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Biotech / Medical : XILLIX FDA APPROVED -- Ignore unavailable to you. Want to Upgrade?

To: don jackson who wrote (268)	6/3/1998 2:00:00 PM
From: don jackson	Read Replies (1) \| Respond to of 572

Xillix Announces Strategic Alliance with Miravant RICHMOND, BRITISH COLUMBIA and SANTA BARBARA, CALIFORNIA--Highlights of the Alliance include: - Cdn $7.2M equity investment in Xillix - Drug royalty payments to Xillix - Medical device co-development between Xillix and Miravant Xillix Technologies Corp. announced today that they have signed an exclusive agreement with Miravant Medical Technologies (Miravant) of Santa Barbara, California (NASDAQ: MRVT). The agreement between the two companies involves the co-development of devices that will integrate Xillix's LIFE Imaging Fluorescence Endoscopy System and Miravant's PhotoPoint(TM) drugs and devices. Miravant is planning a comprehensive clinical strategy for lung cancer management with Xillix and Chiron Diagnostics, a business unit of Chiron Corp. (Nasdaq: CHIR). Miravant will make a Cdn$7,187,384 equity investment in Xillix of which Cdn$4,314,584 will be provided in cash and the remaining Cdn$2,872,800 will be in the form of Miravant restricted common shares. Xillix will issue 2,691,904 common shares to Miravant at Cdn$2.67 per share. Both companies will share the research and development costs associated with the development program. The first application to be co-developed will integrate Xillix's tissue fluorescence imaging technology for the detection and localization of lung cancer with Miravant's PhotoPoint drug, which uses principles of photodynamic therapy, for the treatment of lung cancer. Future applications will target other cancers for which Xillix and Miravant currently have development programs underway. Xillix will receive drug royalty payments from Miravant based on the drug sales generated by the co-developed technology. "This agreement with Miravant provides a comprehensive strategy for the early detection, localization and treatment of cancer. The three links of survival for cancer include first, a screening method; second, a method to detect and localize the cancer; and thirdly, a treatment method," said Mr. Pierre Leduc, President and CEO of Xillix. "We have achieved the best possible arrangement: Miravant has a collaborative relationship with Chiron Corporation who is working towards developing an assay to screen high-risk patients for lung cancer; Xillix has the fluorescence imaging capabilities that are clinically proven to detect and localize cancer in its earliest stages;and finally, Miravant is developing PhotoPoint therapy to potentially provide a minimally invasive treatment option for patients." "This agreement gives Miravant valuable, exclusive access to Xillix's clinically proven fluorescence technology. Linking early cancer detection with minimally invasive cancer treatment is a powerful development strategy for PhotoPoint," said Gary S. Kledzik, Ph.D., Miravant chairman and CEO. "Miravant has preclinical studies underway now for early stage lung cancer. By working together with Xillix and Chiron we will be able to target a new group of lung cancer patients with early stage disease, who potentially have the best opportunity for good outcome results." Miravant is a leader in developing pharmaceuticals and devices for photoselective medicine. The company is pursuing PhotoPoint applications in a number of medical specialties, including oncology, ophthalmology, urology, dermatology, cardiology and gynecology. Miravant has established collaborative relationships with several of the world's leading research corporations, including Boston Scientific Corporation, Chiron Corporation, Cordis, a Johnson & Johnson company, Iris Medical Instruments Inc., a subsidiary of Medicis Pharmaceutical Corporation, Pharmacia & Upjohn and Ramus Medical Technologies.