Exhibit 99.1
Pharmacia AB
Xxxxxxxxxxxxxxx 000
Xxxxxxxxx, Xxxxxx SE-112 87
June 26, 2003
Miravant Medical Technologies
0000 Xxxxxxxxx Xxxxxx
Xxxxx Xxxxxxx, XX 00000
Attn: Xxxx Xxxxxxx, Ph.D.
Chairman and Chief Executive Officer
Dear Xx. Xxxxxxx:
Reference is made to the Extension Agreement between Pharmacia AB
("Pharmacia") and Miravant Medical Technologies ("Miravant") dated as of March
21, 2003 (the "Extension Agreement"). Section 1(a) of the Extension Agreement
amended the Pharmacia Credit Agreement (as defined in the Extension Agreement)
by, among other things, extending the Maturity Date for the First Replacement
Note (as defined in the Contract Modification and Termination Agreement, dated
as of March 5, 2002 (the "Modification Agreement")) from March 5, 2003 to June
30, 2003.
Because Miravant has requested that Pharmacia extend the June 30, 2003,
Maturity Date for the First Replacement Note, and because Pharmacia and Miravant
have commenced discussions concerning a potential transaction designed to
achieve a long-term solution to issues raised by the First Replacement Note and
the Second Replacement Note (as defined in the Modification Agreement), we
propose to extend the June 30, 2003, maturity date to July 30, 2003.
Accordingly, the Maturity Date for the First Replacement Note is hereby amended
from June 30, 2003 to July 30, 2003. All other terms and conditions of the
Pharmacia Credit Agreement and the First Replacement Note shall remain unchanged
and in full force and effect. In addition, all terms and conditions of the
Second Replacement Note shall remain unchanged and in full force and effect.
Miravant Medical Technologies
June 26, 2003
Page 2
If you are in agreement with this amendment, please sign below in the space
provided.
Sincerely,
PHARMACIA AB
By: /s/ Xxxxx Brattne
__________________________
Name: Xxxxx Brattne
Title: Director of Legal Affairs
Nordic Countries
By: /s/ Zeibrant Lindqvist
__________________________
Name: Zeibrant Lindqvist
Title: Managing Director
Accepted and Agreed As of June 26, 2003:
MIRAVANT MEDICAL TECHNOLOGIES
By: /s/ Xxxx X. Xxxxxxx, Ph.D.
---------------------------
Name: Xxxx X. Xxxxxxx, Ph.D.
Title: Chairman and Chief Executive Officer
