Biotech Values

[DewDiligence]

Miravant broadens its scope:

[The maker of a Visudyne-knock-off candidate for AMD is now working with Guidant on photodynamic therapy (PDT) for arterial plaque. I guess it’s not surprising that PDT would have diverse applications; after all, it began several years ago as a treatment for cancer which didn’t pan out.]

http://biz.yahoo.com/bw/040706/65315_1.html

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Miravant Announces Collaborative Agreement With Guidant in Cardiovascular Disease

Guidant Makes Staged Equity Investment to Fund PhotoPoint PDT Development

SANTA BARBARA, Calif.--(BUSINESS WIRE)--July 6, 2004--Miravant Medical Technologies (OTCBB:MRVT - News), a pharmaceutical development company specializing in PhotoPoint® photodynamic therapy (PDT), today announced a Collaboration Agreement and a Securities Purchase Agreement (SPA) with Guidant Corporation (NYSE:GDT - News), a world leader in the treatment of cardiac and vascular disease, headquartered in Indianapolis, Indiana. Guidant agreed to provide up to $7 million capital in support of Miravant's PhotoPoint cardiovascular programs, including an upfront payment of $3 million and additional staged investments based on the achievement of certain milestones through Phase I clinical trials. The development programs include regional treatments for atherosclerosis and atherosclerotic vulnerable plaque, representing large potential markets. Miravant plans to collaborate with Guidant on clinical development from facilities in Santa Barbara and Indianapolis.

"We are extremely pleased with Guidant's support and endorsement of PhotoPoint PDT as a potential treatment for patients with serious coronary artery diseases," said Gary S. Kledzik, Ph.D., Miravant chairman and chief executive officer. "The benefit of Guidant's experience and consultation should focus our development efforts and help facilitate our progress towards human clinical studies."

"Vulnerable plaque is a silent killer that can cause a heart attack without warning. Guidant is actively pursuing interventional device-based therapies to treat the millions of patients with cardiac and vascular disease who have these potentially deadly lesions," said Dana G. Mead, Jr., president, Vascular Intervention, Guidant Corporation. "We are encouraged by Miravant's preclinical results, and look forward to collaborating with the company to further develop the potential of photodynamic therapy for vulnerable plaque applications."

The preclinical studies for PhotoPoint PDT were conducted under the direction of Ron Waksman, MD, Professor of Medicine (Cardiology), Georgetown University and Associate Chief of Cardiology at the Washington Hospital Center; and analyzed under the direction of Renu Virmani, MD, Chair, Cardiovascular Pathology, Armed Forces Institute of Pathology, Washington DC. Dr. Waksman stated, "PhotoPoint PDT has been shown to be very effective in extensive preclinical studies. If these results can be realized in clinical trials, PhotoPoint PDT could make a dramatic difference in our ability to treat patients with atherosclerosis. We are especially encouraged by the potential to reduce the risk of rupture in vulnerable plaques. My colleagues and I at the Washington Hospital Center look forward to continuing our participation in the evaluation and development of this promising new therapy."

A Form 8-K will be filed with the Securities and Exchange Commission (SEC) within two business days of this release.

Intracoronary PhotoPoint PDT

Miravant is developing PhotoPoint PDT as a minimally invasive interventional procedure for the treatment of patients with coronary artery disease, including atherosclerosis, atherosclerotic vulnerable plaque and restenosis. Currently under preclinical investigation, the catheter-based treatment uses a systemic light-reactive drug in combination with low power, non-thermal light to treat regions of atherosclerotic plaque in blood vessel walls, including vulnerable plaque. Miravant has established a substantial body of preclinical data to support further investigations of this proprietary technology. In March 2004, preclinical results were presented at the American College of Cardiology, New Orleans, which suggest that PhotoPoint PDT may remove inflammatory cells in atherosclerotic plaque, reduce plaque volume and induce positive mechanisms of healing and repair that are consistent with plaque stabilization.

Atherosclerosis and Vulnerable Plaque

Heart attacks strike 1.1 million people in the U.S. each year, leading to 460,000 deaths. Most heart attacks are caused by atherosclerosis, a common vascular disease involving lipid-derived plaques in blood vessel walls. It has been recently recognized that certain inflamed plaques are highly unstable and vulnerable to spontaneous rupture, causing an estimated 85% of heart attacks. Intense research efforts are underway to identify and treat vulnerable plaques before they erupt, estimated by analysts to be a multi-billion dollar market.

About Miravant

Miravant Medical Technologies specializes in 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 photoreactive (light-activated) drugs to selectively target diseased cells and blood vessels. The Company has filed a New Drug Application (NDA) for the drug SnET2 for the treatment of patients with wet age-related macular degeneration. Miravant's cardiovascular program focuses on life-threatening diseases, with PhotoPoint MV0633 in advanced preclinical testing for atherosclerosis, atherosclerotic vulnerable plaque and restenosis.
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