SECURITIES AND EXCHANGE COMMISSION
                            WASHINGTON, D.C. 20549


                                  FORM S-8
                            REGISTRATION STATEMENT
                                    UNDER
                          THE SECURITIES ACT OF 1933

                                 OXiGENE, INC.
            (Exact name of registrant as specified in its charter)

                                   Delaware
        (State or other jurisdiction of incorporation or organization)

                                  13-3679168
                     (I.R.S. employer identification no.)

                      110 East 59th Street, New York, NY               10022
- ----------------------------------------------------------------------------
                   (Address of principal executive offices)         (Zip code)

                  Amended and Restated Stock Incentive Plan
                           (Full title of the plan)

                               Andica Kunst, Esq.
                             110 East 59th Street
                              New York, NY 10022
                    (Name and address of agent for service)

                                (212) 421-0001
         (Telephone number, including area code, of agent for service)

<TABLE>
                           CALCULATION OF REGISTRATION FEE
=======================================================================================
- ---------------------------------------------------------------------------------------
<CAPTION>
       Title of            Amount      Proposed maximum  Proposed maximum   Amount of
      securities            to be       offering price      aggregate      registration
   to be registered      registered      per share(1)    offering price(1)     fee
- ---------------------------------------------------------------------------------------
<S>                     <C>                  <C>            <C>            <C>   
Common Stock, par value                      $8.00          $5,471,125     $1,887
$.01 per share          1,166,900
=======================================================================================
</TABLE>

(1)   Of the shares being registered, 10,000 shares are being offered at $1.95
      per share, 30,000 shares are being offered at $5.38 per share, 275,000
      shares are being offered at $5.50 per share, 22,500 shares are being
      offered at $5.88 per share, 165,000 shares are being offered at $6.00 per
      share, 50,000 shares are being offered at $6.25 per share, 120,000 shares
      are being offered at $6.38 per share, 2,000 shares are being offered at
      $6.94 per share, 15,000 shares are being offered at $7.00 per share,
      224,500 shares are being offered at $7.25 per share, 30,000 shares are
      being offered at $7.63 per share, and 115,000 shares are being offered at
      $8.00 per share. In addition, 107,900 shares are to be offered at prices
      not presently determinable. Pursuant to Rule 457(h), the offering price of
      such 107,900 shares is estimated solely for the purpose of determining the
      registration fee and is based on the average of the bid and asked prices
      of the Common Stock ($24.00) quoted on The Nasdaq Stock Market, Inc.
      SmallCap Market on May 29, 1996.


292357.1

<PAGE>



                                    PART I
             INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS

Item 1. Plan Information

      The documents containing the information specified in this Item will be
sent or given to employees who have been granted awards under the Amended and
Restated Stock Incentive Plan (the "Plan") of OXiGENE, Inc., a Delaware
corporation (the "Registrant"), and are not being filed with, or included in,
this Registration Statement on Form S-8 (the "Registration Statement") in
accordance with the rules and regulations of the Securities and Exchange
Commission (the "Commission").

Item 2. Registrant Information and Employee Plan Annual Information

      The documents containing the information specified in this Item will be
sent or given to employees who have been granted awards under the Plan and are
not being filed with, or included in, this Registration Statement in accordance
with the rules and regulations of the Commission.


                                    PART II
              INFORMATION REQUIRED IN THE REGISTRATION STATEMENT

Item 3. Incorporation of Certain Documents by Reference

      The following documents filed by the Registrant with the Commission are
incorporated herein by reference:

      (1) The Registrant's Annual Report on Form 10-K for the fiscal year ended
December 31, 1995, as amended by Form 10-K/A-1, filed with the Commission on
April 30, 1996.

      (2) The Registrant's Quarterly Report on Form 10-Q for the quarter ended
March 31, 1996.

      (3) The description of the shares of common stock, par value $.01 per
share (the "Common Stock"), contained in the Registrant's Registration Statement
on Form 8-A filed with the Commission on June 24, 1993 (File Number 0-21990)
pursuant to Section 12(g) of the Securities Exchange Act of 1934, as amended
(the "Exchange Act"), which incorporates by reference the description of the
shares of Common Stock contained in the Registration Statement on Form S-1 (File
Number 33-64968) filed by the Registrant on June 24, 1993 and declared effective
by the Commission on August 25, 1993, and any amendment or report filed with the
Commission for purposes of updating such description.

