Exhibit 99.1


  For more information please visit our web site at: www.miravant.com






                              FOR IMMEDIATE RELEASE

Contact:  Tom Herrick

                Investor Relations

                (805) 685-9880

                 MIRAVANT'S SnET2 NEW DRUG APPLICATION ACCEPTED

               FOR FILING BY FDA WITH PRIORITY REVIEW DESIGNATION


Santa Barbara, CA, June 1, 2004 - Miravant Medical Technologies (OTCBB: MRVT), a
pharmaceutical  development company  specializing in PhotoPoint(R)  photodynamic
therapy (PDT),  announced today that the U.S. Food and Drug Administration (FDA)
has accepted for filing the Company's New Drug  Application  (NDA) for SnET2 and
has also granted a Priority Review  designation.  Acceptance of the filing means
that the FDA has  made a  determination  that the NDA  meets  the  standard  for
substantive  review,  and the Priority Review  designation  expedites the review
period.  Miravant is seeking  approval from the FDA for its proprietary new drug
SnET2 as a treatment  for patients  with wet  age-related  macular  degeneration
(AMD), a leading cause of blindness in older adults.

Wet AMD is a major health problem with an estimated 500,000 new cases each year
worldwide. The disease is characterized by abnormal blood vessels at the back of
the eye that leak fluid and blood and can lead to severe loss of central vision.
The SnET2 treatment uses a light-activated drug intended to selectively destroy
these abnormal blood vessels and stabilize vision loss.

About Miravant

Miravant Medical  Technologies  specializes in  pharmaceuticals  and devices for
photoselective  medicine,  developing its  proprietary  PhotoPoint  photodynamic
therapy  (PDT)  for  large  potential  markets  in  ophthalmology,  dermatology,
cardiovascular   disease  and  oncology.   PhotoPoint  PDT  uses   photoreactive
(light-activated)  drugs to selectively target diseased cells and blood vessels.
The Company has  submitted a New Drug  Application  (NDA) for the drug SnET2 for
the treatment of patients with wet age-related macular degeneration.  Miravant's
cardiovascular  program focuses on  life-threatening  diseases,  with PhotoPoint
MV0633 in  advanced  preclinical  testing for  atherosclerosis,  atherosclerotic
vulnerable plaque and restenosis.

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
statements  about the FDA expedited  review of the SnET2 NDA;  potential use and
benefits  of SnET2 to treat  patients  with wet AMD;  the size of the  potential
market;  and 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,  complete  the  NDA  review
process 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 be unable to resolve all issues or contingencies associated with the
NDA;  the FDA may  require  further  clinical  or  non-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
SnET2 and the degree of  acceptance of SnET2 cannot be  guaranteed;  the size of
the  potential  market can change due to a number of  factors;  the  Company may
decide  not to or may be unable  to  further  develop  its  PhotoPoint  drugs in
ophthalmology,  dermatology,  cardiovascular disease and/or oncology; and/or the
Company  may not be able to  demonstrate  the safety or efficacy of its drugs in
development  or  achieve  their  regulatory  approvals.   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, 2003,  and 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.