Miravant Shares Fall After Director Resigns

Miravant Medical Technologies shares fell 30% after the pharmaceuticals company said one of its directors resigned. Shares of Santa Barbara-based Miravant fell $3.13 to a record closing low of $7.13 on Nasdaq. The company had revenue of $4.9 million last year. Miravant said Director Donald McGhan resigned from its board, effective immediately, for personal reasons. McGhan is a former chairman of Inamed Corp., a company that makes breast implants. “Don’s resignation is entirely personal and is not related to the business and direction of Miravant,” Chairman and Chief Executive Gary Kledzik said in a statement. Miravant representatives couldn’t be reached for comment.