SANTA BARBARA, Calif., July 14, 2000 - Miravant Medical Technologies (Nasdaq:
MRVT) announced today that its Board of Directors has adopted a Shareholders'
Rights Plan. Under the Plan, Miravant will issue a dividend of one right for
each share of its common stock - par value of $0.001 per share - held after the
close of business on July 31, 2000. The Plan is designed to assure stockholders
fair value in the event of a future unsolicited business combination or similar
transaction involving the Company. This Plan was not adopted in response to any
attempt to acquire the Company, and Miravant is not aware of any such efforts.
The rights will become exercisable only if a person or group (i) acquires 20
percent or more of Miravant's common stock, or (ii) announces a tender offer
that would result in ownership of 20 percent or more of the common stock. Each
right would entitle a stockholder to buy a fractional share of the Company's
preferred stock. Each right has an initial exercise price of $180.00. Once the
acquiring person or group has acquired 20 percent or more of the outstanding
common stock of Miravant, each right shall entitle its holder (other than the
acquiring person or group) to acquire shares of the company or of the third
party acquirer having a value of twice the right's then-current exercise price.
The rights are redeemable at the option of the Board of Directors up until ten
days after public announcement that any person or group has acquired 20 percent
or more of Miravant's common stock. The redemption price is $0.001 per right.
The rights will expire on July 31, 2010, unless redeemed prior to that date.
Distribution of the rights is not taxable to stockholders. Further details of
the Plan are outlined in a letter that will be sent to stockholders as of the
record date.
Miravant Medical Technologies specializes in both pharmaceuticals and devices
for photoselective medicine. The Company is developing its proprietary
PhotoPoint procedure in ophthalmology, oncology, cardiovascular disease and
other medical specialties.
