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Miravant reduced costs during fiscal 2003

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SANTA BARBARA, Calif. — Miravant Medical Technologies posted a smaller loss during 2003 than in previous years, according to a press release. The company’s net loss for 2003 was $7.5 million, down from a $16 million loss during 2002.

According to company executives, Miravant spent most of last year restructuring in order to reduce its costs. Additionally, the company is predicting it will file a New Drug Application with the Food and Drug Administration “on or about” March 31 for its PhotoPoint SnET2 treatment for the wet form of age-related macular degeneration.

PhotoPoint photodynamic therapy is also in early trials for the treatment of solid tumor cells, as well as atherosclerosis and vulnerable plaque, according to the Miravant press release.