Miravant (MRVT) Enters Into Letter Of Intent For $15 Million Convertible Debt Line Of Credit
10/19/2005 5:11:47 PM
Miravant Medical Technologies (OTCBB:MRVT), a pharmaceutical development company specializing in PhotoPoint(TM) photodynamic therapy (PDT), announced today that it has entered into a non-binding letter of intent with a group of existing Miravant investors to provide the company a convertible debt line-of-credit up to $15 million. Upon execution of definitive agreements. the funds will be available at the Company's discretion in increments of up to $1.0 million per month, with convertible debentures for the principal borrowed amounts and associated warrants for shares of common stock to be issued and priced at the time of each borrowing. The transaction is subject to the negotiation and execution of definitive documents. In addition to this line of credit, the Company had cash of approximately $8.0 million as of September 30, 2004.
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