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

To: hsg who wrote (344)	1/19/1999 11:36:00 AM
From: Robert Dydo	Read Replies (1) \| Respond to of 572

SANTA BARBARA, Calif./BRIDGEWATER, N.J.--(BW HealthWire)-- Jan. 19, 1999--Miravant Medical Technologies (Nasdaq:MRVT - news) and Pharmacia & Upjohn (NYSE:PNU - news) today announced an agreement for P&U to make an infusion of up to $41.5 million in Miravant. The additional funding consists of an immediate equity investment of $19 million and a $22.5 million line of credit to support Miravant's ophthalmology program as well as for general corporate purposes. In conjunction with the loan, Pharmacia & Upjohn will receive a total of up to 360,000 warrants to purchase common stock of Miravant. Pursuant to this investment, Pharmacia & Upjohn will assume control of the clinical and regulatory aspects of the joint ophthalmic programs, including the PhotoPoint(tm) drug SnET2 (tin ethyl etiopurpurin) which is in Phase III clinical trials for age-related macular degeneration (AMD). Pharmacia & Upjohn will also assume responsibility for the manufacturing scale-up of SnET2 to commercial levels. The new agreement amends the agreement executed in July 1995 and subsequent amendments, where Pharmacia & Upjohn and Miravant agreed to co-develop, market and distribute SnET2 for indications in ophthalmology and oncology. ''This substantial investment accelerates the funding provisions of our earlier ophthalmology and oncology agreements and shows Pharmacia & Upjohn's confidence in PhotoPoint technology in ophthalmology,'' said Gary S. Kledzik, Ph.D., Miravant Chairman and Chief Executive Officer. ''We are very pleased to allocate more clinical, regulatory and manufacturing responsibilities for the AMD program to Pharmacia & Upjohn, with its global capabilities. Pharmacia & Upjohn is in the best position to facilitate AMD development, approvals and market launch; and Miravant is now able to focus its resources and significant expertise in photodynamic therapy on the remainder of the PhotoPoint pipeline.'' ''We are encouraged with the FDA's fast-track designation for SnET2 for treatment of age-related macular degeneration,'' said Goran Ando, M.D. Pharmacia & Upjohn Executive Vice President and President, Research and Development. ''AMD is the leading cause of blindness in old age and represents a growing unmet medical need with significant commercial potential.'' That is great for Miravant. I wonder what is going on in joint development against lung cancer between XLX and MRVT? I think it should be a positive reaction as oncology is mentioned, which relates XLX to the story.