Exhibit 99 - Miravant Press Release

SANTA  BARBARA,  California,  March  8,  2002 -  Miravant  Medical  Technologies
(Nasdaq:  MRVT) chairman and chief executive  officer,  Gary S. Kledzik,  Ph.D.,
today released a statement regarding Miravant's receipt of a Nasdaq notification
that the company has not met certain  requirements  for continued  listing.  The
company has requested a hearing with Nasdaq, and the stock will remain listed on
the  Nasdaq  until at  least  the date of the  hearing,  which  has not yet been
determined.

Miravant is currently  listed on the Nasdaq National  Market,  which has certain
minimum requirements for continued listing.  These include  stockholders' equity
of $10.0 million or net tangible assets of $4.0 million, and a $1.00 minimum bid
price; or alternatively,  a common stock market capitalization of at least $50.0
million  and a minimum  bid price of $3.00.  Optionally,  The  Nasdaq  Small Cap
Market  requires at least a $35.0 million  market  capitalization,  with a $1.00
minimum bid price.

Dr.  Kledzik  stated,  "With  approximately  18.9  million  shares  outstanding,
Miravant is making every effort to increase  shareholder value and thus meet the
minimum Nasdaq  requirements.  I want to reassure our shareholders  that we have
asked the  Nasdaq  Listing  Qualifications  Panel for a  hearing  to review  our
continued  listing,  and that our stock  will  continue  trading  on the  Nasdaq
National Market through the conclusion of the hearing process.

"Miravant's  stock dropped  precipitously  in January after the company received
the  surprising  news that its lead  drug,  PhotoPoint  SnET2 for  treating  wet
age-related macular degeneration, did not meet its primary endpoint based on top
line data in phase III  clinical  trials.  We have seen a positive  trend in the
market for our securities  following this week's  announcement  that we regained
ownership to SnET2, our most significant drug asset, combined with the reduction
in long-term debt from approximately $27.0 million to $10.0 million.

"Now that we have  regained the rights to SnET2,  we can conduct a full analysis
of the phase III data and  direct  the  course of  development  for this drug in
ophthalmology and other disease  indications.  Beyond our core SnET2 technology,
we are actively pursuing a number of other avenues to increase shareholder value
and  bring  additional  funds  into  our  development  programs.  These  include
high-level  discussions with leading healthcare companies for co-development and
licensing  of  new   PhotoPoint   drugs  in   ophthalmology,   dermatology   and
cardiovascular disease.

"In our oncology program, exciting preclinical data on the ability of PhotoPoint
drugs to  specifically  target blood vessels that nurture tumor growth,  will be
presented at the American Association for Cancer Research Annual Meeting,  April
6-10, San Francisco.

"We  continue  to make  progress  in  pursuing  our  objectives  for  PhotoPoint
technology.   Our  management  is  making  every  effort  to  increase  investor
confidence and thereby increase the company's market capitalization,"  concluded
Dr. Kledzik.

Nasdaq Staff  Determination dated March 4, 2002 notified the company that it did
not meet the market value of publicly held shares  requirement  (minimum  common
stock market  capitalization of $50,000,000) for continued listing on the Nasdaq
National Market as set forth in Marketplace Rule 4450(b)(1)(A). The company also
does not comply with the minimum bid price continued  inclusion  requirement set
forth in Marketplace  Rule  4450(b)(4).  The company's  securities are therefore
subject to delisting from the Nasdaq National  Market.  Miravant has requested a
hearing  before a  Nasdaq  Listing  Qualifications  Panel to  review  the  Staff
Determination  notice.  There  can be no  assurance  the  Panel  will  grant the
company's request for continued listing after the hearing.

Miravant Medical  Technologies  specializes in both  pharmaceuticals and devices
for  photoselective   medicine.   The  company  is  developing  its  proprietary
PhotoPoint   photodynamic   therapy   (PDT)   in   ophthalmology,   dermatology,
cardiovascular   disease  and  oncology.   Miravant   Cardiovascular,   Inc.  is
investigating    intravascular    PhotoPoint    PDT   for   the   treatment   of
angioplasty-related restenosis and atherosclerosis.

The  statements  above by Dr.  Kledzik  about  Miravant  moving  SnET2  forward,
potential  co-development and licensing agreements,  securing additional funding
and meeting the requirements of the Nasdaq National Market, 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 Nasdaq Listing Qualification Panel may not
grant the company's  request for  continued  listing;  the  company's  operating
capital may not be sufficient to continue  operations and/or sustain its current
development programs;  potential future funding may not be available when needed
under terms acceptable to the company; discussions with certain potential future
corporate  partners  may not  materialize  or may not  provide  the  funding and
support  the  company  needs;  future  licensing  opportunities  may not present
themselves or may not be on terms acceptable to the company; the company may not
be able to sustain its current market  capitalization or achieve a higher market
capitalization;  and/or  the  company  may decide not to or be unable to further
develop  SnET2 and/or  other  PhotoPoint  drug  compounds.  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, 2000 and other quarterly and periodic reports filed with
the Securities and Exchange Commission.