For more information please visit our web site at: www.miravant.com
FOR IMMEDIATE RELEASE
Contact: Tom Herrick
Investor Relations
(805) 685-9880
MIRAVANT OBTAINS $15 MILLION CONVERTIBLE LINE OF CREDIT
SANTA BARBARA, Calif., March 8, 2005 - Miravant Medical Technologies (OTCBB:
MRVT), a pharmaceutical development company specializing in PhotoPoint(R)
photodynamic therapy (PDT), announced today that it has finalized a convertible
debt line-of-credit agreement for up to $15.0 million with a long-standing
Miravant investor. The funds will be available at the Company's discretion in
increments of up to $1.0 million per month, with any unused monthly borrowings
to be carried forward. The borrowings are convertible into shares of Common
Stock based on a premium of 110% of the average monthly closing price of the
month preceding each borrowing request. Additionally, we will issue a warrant to
purchase one-quarter of a share of Common Stock for each convertible share of
Common Stock issued. The exercise price of each warrant will also be equal to
110% of the average monthly closing price of the month preceding the borrowing
request.
Gary S. Kledzik, Ph.D., chairman and chief executive officer, stated, "We are
very pleased to secure this financing to support our PhotoPoint development
programs. This line of credit will provide funding for the PHOTREX(TM)
confirmatory phase III clinical trial for age-related macular degeneration, in
which we expect to begin patient enrollment next quarter."
Additional information about the terms of the convertible debt line of credit
agreement is contained in the Company's Form 8-K to be filed with the Securities
and Exchange Commission no later than March 10, 2005.
About-Miravant
Miravant Medical Technologies specializes in the development of pharmaceuticals
and devices for photoselective medicine, developing its proprietary PhotoPoint
photodynamic therapy (PDT) for large potential markets in ophthalmology,
dermatology, cardiovascular disease and oncology. PhotoPoint PDT uses
light-activated drugs to selectively target diseased cells and blood vessels.
The Company's lead drug, PHOTREX (rostaporfin, SnET2), in development as a
treatment for patients with wet age-related macular degeneration (AMD), has
received an Approvable Letter from the U.S. Food and Drug Administration (FDA)
and a Special Protocol Assessment (SPA). The Company has collaborative and
securities purchase agreements with Guidant Corporation in support of PDT
applications in cardiovascular disease, including atherosclerosis and vulnerable
plaque.
Safe-Harbor-Statement
The statements contained in this press release that are not purely historical
are forward-looking statements within the meaning of Section 21E of the
Securities and Exchange Act of 1934, as amended, including but not limited to
those by Dr. Kledzik and other statements about the availability of monthly
borrowings under the convertible debt line of credit; the potential use of
PHOTREX as a treatment for wet AMD; enrolling patients in the confirmatory phase
III clinical trial in the next quarter; and the Company's development programs
for large potential markets in ophthalmology, dermatology, cardiovascular
disease and oncology, and relate to our future plans, objectives, expectations
and intentions. Our actual results may differ materially from those described in
these statements. For instance, the occurrence of one or more of the following
may cause our results to differ from our plans: the investors may determine not
to advance funds to the Company under the line of credit, either because certain
specified conditions have not been satisfied, because the Company's operations
are, in their judgment, not meeting its business objectives, or for any other
reason, in the investors' sole discretion; the Company's operating capital may
not be sufficient to continue some or all of its development programs, complete
the NDA review process or continue as a going concern; potential future funding
may not be available when needed if at all or under terms acceptable to the
Company; the Company may not meet the covenants of the December 2002 Debt
Agreement, the August 2003 Convertible Debt and Warrant Purchase Agreement, or
the March 2005 $15.0 million convertible Note and Warrant Purchase Agreement,
which would give the holders under these agreements the right to call
outstanding debt immediately due and payable; the Company may not achieve
certain milestones required to receive future investments under its
Collaboration Agreement with Guidant Corporation; the Company may be unable to
resolve all issues and conditions associated with the PHOTREX New Drug
Application; the FDA may require further clinical studies before granting
marketing approval, or may limit labeling claims, or may not grant marketing
approval at all; even if approved, the Company may not have the necessary
resources or corporate partnering relationship(s) to commercialize PHOTREX and
the degree of acceptance cannot be guaranteed; the Company may decide not to or
may be unable to further develop its PhotoPoint drugs in ophthalmology,
dermatology, cardiovascular disease and/or oncology; the Company may not be able
to demonstrate the safety or efficacy of its drugs in development or achieve
their regulatory approvals; and/or partnering discussions may not progress or
may not provide the funding and support the Company needs. For a discussion of
additional important risk factors that may cause our results to differ from
those described above, please refer to our annual report on Form 10-K for the
year ended December 31, 2003, our quarterly reports on Form 10-Q for the
quarters ended March 31, June 30, and September 30, 2004, and our other
quarterly and periodic reports filed with the Securities and Exchange
Commission. Our products require regulatory approval before marketing, sales or
clinical use. PhotoPoint(R) is a registered trademark of Miravant Medical
Technologies. PHOTREX(TM) is a trademark of Miravant Medical Technologies.
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