Miravant Files Form 15 with the SEC

Miravant Medical Technologies (Pink Sheets:MRVT), a
pharmaceutical development company specializing in PhotoPoint(R)
photodynamic therapy (PDT), announced that the Company filed a Form 15
with the United States Securities and Exchange Commission (SEC) on
March 31, 2006 to terminate the registration of its common stock under
the Securities Exchange Act of 1934, as amended (the 1934 Act). Based
on the filing of the Form 15, Miravant will no longer file periodic
and other reports with the SEC. Additionally, the Company has filed
post-effective amendments to all of its outstanding Registration
Statements on Form S-2, S-3 and S-8 (collectively, the Registration
Statements) to deregister all shares thereunder. As a result, shares
of Miravant common stock may no longer be traded pursuant to the
Registration Statements or the respective prospectuses contained
therein. Due to the fact that Miravant is no longer filing reports
under the 1934 Act, its common stock has been de-listed from trading
on the Nasdaq Over-the-Counter Bulletin Board. Currently, Miravant
shares are trading in the over-the-counter market system in the Pink
Sheets quotations system, although Miravant makes no assurances that
this market for its shares will continue to be available.
   Miravant's decision to de-register was made after careful
consideration of a number of factors, the foremost of which is to
eliminate the costs associated with being a reporting company under
the 1934 Act.

   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. The Company began a confirmatory Phase
III placebo controlled clinical trial of Photrex(TM), a therapy being
tested for macular degeneration in Eastern and Central Europe in
October 2005. The trial is currently suspended due to unanticipated
delays in the start-up of the trial, substantially slower than
forecasted patient enrollment in the European trial venues and the
termination of its third-party provider of clinical services. The
Company continues to re-evaluate its clinical and regulatory strategy
for Photrex in ophthalmology and consider alternative pathways for
Photrex due to the rapidly changing competitive landscape for the
treatment of AMD, the advent of combination therapy approaches, and
the additional financial commitment expected to be required for a
continuation of the clinical trial under its present design.
   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. The program is currently in the process of completing the
necessary preclinical studies in order to prepare and file an IND.
   Consistent with its previously announced restructuring, the
Company continues to assess each of its development programs in the
context of available resources and to identify strategies to maximize
value from the Company's products under development, research programs
and experimental molecules. Strategies under consideration include the
possible licensing or sale of assets in specific therapeutic programs
or the sale of a significant equity stake to a strategic or financial
partner.

   The statements contained in this press release that are not purely
historical are forward-looking statements, including but not limited
to those about the future of the Company's clinical and regulatory
strategy and alternative pathways for Photrex(TM), and the strategies
under consideration to maximize the Company's products under
development. 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 as a
going concern; the Company may not obtain the additional future
funding needed to continue the confirmatory Phase III clinical trial;
the Company has failed to meet the covenants of the December 2002 Debt
Agreement or the August 2003 Convertible Debt and Warrant Purchase
Agreement and therefore the holders under these agreements have the
right to call outstanding debt immediately due and payable; and the
Company will not achieve certain milestones required to receive future
investments under its Collaboration Agreement with Guidant Corporation
unless additional financing is received. The de-registration of the
Company's shares and the trading of the Company's stock in the
over-the-counter market system in the Pink Sheets quotations system
makes it difficult to find equity investors. The foregoing and other
important risk factors may cause Miravant's results to differ from
those described above. 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.