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Biotech / Medical : Biotech failure, 2002 -- Ignore unavailable to you. Want to Upgrade?

To: Miljenko Zuanic who wrote (34)	3/5/2002 6:47:20 PM
From: Miljenko Zuanic	Respond to of 130

Tuesday March 5, 3:33 pm Eastern Time Press Release SOURCE: Miravant Medical Technologies Miravant Regains Rights to PhotoPoint SnET2 SANTA BARBARA, Calif.--(BW HealthWire)--March 5, 2002--Miravant Medical Technologies (Nasdaq:MRVT - news) announced today that it has terminated certain contractual relationships with Pharmacia Corporation, including the Ophthalmology Development and License Agreement and other related contracts for proprietary drug SnET2. Miravant regained the rights to all assets related to the SnET2 phase III clinical trials for age-related macular degeneration (AMD), including the full clinical data package. In addition, Miravant restructured the credit agreement in which Pharmacia reduced the outstanding debt from approximately $27 million to $10 million. In connection with the debt reduction, Miravant will re-assume lease obligations for the SnET2 manufacturing facility and will forego the remaining $3.2 million line-of-credit. Gary S. Kledzik, Ph.D., chairman and chief executive officer, stated, ``Now that we're back in control of the drug SnET2, we're excited about gaining access to all clinical data in order to conduct a thorough, in-depth analysis of the results. Ophthalmology continues to be our primary focus, and we will aggressively pursue all options available to us for SnET2 and our new PhotoPoint(TM) drug compounds.'' The SnET2 assets returned to Miravant include the Investigational New Drug (IND) application, preclinical and clinical data, inventories of active pharmaceutical ingredient and finished dose formulation, drug manufacturing rights, manufacturing equipment and clinical laser devices. Full details of the agreements are contained in Miravant's Form 8-K to be filed this week with the Securities and Exchange Commission. <snip>