SANTA BARBARA--- Miravant Medical Technologies Chief Executive Officer Resigns; Board Names New Chairman and Executive Committee
Miravant Medical Technologies (OTCBB:MRVT), a pharmaceutical development company specializing in PhotoPoint(R) photodynamic therapy (PDT), announced today that its board of directors has accepted the resignation of Gary S. Kledzik, Ph.D., as chief executive officer (CEO), chairman and director.
The Company's board of directors named director Robert J. Sutcliffe as Miravant's new, non-executive chairman, and announced the appointment of an interim executive committee consisting of Robert J. Sutcliffe and director Rani Aliahmad to coordinate management functions, identify CEO candidates and recommend initiatives to increase productivity and leverage Miravant's development programs. Miravant President David Mai and CFO John Philpott will report to the interim executive committee. Mr. Sutcliffe is a venture lawyer and business advisor based in Los Angeles, where he is managing director of Craftsman Capital Advisors LLC. Mr. Aliahmad serves as president of USA Call, a provider of end-to-end mobile solutions and services for the marketing arena. He has held several posts, including co-founder and COO of Cardionomics and co-founder of Embryonix.
"The board thanks Dr. Kledzik, a Miravant founder, for his many years of service and dedication to the Company," stated Robert J. Sutcliffe. "Looking forward, the board intends to focus the company's efforts on Miravant's pending PHOTREX(TM) clinical trials and deriving shareholder value from our promising drug portfolio."
Miravant expects to commence this summer a confirmatory Phase III clinical trial of its lead drug, Photrex(TM), an investigational treatment for wet age-related macular degeneration (AMD). The U.S. Food and Drug Administration (FDA) granted an approvable status to Photrex(TM) in September 2004, which included a request for the confirmatory clinical trial. The new clinical protocol was reviewed by FDA under a Special Protocol Assessment, and the trial will be initiated in the United Kingdom, Central and Eastern Europe. Wet AMD is a debilitating eye disease that is the leading cause of blindness in older adults.
In addition to Mr. Aliahmad and Mr. Sutcliffe, continuing directors re-elected to serve on the board of directors at Miravant's annual shareholders meeting on June 23, 2005 included: Nuno Brandolini, Michael Khoury, David Mai, and Kevin R. McCarthy.
About Miravant
Miravant Medical Technologies specializes in PhotoPoint(R) photodynamic therapy (PDT), developing 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 drug, 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. Miravant's cardiovascular development program, supported in part 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.
For more information, please visit our web site at: www.miravant.com.