      All documents filed by the Registrant with the Commission pursuant to
Sections 13(a), 13(c), 14 or 15(d) of the Exchange Act subsequent to the date
hereof and prior to the filing of a post-effective amendment, which indicates
that all securities offered have been sold or which deregisters all such
securities then remaining unsold, shall be deemed to be incorporated by
reference herein and to be a part hereof from the date of filing of such
documents. Any statement contained herein or in a document incorporated or
deemed to be incorporated by reference herein shall be deemed to be modified or
superseded for purposes of this Registration Statement to the extent that a
statement contained herein or in any other subsequently filed document which
also is incorporated or deemed to be incorporated by reference herein modifies
or supersedes such statement. Any such statement so modified or superseded shall
not be deemed, except as so modified or superseded, to constitute a part of this
Registration Statement.



292357.1
                                      2

<PAGE>



Item 4. Description of Securities

      Not applicable.

Item 5. Interests of Named Experts and Counsel

      Not applicable.

Item 6. Indemnification of Directors and Officers

      Reference is made to Section 145 of the Delaware General Corporation Law,
as amended (the "DGCL"), which provides that a corporation may indemnify any
person who was or is a party or is threatened to be made a party to any
threatened, pending or completed legal action, suit or proceeding, whether
civil, criminal, administrative or investigative (other than an action by or in
the right of such corporation), by reason of the fact that such person is or was
a director, officer, employee or agent of such corporation, or is or was serving
at the request of such corporation in such capacity of another corporation or
business organization. The indemnity may include expenses (including attorneys'
fees), judgments, fines and amounts paid in settlement actually and reasonably
incurred by such director, officer, employee or agent in connection with such
action, suit or proceeding if such person acted in good faith and in a manner
such person reasonably believed to be in or not opposed to the best interest of
the corporation, and, with respect to any criminal action or proceeding, had no
reasonable cause to believe that such person's conduct was unlawful. A Delaware
corporation may indemnify officers and directors in an action by or in the right
of a corporation under the same conditions, except that no indemnification is
permitted without judicial approval if the officer or director is adjudged to be
liable to the corporation. Where an officer or director is successful on the
merits or otherwise in the defense of any action referred to above, the
corporation must indemnify him against the expenses that such officer or
director actually and reasonably incurred.

      Reference is also made to Section 102(b)(7) of the DGCL, which enables a
corporation in its certificate of incorporation to eliminate or limit the
personal liability of a director for monetary damages for violations of a
director's fiduciary duty, except for liability (i) for any breach of the
director's duty of loyalty to the corporation or its stockholders, (ii) for acts
or omissions not in good faith or which involve intentional misconduct or a
knowing violation of law, (iii) under Section 174 of the DGCL (providing for
liability of directors for unlawful payment of dividends or unlawful stock
purchases or redemptions) or (iv) for any transaction from which the director
derived an improper personal benefit.

      Articles Ninth of the Registrant's Restated Certificate of Incorporation
and Article IX, Section 3 of the Registrant's By-laws provide for the
elimination of personal liability of a director for breach of fiduciary duty as
permitted by Section 102(b)(7) of the DGCL, and provide that the Registrant
indemnify its directors and officers to the full extent permitted by Section 145
of the DGCL.

Item 7. Exemption From Registration Claimed

      Not applicable.

Item 8. Exhibits

     4.2*   OXiGENE Amended and Restated Stock Incentive Plan (including Forms
            of Incentive Stock Option Agreement, Non-Statutory Stock Option
            Agreement, Tandum Stock Appreciation Rights Agreement, Non-Tandum
            Stock Appreciation Rights Agreement and Restricted Stock Agreement).


292357.1
                                      3

<PAGE>



     4.3**  Restated Certificate of Incorporation as filed with the Secretary of
            State of the State of Delaware on April 27, 1993, and as amended on
            June 22, 1995.

     4.4*   By-Laws, as amended through May 26, 1993.

     5      Opinion of Battle Fowler LLP regarding the legality of the
            securities being registered.

     24.1   Consent of Ernst & Young LLP.

     24.2   Consent of Battle Fowler LLP (included in, and incorporated by
            reference to, Exhibit 5 hereto).

     25     Power of Attorney (included in the signature pages of this
            Registration Statement).


      *     Included in, and incorporated by reference to, the Registrant's
            Registration Statement on Form S-1 (File Number 33-64968) filed with
            the Commission on June 24, 1993 and declared effective on August 25,
            1993 (the "IPO Registration Statement").
      **    Included in, and incorporated by reference to, the IPO Registration
            Statement and the Company's Annual Report on Form 10-K for the
            fiscal year ended December 31, 1995, as amended by Form 10-K/A-1, as
            filed with the Commission on April 30, 1996.

