OXIGENE INC
PROMISSORY NOTE B. NORDENVALL
<DOCUMENT>
<TYPE>EX-10
<SEQUENCE>16
<FILENAME>exh1026.txt
<DESCRIPTION>PROMISSORY NOTE B. NORDENVALL
<TEXT>
                                                                   Exhibit 10.26

                                 PROMISSORY NOTE

$ 428,760.00                                            Watertown, Massachusetts
                                                        January 2, 2002

     FOR VALUE RECEIVED the  undersigned,  Bjorn  Nordenvall  (the  "Borrower"),
promises  to  pay  to  the  order  of  OXiGENE,  Inc.,  a  Delaware  corporation
("OXiGENE") on January 2, 2005 (the "Maturity Date") or such earlier date as set
forth in the Agreement (defined below), the principal sum of Four Hundred Twenty
Eight Thousand and Seven Hundred and Sixty Dollars  ($428,760.00)  with interest
thereon  from the date hereof  until paid at the rate of ten  percent  (10%) per
annum, both principal and interest being negotiable and payable, without offset,
at the offices of OXiGENE,  Inc., 321 Arsenal Street,  Watertown,  Massachusetts
02472,  Attention:  Frederick Driscoll, or at such other place as the holder may
designate in writing.

     This  Promissory  Note is secured by OXiGENE stock  certificate no. OX 3049
representing  345,053  shares of  common  stock  of,  par value  $0.01 per share
("Pledged Collateral"),  granted by OXiGENE to Borrower pursuant to a restricted
stock agreement of even date herewith (the "Agreement"),  the terms of which are
incorporated herein by reference.

     To the fullest extent  permitted by law,  Borrower (i) waives  presentment,
protest and notice of dishonor;  (ii) waives the benefit of any  exemption as to
the debt  evidenced  by this  Purchase  Note;  (iii)  waives any right which the
Borrower  may have to require the holder to proceed  against any other person or
assets;  (iv) agrees that,  without notice, and without affecting the Borrower's
liability,  the holder may, at any time or times,  grant  extensions of time for
payment,  permit the renewal of this  Purchase  Note and add or release a party;
(v) agrees that any action to collect this  Purchase Note or any part hereof may
be instituted  and  maintained in a court having  appropriate  jurisdiction  and
located  in the City of  Watertown,  Massachusetts,  and,  in this  regard,  the
Borrower waives forum  nonconveniens or any assertion that such  jurisdiction is
improper;  and (vi) agrees to pay all collection  expenses including  reasonable
attorney's fees and court costs incurred in the collection of this Purchase Note
or any part hereof.

     Notwithstanding anything contained in this Promissory Note or the Agreement
to the contrary,  the Borrower shall have no personal  liability for the payment
of any sums due  under  this  Promissory  Note or the  Agreement,  it being  the
intention of the parties that OXiGENE or any subsequent holder hereof shall look
solely to the Pledged Collateral for the payment of such sums;  provided however
that the foregoing  exculpation from personal liability shall not (i) impair the
validity of security  interests  granted in the  Agreement  or (ii)  preclude an
action for specific  performance or injunctive relief or prohibit OXiGENE or the
holder  hereof  from  naming the  Borrower  in any  action to  enforce  remedies
hereunder or under the Agreement  (other than an action seeking a personal money
judgment).


                                    /s/ Bjorn Nordenvall
                                    --------------------
                                        Bjorn Nordenvall



                                    Address:
                                    --------------------

</TEXT>
</DOCUMENT>
