Miravant gets $20 mill boost from Pharmacia

Miravant Medical Technologies says it has completed agreements withPharmacia Corp, whereby the latter will provide up to $20 million in funding, including the purchase of Miravant's drug SnET2 (tin ethyl etiopurpurin), the acquisition of certain manufacturing equipment and an amended line of credit. SnET2 is in Phase III trials for treating wet age-related macular degeneration, which are expected to conclude in December this year.

The line of credit being provided by Pharmacia is worth up to $13.2 million, of which $10 million is subject to the filing of a New Drug Application for SnET2 by Pharmacia, or on the achievement of certain clinical statistical standards in the Phase III trials. The new deal amends a previous agreement signed in 1999, whereby Pharmacia loaned Miravant $22.5 million and made an equity investment of $19 million.