Jul 6, 2004
Guidant to Collaborate with Miravant on Development of Innovative Therapy for Potential Vulnerable Plaque Applications

Company Makes Staged Equity Investment in Miravant Medical Technologies

Indianapolis, Ind. and Santa Clara, Calif. - Guidant Corporation (NYSE: GDT) today announced an agreement with Miravant Medical Technologies (OTCBB: MRVT), a Santa Barbara, Calif.-based pharmaceutical company developing proprietary photodynamic (light activated) therapy technology. According to the terms of the agreement, Guidant will collaborate with Miravant Medical Technologies to develop photodynamic therapy for cardiovascular applications, including potential treatments for vulnerable plaque. Guidant also will make a staged equity investment in the company.

Miravant is developing photodynamic therapy as a minimally invasive interventional procedure for the treatment of patients with coronary artery disease. The therapy is approved in the United States for ophthalmology, oncology and dermatology applications. Currently under preclinical investigation, the company''s catheter-based PhotoPoint® technology uses a low-power, non-thermal light to activate an intravenously delivered light-reactive drug to treat regions of atherosclerotic plaque in blood vessel walls. In preclinical studies, photodynamic therapy has been shown to deplete inflammatory cells believed to be involved in cardiovascular disease progression, yielding up to 40 percent reduction in plaque volume. In addition, following treatment, studies showed that plaque had been replaced with non-proliferating smooth muscle cells, indicating a healing response and possibly limiting plaque re-growth.

"Vulnerable plaque is a silent killer that can cause a heart attack without warning. Guidant is actively pursuing interventional device-based therapies to treat the millions of patients with cardiac and vascular disease who have these potentially deadly lesions," said Dana G. Mead, Jr., president, Vascular Intervention, Guidant Corporation. "We are encouraged by Miravant''s preclinical results, and look forward to collaborating with the company to further develop the potential of photodynamic therapy for vulnerable plaque applications."

About Vulnerable Plaque

Traditional medical knowledge holds that heart attacks are caused by arteries that become narrow over time, as atherosclerosis progresses within the artery wall. However, a newly established body of evidence indicates that the vast majority of heart attacks are triggered by complex vulnerable lesions - vulnerable plaque - that suddenly rupture, causing blood to clot and occlude the artery. Research suggests that interventional therapies may be effective in treating vulnerable plaque as a component of optimal patient management. For more information about vulnerable plaque, visit http://www.guidant.com/vulnerableplaque.

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.

About Guidant Corporation

Guidant Corporation is a world leader in the treatment of cardiac and vascular disease. The company pioneers lifesaving technology, giving an opportunity for better life today to millions of cardiac and vascular patients worldwide. Driven by a strong entrepreneurial culture of 12,000 employees, Guidant develops, manufactures and markets a broad array of products and services that enable less invasive care for some of life''s most threatening medical conditions. For more information visit www.guidant.com.

This release includes forward-looking statements concerning the venture, related milestones and payments, and development of the therapy. The statements are based on assumptions about many important factors, including continuing clinical and regulatory developments, product development timelines and other factors identified on Exhibit 99 to the company''s most recent 10-Q. Actual results may differ materially. The company does not undertake to update its forward-looking statements.