand Director of Drug Development, 617-536-9500, both of OXiGENE;or Judy Brenna (investors and media), Assistant Vice President,212-696-4455, Ext. 221, or Matthew Knight (media), 212-696-4455,Ext. 271, both of Noonan/Russo Communications, for OXiGENECompany News On-Call: Bristol-Myers Squibb press releasesavailable by fax, 800-758-5804, ext. BMYFAX, or 269329, or athttp://www.prnewswire.com/comp/269329.html Web site:http://www.oxigene.com Web site: http://www.bms.com

Subscribers please note that material bearing the slug"PROTEXT" is not part of CTK's news service and is not to bepublished under the "CTK" slug. Protext is a commercial serviceproviding distribution of press releases from clients, who areidentified in the text of Protext reports and who bear fullresponsibility for their contents.

PROTEXT