Miravant Completes $8 Million Funding

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.
   Gary S. Kledzik, Ph.D., chairman and chief executive officer,
said, "We are very pleased to announce the completion of this funding
with Scorpion. The proceeds will primarily support the PHOTREX(TM)
confirmatory phase III clinical trial for macular degeneration, slated
to begin in Europe this summer."

   About Miravant

   Miravant Medical Technologies specializes in PhotoPoint(R)
photodynamic therapy (PDT), developing photoreactive (light-activated)
drugs to selectively target diseased cells and blood vessels.
Miravant's primary areas of focus are ophthalmology and cardiovascular
disease with new drugs in clinical and preclinical development.
PHOTREX(TM) (rostaporfin), the Company's most advanced program, has
received an FDA Approvable Letter as a treatment for wet age-related
macular degeneration and a Special Protocol Assessment for a Phase III
confirmatory clinical trial. Miravant's cardiovascular development
program, supported by an investment from Guidant Corporation, focuses
on life-threatening coronary artery diseases, with PhotoPoint MV0633
in advanced preclinical testing for atherosclerosis, vulnerable plaque
and restenosis.
   For more information, please visit our web site at:
www.miravant.com.

   Safe Harbor Statement under the Private Securities Litigation
Reform Act of 1995

   The statements contained in this press release that are not purely
historical are forward-looking statements within the meaning of
Section 21E of the Securities and Exchange Act of 1934, as amended,
including but not limited to those by Dr. Kledzik and other statements
about the use of funds to support the confirmatory phase III clinical
trial planned to begin in Europe in mid-2005, and the Company's
development programs for large potential markets in ophthalmology,
dermatology, cardiovascular disease and oncology are forward looking
and relate to our future plans, objectives, expectations and
intentions. Our actual results may differ materially from those
described in these statements. For instance, the occurrence of one or
more of the following may cause our results to differ from our plans:
the Company's operating capital may not be sufficient to continue some
or all of its development programs, fund the PHOTREX phase III
clinical trial or continue as a going concern; potential future
funding may not be available when needed if at all or under terms
acceptable to the Company; the Company may not meet the covenants of
the December 2002 Debt Agreement, the August 2003 Convertible Debt and
Warrant Purchase Agreement, or the March 2005 Convertible Note and
Warrant Purchase Agreement, which would give the holders under these
agreements the right to call outstanding debt immediately due and
payable; the Company may not achieve certain milestones required to
receive future investments under its Collaboration Agreement with
Guidant Corporation; investors may determine not to advance funds to
the Company under the lines of credit, either because certain
specified conditions have not been satisfied, because the Company's
operations are, in their judgment, not meeting its business
objectives, or for any other reason, in the investors' sole
discretion; the Company may be unable to resolve all issues and
conditions associated with the PHOTREX New Drug Application; the FDA
may require further clinical studies before granting marketing
approval, or may limit labeling claims, or may not grant marketing
approval at all; even if approved, the Company may not have the
necessary resources or corporate partnering relationship(s) to
commercialize PHOTREX and the degree of acceptance cannot be
guaranteed; the Company may decide not to or may be unable to further
develop its PhotoPoint drugs in ophthalmology, dermatology,
cardiovascular disease and/or oncology; the Company may not be able to
demonstrate the safety or efficacy of its drugs in development or
achieve their regulatory approvals; and/or partnering discussions may
not progress or may not provide the funding and support the Company
needs. For a discussion of additional important risk factors that may
cause our results to differ from those described above, please refer
to our annual report on Form 10-K for the year ended December 31,
2004, and our other quarterly and periodic reports filed with the
Securities and Exchange Commission. Our products require regulatory
approval before marketing, sales or clinical use. PhotoPoint(R) is a
registered trademark of Miravant Medical Technologies. PHOTREX(TM) is
a trademark of Miravant Medical Technologies.