MRVT Miravant Medical Technologies (CE)

Miravant Medical Technologies (Pink Sheets:MRVT), a pharmaceutical development company specializing in PhotoPoint(R) photodynamic therapy (PDT), announced that the Company filed a Form 15 with the United States Securities and Exchange Commission (SEC) on March 31, 2006 to terminate the registration of its common stock under the Securities Exchange Act of 1934, as amended (the 1934 Act). Based on the filing of the Form 15, Miravant will no longer file periodic and other reports with the SEC. Additionally, the Company has filed post-effective amendments to all of its outstanding Registration Statements on Form S-2, S-3 and S-8 (collectively, the Registration Statements) to deregister all shares thereunder. As a result, shares of Miravant common stock may no longer be traded pursuant to the Registration Statements or the respective prospectuses contained therein. Due to the fact that Miravant is no longer filing reports under the 1934 Act, its common stock has been de-listed from trading on the Nasdaq Over-the-Counter Bulletin Board. Currently, Miravant shares are trading in the over-the-counter market system in the Pink Sheets quotations system, although Miravant makes no assurances that this market for its shares will continue to be available. Miravant's decision to de-register was made after careful consideration of a number of factors, the foremost of which is to eliminate the costs associated with being a reporting company under the 1934 Act. About Miravant Miravant Medical Technologies specializes in PhotoPoint(R) photodynamic therapy (PDT), developing photoreactive (light-activated) drugs to selectively target diseased cells and blood vessels. Miravant's primary areas of focus are ophthalmology and cardiovascular disease with new drugs in clinical and preclinical development. PHOTREX(TM) (rostaporfin), the Company's most advanced program, has received an FDA Approvable Letter as a treatment for wet age-related macular degeneration and a Special Protocol Assessment for a Phase III confirmatory clinical trial. The Company began a confirmatory Phase III placebo controlled clinical trial of Photrex(TM), a therapy being tested for macular degeneration in Eastern and Central Europe in October 2005. The trial is currently suspended due to unanticipated delays in the start-up of the trial, substantially slower than forecasted patient enrollment in the European trial venues and the termination of its third-party provider of clinical services. The Company continues to re-evaluate its clinical and regulatory strategy for Photrex in ophthalmology and consider alternative pathways for Photrex due to the rapidly changing competitive landscape for the treatment of AMD, the advent of combination therapy approaches, and the additional financial commitment expected to be required for a continuation of the clinical trial under its present design. Miravant's cardiovascular development program, supported by an investment from Guidant Corporation, focuses on life-threatening coronary artery diseases, with PhotoPoint MV0633 in advanced preclinical testing for atherosclerosis, vulnerable plaque and restenosis. The program is currently in the process of completing the necessary preclinical studies in order to prepare and file an IND. Consistent with its previously announced restructuring, the Company continues to assess each of its development programs in the context of available resources and to identify strategies to maximize value from the Company's products under development, research programs and experimental molecules. Strategies under consideration include the possible licensing or sale of assets in specific therapeutic programs or the sale of a significant equity stake to a strategic or financial partner. The statements contained in this press release that are not purely historical are forward-looking statements, including but not limited to those about the future of the Company's clinical and regulatory strategy and alternative pathways for Photrex(TM), and the strategies under consideration to maximize the Company's products under development. 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 Company's operating capital may not be sufficient to continue as a going concern; the Company may not obtain the additional future funding needed to continue the confirmatory Phase III clinical trial; the Company has failed to meet the covenants of the December 2002 Debt Agreement or the August 2003 Convertible Debt and Warrant Purchase Agreement and therefore the holders under these agreements have the right to call outstanding debt immediately due and payable; and the Company will not achieve certain milestones required to receive future investments under its Collaboration Agreement with Guidant Corporation unless additional financing is received. The de-registration of the Company's shares and the trading of the Company's stock in the over-the-counter market system in the Pink Sheets quotations system makes it difficult to find equity investors. The foregoing and other important risk factors may cause Miravant's results to differ from those described above. 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.