OXiGENE Receives Notice Related to NASDAQ Minimum Closing Bid Price Rule

OXiGENE, Inc. OXGN announced it has received a notice from the Listing Qualifications Department of the NASDAQ Stock Market indicating that, for the last 30 consecutive business days, the bid price for the Company's common stock had closed below the minimum $1.00 per share required for continued inclusion on The NASDAQ Capital Market under NASDAQ Listing Rule 5550(a)(2). The notification letter states that pursuant to NASDAQ Listing Rule 5810(c)(3)(A) the Company will be afforded 180 calendar days, or until December 24, 2012 to regain compliance with the minimum closing bid price requirement. In order to regain compliance, shares of the Company's common stock must maintain a minimum closing bid price of at least $1.00 per share for a minimum of ten consecutive business days. If the Company does not regain compliance by December 24, 2012, NASDAQ will provide written notification to the Company that the Company's common stock will be delisted. At that time, the Company may appeal NASDAQ's delisting determination to a NASDAQ Listing Qualifications Panel. If the Company satisfies all of the requirements for listing on The NASDAQ Capital Market set forth in NASDAQ Listing Rule 5505, other than the minimum bid price requirement, the Company may be eligible for an additional 180 day grace period. The notification letter has no effect at this time on the listing of the Company's common stock on The NASDAQ Capital Market.