Miravant Medical suspends enrollment in phase 3 trial of Photrex

By Lisa Kerner

Erie, Pa., Feb. 24 - Miravant Medical Technologies said it has suspended further enrollment of patients in its confirmatory phase 3 placebo-controlled clinical trial of Photrex, a therapy being tested for macular degeneration.

The decision to suspend enrollment follows delays in the start-up of the trial and slower-than-forecasted patient enrollment in the European trial venues, according to a company release.

Miravant said it will re-evaluate its strategy for Photrex in ophthalmology as a result of the following: the changing competitive landscape for the treatment of macular degeneration, the advent of combination therapy approaches, and the additional financial commitment needed to continue the trial.

Miravant, along with its financial advisers, is considering strategies that 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 company continues to support its cardiovascular development program and maintains its assets in dermatology and oncology applications.

Miravant is a pharmaceutical research and development company specializing in photodynamic therapy. The company is located in Santa Barbara, Calif.

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