SOUTH SAN FRANCISO, Calif., Nov. 3, 2010 (GLOBE NEWSWIRE) -- OXiGENE, Inc., (Nasdaq:OXGN), a clinical-stage, biopharmaceutical company developing novel therapeutics to treat cancer and eye diseases, announced today that the Company has been awarded $733,000 in tax credit grants by the U.S Internal Revenue Service (section 48D of the Internal Revenue Code or IRC) under a new program created as part of the Patient Protection and Affordable Care Act of 2010, called the Qualifying Therapeutic Discovery Project. The credit is a tax benefit awarded to therapeutic discovery projects that show a reasonable potential to result in new therapies that treat areas of unmet medical need or prevent, detect or treat chronic or acute diseases and conditions. OXiGENE intends to use the proceeds of the grant funds to continue its trials of ZYBRESTAT and OXi4503.
