Miravant (MRVT) Completes $8 Million Funding
10/19/2005 5:12:53 PM
SANTA BARBARA, Calif.--(BUSINESS WIRE)--May 4, 2005--Miravant Medical Technologies (OTCBB:MRVT), a pharmaceutical development company specializing in PhotoPoint(R) photodynamic therapy (PDT), announced today the closing of an $8 million private placement of convertible Preferred Stock led by Scorpion Capital Partners LP, a New York-based SBIC, with net proceeds to the Company of $7.50 million. The Preferred Stock is convertible into Common Stock at the conversion price of $1.00 per share. The Company has also issued a warrant to purchase one share of Common Stock for each convertible share of Common Stock purchased. The exercise price of each warrant is $1.00 per share.
Separately, the Company also announced an amendment to its March 2005 $15.0 million convertible debt line-of-credit agreement, to establish the minimum conversion rate at $1.00 per share of convertible Common Stock or 125% of the average monthly closing price of the month preceding the conversion, whichever is greater
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