Miravant Medical Technologies


said its SnET2, designed to treat the wet form of age-related macular degeneration, failed to meet the primary efficacy endpoint in Phase 3 clinical trials.

The company plans to undertake a full review of the Phase 3 data before making any decisions about the future of the drug, developed with


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to treat the vision-threatening disease.

Shares of Miravant closed at $9.75 Friday on the


before the Sunday announcement.