try doing a reset by holding down the data + and - keys while turning it on.
also try different USB ports. my m-audio axiom only works properly in one of my four ports.
it also wouldn't hurt to re-install the drivers.
install drivers (download current ones just to be sure)
plug in oxygen88
let it autodetect - wait for ready to use message
HP Pavillion DV7T-3300 Laptop | i7 Q720 @ 1.6 GHz | 4GB RAM | Win7 Pro 64-bit
m-audio Axiom Pro 61 keyboard controller || iPad2 | RetouchControl DUO | TouchOSC | LoopBe30 MIDI
m-audio Mobile Pre USB (original) audio interface | ASIO4ALL || RØDE NT-3 mic
Reason 6.5.3 || Pulsar | Saturation Knob | Rough Rider | TSAR-1 | Uhbik-A | Re-Tron | Polar | Echobode | Uhbik Q | Uhbik F | Morfin XF | Uhbik S | Uhbik D | Uhbik G | CV Suite Line Processor | wbl5515 | Uhbik P | RE-2A | Radical Piano