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Miravant losses increased in 2004

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SANTA BARBARA, Calif. – Miravant Medical Technologies posted a net loss of $15.9 million for 2004, more than double its net loss of $7.5 million in 2003, the company announced in a press release. Miravant attributed the increased loss to the result of a gain on the retirement of company debt and the sale of investment assets.

Highlights for the company during the year included receiving an “approvable” letter for its Photrex (rostaporfin for injection) photodynamic therapy for the treatment of wet age-related macular degeneration. The company is in the midst of beginning a confirmatory phase 3 clinical trial of the therapy at sites in central and eastern Europe and the United Kingdom. The company also expects to initiate a combination trial of Photrex and anti-angiogenic agents to treat wet AMD, according to the press release.