Item 9. Undertakings.

      The Registrant hereby undertakes:

      (1) To file, during any period in which offers or sales are being made, a
post-effective amendment to this Registration Statement to include any material
information with respect to the plan of distribution not previously disclosed in
this Registration Statement or any material change to such information in this
Registration Statement.

      (2) That, for the purpose of determining any liability under the
Securities Act, each such post-effective amendment shall be deemed to be a new
registration statement relating to the securities offered therein, and the
offering of such securities at that time shall be deemed to be the initial bona
fide offering thereof.

      (3) To remove from registration by means of a post-effective amendment any
of the securities being registered hereby which remain unsold at the termination
of the offering.

      (4) That, for purposes of determining any liability under the Securities
Act of 1933, each filing of the Registrant's annual report pursuant to Section
13(a) or Section 15(d) of the Exchange Act of 1934 that is incorporated by
reference in this Registration Statement shall be deemed to be a new
registration statement relating to the securities offered therein, and the
offering of such securities at that time shall be deemed to be the initial bona
fide offering thereof.

      (5) Insofar as indemnification for liabilities arising under the
Securities Act may be permitted to directors, officers and controlling persons
of the Registrant pursuant to the foregoing provisions, or otherwise, the
Registrant has been advised that in the opinion of the Commission such
indemnification is against public policy as expressed in the Securities Act and
is, therefore, unenforceable. In the event that a claim for indemnification
against such liabilities (other than the payment by Registrant of expenses
incurred or paid by a director, officer or controlling person of Registrant in
the successful defense of any action, suit or proceeding) is asserted by such
director, officer or controlling person in connection with the securities being
registered, the

292357.1
                                      4

<PAGE>



Registrant will, unless in the opinion of its counsel the matter has been
settled by controlling precedent, submit to a court of appropriate jurisdiction
the question whether such indemnification by it is against public policy as
expressed in the Securities Act and will be governed by the final adjudication
of such issue.


292357.1
                                      5

<PAGE>



                                  SIGNATURES

      Pursuant to the requirements of the Securities Act of 1933, the Registrant
certifies that it has reasonable grounds to believe that it meets all of the
requirements for filing on Form S-8 and has duly caused this Registration
Statement to be signed on its behalf by the undersigned, thereunto duly
authorized, in the City of New York, State of New York, on this 11th day of 
June 1996.

                                    OXiGENE, INC.



                                    By: /s/ Bjorn Nordenvall
                                        Bjorn Nordenvall
                                        President and Chief Executive Officer


                               POWER OF ATTORNEY

      KNOW ALL MEN BY THESE PRESENTS, that each person whose signature appears
below constitutes and appoints Bjorn Nordenvall and Claus M[phi]ller, and each
of them, his true and lawful attorney-in-fact and agent, each acting alone, with
full power of substitution and resubstitution, for him and in his name, place
and stead, in any and all capacities, to sign any or all amendments to this
Registration Statement, including post-effective amendments, and to file the
same, with all exhibits thereto, and other documents in connection therewith,
with the Securities and Exchange Commission, granting unto said
attorneys-in-fact and agents full power and authority to do and perform each and
every act and thing requisite and necessary to be done, as fully to all intents
and purposes as he might or could do in person, and hereby ratifies and confirms
all his said attorneys-in-fact and agents, each acting alone, or his substitute
or substitutes may lawfully do or cause to be done by virtue thereof.

      Pursuant to the requirements of the Securities Act of 1933, this
Registration Statement has been signed by the following persons in the
capacities and on the date indicated.


           Signature                    Title                         Date


/s/Bjorn Nordenvall           President, Chief Executive Officer  June 11, 1996
                              and Director (principal executive
                              and principal accounting officer)

/s/Yuval Binur                        Director                   June 11, 1996
Yuval Binur



/s/Richard A. Brown            Chairman of the Board             June 11, 1996
Richard A. Brown



/s/Donald P. Carlin                   Director                   June 11, 1996
Donald P. Carlin






<PAGE>






/s/Michael Ionata                     Director                   June 11, 1996
Michael Ionata



/s/John E. McConnaughy, Jr.           Director                   June 11, 1996
John E. McConnaughy, Jr.



