MRVT
TO ALL - Read this press release. It says that Pharmacy and Upjohn has
purchased MRVT shares for over 16.00. Stock is presently at 10.00. Gee looks
to me like MRVT will be headed up shortly. Stock was close to 40.00 over
the last 52 weeks. Thoughts?
Wednesday February 24, 1:39 pm Eastern Time
Company Press Release
Miravant Closes $41.5 Million Financing
With Pharmacia & Upjohn
SANTA BARBARA, Calif.--(BW HealthWire)--Feb. 24, 1999--Miravant
Medical Technologies (Nasdaq:MRVT -
news) today announced the closing of an equity investment and credit
agreement with Pharmacia & Upjohn,
Inc. (NYSE:PNU - news). Pharmacia & Upjohn has purchased 1,136,533 shares
of additional Miravant common
stock for $19 million ($16.71 per share) and has extended to Miravant a
secured line of credit of up to $22.5
million. Miravant and Pharmacia & Upjohn have also amended their existing
Ophthalmology Agreement and
entered into a right of first negotiation for the field of cardiovascular
medicine. Full details of the agreements
are contained in Miravant's Form 8-K filing submitted to the Securities and
Exchange Commission on January
22, 1999.
Phase III clinical trials for age-related macular degeneration
Miravant and Pharmacia & Upjohn are now conducting Phase III clinical
studies of the PhotoPoint(tm) drug
SnET2 for wet age-related macular degeneration (AMD), a debilitating eye
disease that is the leading cause of
blindness in Americans over age 50. Based on positive early clinical results,
the drug SnET2 received fast
track designation from the FDA for this AMD indication. The fast track
designation allows for interim
analysis of data that may enable filing of the New Drug Application (NDA)
before the study is completed.
Presently there is no satisfactory treatment for this vision-threatening
disease, which is estimated to affect
400,000 new patients each year in the United States and Europe.
Miravant Medical Technologies specializes in both pharmaceuticals and
devices for photoselective medicine.
The company is developing its proprietary PhotoPoint procedure in
ophthalmology, oncology and other medical
specialties.
Except for historical information contained herein, the matters discussed in
this news release are deemed
forward-looking statements under federal securities laws that involve risks
and uncertainties. Miravant's actual
results may differ materially from those in the forward-looking statements
depending on a number of factors
including, among other things, the ability to maintain long-term
relationships with corporate partners, the
ability to bring products to market through the regulatory approval process,
uncertainty of future profitability,
the volatility of the company's stock price, financing requirements,
uncertainties relating to the company's
ability to successfully complete its Year 2000 initiatives and other factors
detailed from time to time in the
company's SEC reports, including its report on Form 10-K for the fiscal year
ended December 31, 1997. Clinical
trials must be completed and FDA approval must be obtained before any of
the company's products may be
made commercially available to the public.
Contact:
Miravant Medical Technologies, Santa Barbara
Tom Herrick, 805/685-9880
www.miravant.com
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