MRVT Miravant Med Tech: Infinity and Beyond? Message Board

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Biotech / Medical : MRVT Miravant Med Tech: Infinity and Beyond?

MRVT 0.00

Jun 16 4:00 PM EDT

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next

To: guido leone who wrote (35)	11/4/1998 12:02:00 AM
From: AnnieK	Read Replies (1) of 67

From: cbs.marketwatch.com SANTA BARBARA, Calif. (CBS.MW) -- Shares of Miravant Medical Technologies rose 18.5 percent amid speculation the California biotechnology developer could soon get a $75 million package of stock, cash and credit from drugmaker Pharmacia & Upjohn. Miravant (MRVT) of Santa Barbara, Calif., develops photo-selective drugs and devices to combat cancer and age-related macular degeneration, the leading cause of vision loss in the elderly. According to an investment professional close to Miravant, the company has a vote of confidence from Pharmacia & Upjohn (PNU), CBS.MarketWatch.com reported. (See StockWatch.) A spokesperson at Pharmacia & Upjohn in New Jersey declined to comment Tuesday. A Miravant spokesperson in California said the company does not comment on speculation. An investment professional close to Miravant says the company soon will unveil a Pharmacia & Upjohn plan that would allow the international drug company to buy 1 million shares of Miravant stock at $20 each. (See StockWatch.) Miravant stock rose 2 9/16, or 18.5 percent, to 16 7/16. Pharmacia also would spend $35 million to pay off investors in a private placement, said the source, who asked to remain unnamed. Pharmacia also would provide a $20 million credit line, perhaps linked to its already stated agreement to pay out-of-pocket expenses for clinical studies. Shares of Bridgewater, New Jersey-based Pharmacia & Upjohn fell 1/16 to close at 54 15/16.

Report TOU Violation

Share This Post

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next