/s/Claus M0ller                       Director                   June 11, 1996
Claus M0ller



/s/Ronald W. Pero                     Director                   June 11, 1996
Ronald W. Pero



/s/L.G. Schafran                      Director                   June 11, 1996
L.G. Schafran






<PAGE>


                                 EXHIBIT INDEX

Exhibit No.  Description of Exhibit                                Page Number

     4.2*   OXiGENE Amended and Restated Stock Incentive Plan
            (including Forms of Incentive Stock Option Agreement,
            Non-Statutory Stock Option Agreement, Tandum Stock
            Appreciation Rights Agreement, Non-Tandum Stock
            Appreciation Rights Agreement and Restricted Stock
            Agreement).

     4.3**  Restated Certificate of Incorporation as filed with
            the Secretary of State of the State of Delaware on
            April 27, 1993, and as amended on June 22, 1995.

     4.4*   By-Laws, as amended through May 26, 1993.

     5      Opinion of Battle Fowler LLP regarding the legality
            of the securities being registered.

     24.1   Consent of Ernst & Young LLP.

     24.2   Consent of Battle Fowler LLP (included in, and
            incorporated by reference to, Exhibit 5 hereto).

     25     Power of Attorney (included in the signature pages of
            this Registration Statement).

- -----------------------
    *       Included in, and incorporated by reference to, the Registrant's
            Registration Statement on Form S-1 (File Number 33-64968) filed
            with the Commission on June 24, 1993 and delared effective on
            August 25, 1993 (the "IPO Registration Statement").

   **       Included in, and incorporated by reference to, the IPO Registration
            Statement and the Company's Annual Report on Form 10-K for the
            fiscal year ended December 31, 1995, as amended by Form 10-K/A-1,
            as filed with the Commission on April 30, 1996.
[{"type": "S-8", "sequence": "1", "description": "OPTION REGISTRATION", "secsgml_size_bytes": 18673}]
{"company-data": {"conformed-name": "OXIGENE INC", "cik": "0000908259", "assigned-sic": "2835", "irs-number": "133679168", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "S-8", "act": "33", "file-number": "333-05787", "film-number": "96579952"}, "business-address": {"street1": "110 EAST 59TH ST", "city": "NEW YORK", "state": "NY", "zip": "10022", "phone": "2124310001"}, "mail-address": {"street1": "C/O BATTLE FOWLER LLP", "street2": "75 EAST 55TH STREET", "city": "NEW YORK", "state": "NY", "zip": "10022"}}
SECURITIES AND EXCHANGE COMMISSION
                            WASHINGTON, D.C. 20549

                                  FORM S-8
                            REGISTRATION STATEMENT
                                    UNDER
                          THE SECURITIES ACT OF 1933

                                 OXiGENE, INC.
            (Exact name of registrant as specified in its charter)

                                   Delaware
        (State or other jurisdiction of incorporation or organization)

                                  13-3679168
                     (I.R.S. employer identification no.)

                      110 East 59th Street, New York, NY               10022
- ----------------------------------------------------------------------------
                   (Address of principal executive offices)         (Zip code)

                  Amended and Restated Stock Incentive Plan
                           (Full title of the plan)

                               Andica Kunst, Esq.
                             110 East 59th Street
                              New York, NY 10022
                    (Name and address of agent for service)

                                (212) 421-0001
         (Telephone number, including area code, of agent for service)

                           CALCULATION OF REGISTRATION FEE
=======================================================================================
- ---------------------------------------------------------------------------------------
Title of            Amount      Proposed maximum  Proposed maximum   Amount of
      securities            to be       offering price      aggregate      registration
   to be registered      registered      per share(1)    offering price(1)     fee
- ---------------------------------------------------------------------------------------
Common Stock, par value                      $8.00          $5,471,125     $1,887
$.01 per share          1,166,900
=======================================================================================
(1)   Of the shares being registered, 10,000 shares are being offered at $1.95
      per share, 30,000 shares are being offered at $5.38 per share, 275,000
      shares are being offered at $5.50 per share, 22,500 shares are being
      offered at $5.88 per share, 165,000 shares are being offered at $6.00 per
      share, 50,000 shares are being offered at $6.25 per share, 120,000 shares
      are being offered at $6.38 per share, 2,000 shares are being offered at
      $6.94 per share, 15,000 shares are being offered at $7.00 per share,
      224,500 shares are being offered at $7.25 per share, 30,000 shares are
      being offered at $7.63 per share, and 115,000 shares are being offered at
      $8.00 per share. In addition, 107,900 shares are to be offered at prices
      not presently determinable. Pursuant to Rule 457(h), the offering price of
      such 107,900 shares is estimated solely for the purpose of determining the
      registration fee and is based on the average of the bid and asked prices
      of the Common Stock ($24.00) quoted on The Nasdaq Stock Market, Inc.
      SmallCap Market on May 29, 1996.

