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To: msc123 who wrote (58216)	2/24/1999 2:54:00 PM
From: Logistics	Respond to of 119973

MRVT is trading 4X average volume. Stock was close to 40 dollars not too long ago. Has been trending up. News tomorrow? JL

To: msc123 who wrote (58216)	2/24/1999 2:58:00 PM
From: Silicon Trader	Read Replies (1) \| Respond to of 119973

MRVT closes 41.5 million financing with UPJOHN News Release inside ednesday 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.