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Miravant (MRVT) Announces Fourth Quarter And 2004 Results


10/19/2005 5:13:09 PM

SANTA BARBARA, Calif.--(BUSINESS WIRE)--March 29, 2005--Miravant Medical Technologies (OTCBB:MRVT), a pharmaceutical development Company specializing in PhotoPoint(TM) photodynamic therapy (PDT), announced consolidated financial results for the fourth quarter and the year ended December 31, 2004. The net loss for the quarter was $3.3 million or ($0.09) per share, compared to a net loss of $1.6 million or ($0.06) per share for the same period in 2003. The Company reported a net loss for the year ended December 31, 2004 of $15.9 million or ($0.48) per share, compared to a net loss of $7.5 million or ($0.30) per share for the year ended 2003. The comparative differences were largely the result of a gain on the retirement of Company debt and the selling of certain investment assets in 2003. The Company had cash and marketable securities of $6.1 million at December 31, 2004; and subsequently, in March 2005, entered into a $15.0 million line-of-credit agreement available through June 2006, subject to satisfaction of certain conditions and requirements.

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