292357.1
PART I
             INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS

Item 1. Plan Information

      The documents containing the information specified in this Item will be
sent or given to employees who have been granted awards under the Amended and
Restated Stock Incentive Plan (the "Plan") of OXiGENE, Inc., a Delaware
corporation (the "Registrant"), and are not being filed with, or included in,
this Registration Statement on Form S-8 (the "Registration Statement") in
accordance with the rules and regulations of the Securities and Exchange
Commission (the "Commission").

Item 2. Registrant Information and Employee Plan Annual Information

      The documents containing the information specified in this Item will be
sent or given to employees who have been granted awards under the Plan and are
not being filed with, or included in, this Registration Statement in accordance
with the rules and regulations of the Commission.

                                    PART II
              INFORMATION REQUIRED IN THE REGISTRATION STATEMENT

Item 3. Incorporation of Certain Documents by Reference

      The following documents filed by the Registrant with the Commission are
incorporated herein by reference:

      (1) The Registrant's Annual Report on Form 10-K for the fiscal year ended
December 31, 1995, as amended by Form 10-K/A-1, filed with the Commission on
April 30, 1996.

      (2) The Registrant's Quarterly Report on Form 10-Q for the quarter ended
March 31, 1996.

      (3) The description of the shares of common stock, par value $.01 per
share (the "Common Stock"), contained in the Registrant's Registration Statement
on Form 8-A filed with the Commission on June 24, 1993 (File Number 0-21990)
pursuant to Section 12(g) of the Securities Exchange Act of 1934, as amended
(the "Exchange Act"), which incorporates by reference the description of the
shares of Common Stock contained in the Registration Statement on Form S-1 (File
Number 33-64968) filed by the Registrant on June 24, 1993 and declared effective
by the Commission on August 25, 1993, and any amendment or report filed with the
Commission for purposes of updating such description.

      All documents filed by the Registrant with the Commission pursuant to
Sections 13(a), 13(c), 14 or 15(d) of the Exchange Act subsequent to the date
hereof and prior to the filing of a post-effective amendment, which indicates
that all securities offered have been sold or which deregisters all such
securities then remaining unsold, shall be deemed to be incorporated by
reference herein and to be a part hereof from the date of filing of such
documents. Any statement contained herein or in a document incorporated or
deemed to be incorporated by reference herein shall be deemed to be modified or
superseded for purposes of this Registration Statement to the extent that a
statement contained herein or in any other subsequently filed document which
also is incorporated or deemed to be incorporated by reference herein modifies
or supersedes such statement. Any such statement so modified or superseded shall
not be deemed, except as so modified or superseded, to constitute a part of this
Registration Statement.

292357.1
                                      2
Item 4. Description of Securities

      Not applicable.

Item 5. Interests of Named Experts and Counsel

      Not applicable.

Item 6. Indemnification of Directors and Officers

      Reference is made to Section 145 of the Delaware General Corporation Law,
as amended (the "DGCL"), which provides that a corporation may indemnify any
person who was or is a party or is threatened to be made a party to any
threatened, pending or completed legal action, suit or proceeding, whether
civil, criminal, administrative or investigative (other than an action by or in
the right of such corporation), by reason of the fact that such person is or was
a director, officer, employee or agent of such corporation, or is or was serving
at the request of such corporation in such capacity of another corporation or
business organization. The indemnity may include expenses (including attorneys'
fees), judgments, fines and amounts paid in settlement actually and reasonably
incurred by such director, officer, employee or agent in connection with such
action, suit or proceeding if such person acted in good faith and in a manner
such person reasonably believed to be in or not opposed to the best interest of
the corporation, and, with respect to any criminal action or proceeding, had no
reasonable cause to believe that such person's conduct was unlawful. A Delaware
corporation may indemnify officers and directors in an action by or in the right
of a corporation under the same conditions, except that no indemnification is
permitted without judicial approval if the officer or director is adjudged to be
liable to the corporation. Where an officer or director is successful on the
merits or otherwise in the defense of any action referred to above, the
corporation must indemnify him against the expenses that such officer or
director actually and reasonably incurred.

