Exhibit
Number

99       Miravant Medical Technologies Press Release issued July 11, 2002.

SANTA BARBARA, California, July 11, 2002 - Miravant Medical Technologies (OTCBB:
MRVT), a  pharmaceutical  development  company  specializing  in  PhotoPoint(TM)
photodynamic  therapy  (PDT),  announced  today that its common stock will begin
trading  on the OTC  bulletin  board  (OTCBB),  effective  as of the  opening of
business on July 12,  2002.  The OTCBB is a  regulated  quotation  service  that
displays   real-time  quotes,   last-sale  prices  and  volume   information  in
over-the-counter  (OTC)  equity  securities.  OTCBB  securities  are traded by a
community of market  makers that enter quotes and trade  reports.  The company's
common  stock  will  trade  under the  ticker  symbol  MRVT and can be viewed at
www.otcbb.com.

Miravant's  move to the OTCBB is effective  with its  delisting  from the Nasdaq
National Market as of the opening of business on July 12, 2002, 2002.

Gary S. Kledzik,  Ph.D.,  chairman and chief executive officer stated, "The move
to the  OTCBB  resulted  from a  significant  decline  in the  company's  market
capitalization  in January  this year,  after phase III  clinical  results  were
announced for our most advanced drug SnET2,  and reflects the  volatility of the
biotechnology  industry. I believe that Miravant is extremely  undervalued given
our  technological  capabilities  and  pipeline  of new  drugs in  clinical  and
preclinical development for serious diseases."

Dr. Kledzik added, "While we are disappointed with this development,  we believe
that the OTCBB can provide a viable  market for  investors  in  Miravant  common
stock. Our executive management will continue to address our financial issues by
controlling  costs and  making  every  effort to raise  additional  capital  and
solidify potential  corporate  partnerships in support of our PhotoPoint disease
programs.  In  addition,  we intend to make every  effort to regain our  listing
status on The Nasdaq National Market."

Miravant Medical Technologies is a specialty  pharmaceutical  company focused on
PhotoPoint(TM)  Photodynamic Therapy (PDT), a family of medical procedures based
on drugs that are activated by light.  The company is committed to the discovery
and development of proprietary photoselective drugs and innovative light devices
for licensing to global pharmaceutical and medical device companies. Miravant is
developing  PhotoPoint PDT for serious diseases in  ophthalmology,  dermatology,
cardiovascular disease and oncology.

The  statements by Dr. Kledzik and other  statements  above about our efforts to
finance our  operations;  the value of our technology and pipeline of new drugs;
our  ability to address  our  financial  issues by  controlling  our costs;  our
intentions  to regain our  listing  status on The Nasdaq  National  Market;  our
discovery  and  development  programs  for serious  diseases;  and  establishing
potential  corporate  partnerships 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 our  development  programs  and  operations;  we may be unable to
control  of costs  effectively;  we may be  unable to meet the  requirements  to
regain  our  listing  status on The Nasdaq  National  Market;  potential  future
funding may not be available when needed if at all or under acceptable terms; we
may decide not to or be unable to further  develop our new  PhotoPoint  drugs in
ophthalmology,  dermatology,  cardiovascular disease and/or oncology; results of
preclinical  studies  may not be  indicative  of  clinical  results  when and if
clinical trials are initiated; clinical trials of our drugs or devices may prove
unsuccessful;  we  may  be  unable  to  realize  our  development  plans  due to
regulatory,   safety,  financial,   competitive  or  other  concerns;  corporate
partnering relationships may not materialize nor provide the funding and support
the company needs;  and we may be unable to bring our products to market.  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,  2001 and other  quarterly  and  periodic
reports filed with the Securities and Exchange Commission.