      Reference is also made to Section 102(b)(7) of the DGCL, which enables a
corporation in its certificate of incorporation to eliminate or limit the
personal liability of a director for monetary damages for violations of a
director's fiduciary duty, except for liability (i) for any breach of the
director's duty of loyalty to the corporation or its stockholders, (ii) for acts
or omissions not in good faith or which involve intentional misconduct or a
knowing violation of law, (iii) under Section 174 of the DGCL (providing for
liability of directors for unlawful payment of dividends or unlawful stock
purchases or redemptions) or (iv) for any transaction from which the director
derived an improper personal benefit.

      Articles Ninth of the Registrant's Restated Certificate of Incorporation
and Article IX, Section 3 of the Registrant's By-laws provide for the
elimination of personal liability of a director for breach of fiduciary duty as
permitted by Section 102(b)(7) of the DGCL, and provide that the Registrant
indemnify its directors and officers to the full extent permitted by Section 145
of the DGCL.

Item 7. Exemption From Registration Claimed

      Not applicable.

Item 8. Exhibits

     4.2*   OXiGENE Amended and Restated Stock Incentive Plan (including Forms
            of Incentive Stock Option Agreement, Non-Statutory Stock Option
            Agreement, Tandum Stock Appreciation Rights Agreement, Non-Tandum
            Stock Appreciation Rights Agreement and Restricted Stock Agreement).

292357.1
                                      3
4.3**  Restated Certificate of Incorporation as filed with the Secretary of
            State of the State of Delaware on April 27, 1993, and as amended on
            June 22, 1995.

     4.4*   By-Laws, as amended through May 26, 1993.

     5      Opinion of Battle Fowler LLP regarding the legality of the
            securities being registered.

     24.1   Consent of Ernst & Young LLP.

     24.2   Consent of Battle Fowler LLP (included in, and incorporated by
            reference to, Exhibit 5 hereto).

     25     Power of Attorney (included in the signature pages of this
            Registration Statement).

      *     Included in, and incorporated by reference to, the Registrant's
            Registration Statement on Form S-1 (File Number 33-64968) filed with
            the Commission on June 24, 1993 and declared effective on August 25,
            1993 (the "IPO Registration Statement").
      **    Included in, and incorporated by reference to, the IPO Registration
            Statement and the Company's Annual Report on Form 10-K for the
            fiscal year ended December 31, 1995, as amended by Form 10-K/A-1, as
            filed with the Commission on April 30, 1996.

Item 9. Undertakings.

      The Registrant hereby undertakes:

      (1) To file, during any period in which offers or sales are being made, a
post-effective amendment to this Registration Statement to include any material
information with respect to the plan of distribution not previously disclosed in
this Registration Statement or any material change to such information in this
Registration Statement.

      (2) That, for the purpose of determining any liability under the
Securities Act, each such post-effective amendment shall be deemed to be a new
registration statement relating to the securities offered therein, and the
offering of such securities at that time shall be deemed to be the initial bona
fide offering thereof.

      (3) To remove from registration by means of a post-effective amendment any
of the securities being registered hereby which remain unsold at the termination
of the offering.

      (4) That, for purposes of determining any liability under the Securities
Act of 1933, each filing of the Registrant's annual report pursuant to Section
13(a) or Section 15(d) of the Exchange Act of 1934 that is incorporated by
reference in this Registration Statement shall be deemed to be a new
registration statement relating to the securities offered therein, and the
offering of such securities at that time shall be deemed to be the initial bona
fide offering thereof.

      (5) Insofar as indemnification for liabilities arising under the
Securities Act may be permitted to directors, officers and controlling persons
of the Registrant pursuant to the foregoing provisions, or otherwise, the
Registrant has been advised that in the opinion of the Commission such
indemnification is against public policy as expressed in the Securities Act and
is, therefore, unenforceable. In the event that a claim for indemnification
against such liabilities (other than the payment by Registrant of expenses
incurred or paid by a director, officer or controlling person of Registrant in
the successful defense of any action, suit or proceeding) is asserted by such
director, officer or controlling person in connection with the securities being
registered, the

292357.1
                                      4
Registrant will, unless in the opinion of its counsel the matter has been
settled by controlling precedent, submit to a court of appropriate jurisdiction
the question whether such indemnification by it is against public policy as
expressed in the Securities Act and will be governed by the final adjudication
of such issue.

292357.1
                                      5
SIGNATURES

      Pursuant to the requirements of the Securities Act of 1933, the Registrant
certifies that it has reasonable grounds to believe that it meets all of the
requirements for filing on Form S-8 and has duly caused this Registration
Statement to be signed on its behalf by the undersigned, thereunto duly
authorized, in the City of New York, State of New York, on this 11th day of 
June 1996.

                                    OXiGENE, INC.

                                    By: /s/ Bjorn Nordenvall
                                        Bjorn Nordenvall
                                        President and Chief Executive Officer

                               POWER OF ATTORNEY

      KNOW ALL MEN BY THESE PRESENTS, that each person whose signature appears
below constitutes and appoints Bjorn Nordenvall and Claus M[phi]ller, and each
of them, his true and lawful attorney-in-fact and agent, each acting alone, with
full power of substitution and resubstitution, for him and in his name, place
and stead, in any and all capacities, to sign any or all amendments to this
Registration Statement, including post-effective amendments, and to file the
same, with all exhibits thereto, and other documents in connection therewith,
with the Securities and Exchange Commission, granting unto said
attorneys-in-fact and agents full power and authority to do and perform each and
every act and thing requisite and necessary to be done, as fully to all intents
and purposes as he might or could do in person, and hereby ratifies and confirms
all his said attorneys-in-fact and agents, each acting alone, or his substitute
or substitutes may lawfully do or cause to be done by virtue thereof.

      Pursuant to the requirements of the Securities Act of 1933, this
Registration Statement has been signed by the following persons in the
capacities and on the date indicated.

           Signature                    Title                         Date

/s/Bjorn Nordenvall           President, Chief Executive Officer  June 11, 1996
                              and Director (principal executive
                              and principal accounting officer)

/s/Yuval Binur                        Director                   June 11, 1996
Yuval Binur

/s/Richard A. Brown            Chairman of the Board             June 11, 1996
Richard A. Brown

/s/Donald P. Carlin                   Director                   June 11, 1996
Donald P. Carlin
/s/Michael Ionata                     Director                   June 11, 1996
Michael Ionata

/s/John E. McConnaughy, Jr.           Director                   June 11, 1996
John E. McConnaughy, Jr.

/s/Claus M0ller                       Director                   June 11, 1996
Claus M0ller

/s/Ronald W. Pero                     Director                   June 11, 1996
Ronald W. Pero

/s/L.G. Schafran                      Director                   June 11, 1996
L.G. Schafran
EXHIBIT INDEX

Exhibit No.  Description of Exhibit                                Page Number

     4.2*   OXiGENE Amended and Restated Stock Incentive Plan
            (including Forms of Incentive Stock Option Agreement,
            Non-Statutory Stock Option Agreement, Tandum Stock
            Appreciation Rights Agreement, Non-Tandum Stock
            Appreciation Rights Agreement and Restricted Stock
            Agreement).

     4.3**  Restated Certificate of Incorporation as filed with
            the Secretary of State of the State of Delaware on
            April 27, 1993, and as amended on June 22, 1995.

     4.4*   By-Laws, as amended through May 26, 1993.

     5      Opinion of Battle Fowler LLP regarding the legality
            of the securities being registered.

     24.1   Consent of Ernst & Young LLP.

     24.2   Consent of Battle Fowler LLP (included in, and
            incorporated by reference to, Exhibit 5 hereto).

     25     Power of Attorney (included in the signature pages of
            this Registration Statement).

- -----------------------
    *       Included in, and incorporated by reference to, the Registrant's
            Registration Statement on Form S-1 (File Number 33-64968) filed
            with the Commission on June 24, 1993 and delared effective on
            August 25, 1993 (the "IPO Registration Statement").

   **       Included in, and incorporated by reference to, the IPO Registration
            Statement and the Company's Annual Report on Form 10-K for the
            fiscal year ended December 31, 1995, as amended by Form 10-K/A-1,
            as filed with the Commission on April 30, 1996.