MIRAVANT MEDICAL TECHNOLOGIES
EXHIBIT 10.3 - FORM OF PROMISSORY NOTE
<DOCUMENT>
<TYPE>EX-10
<SEQUENCE>4
<FILENAME>exb10_3formnote.txt
<DESCRIPTION>EXHIBIT 10.3 - FORM OF PROMISSORY NOTE
<TEXT>

               EXHIBIT 10.3 - FORM OF CONVERTIBLE PROMISSORY NOTE

                                    EXHIBIT A

                                       TO

                 CONVERTIBLE DEBT AND WARRANT PURCHASE AGREEMENT

$_____________                                    MIRAVANT MEDICAL TECHNOLOGIES

                                            _________________ [Date of Closing]

                           CONVERTIBLE PROMISSORY NOTE

         MIRAVANT MEDICAL TECHNOLOGIES, a Delaware corporation (the "Maker"),
for value received, promises to pay to the order of PRINCESS FINANCE LIMITED, a
BVI company (the "Holder"), at its offices located at 336 Bollay Drive, Santa
Barbara, California 93117, or at such other place as the Holder may, from time
to time, designate in writing, the principal sum of ______________________
DOLLARS ($________), together with interest at the rate of Nine and Four Tenths
Percent (9.4%) per annum (the "Interest Rate"). All principal and accrued but
unpaid interest hereunder is payable on December 31, 2008 (the "Maturity Date").
This Note shall be subject to the following additional terms and conditions:

         1. Purchase Agreement. This Note is issued pursuant to that certain
Convertible Debt and Warrant Purchase Agreement dated December 19, 2002 (the
"Purchase Agreement"), and is entitled to the benefits of such Purchase
Agreement. All capitalized terms that are used in this Note and are not
otherwise defined herein are intended to have the meanings assigned to such
terms in the Purchase Agreement.

         2.       Payment of Principal and Interest

                  (a) All interest will be due and payable monthly on the first
day of each month but, at the Maker's option, exercisable by written notice to
the Holder within five (5) days subsequent to the interest due date, and the
interest may be (i) added to principal or (ii) paid in unregistered Common Stock
of the Maker based on the average trading price for the ten (10) trading day
period prior to the date interest is due hereunder. The entire unpaid principal
and accrued but unpaid interest on this Note shall be due and payable in full on
the Maturity Date. Maker may pre-pay amounts owing hereunder upon ten (10) days
advance notice to the Holder.

                  (b) Except as otherwise provided herein, all sums payable
hereunder shall be paid in lawful money of the United States of America which
shall be legal tender for public and private debts at the time of payment. If
the payment to be made hereunder shall be due on a day other than a Business
Day, such payment shall be made on the next succeeding Business Day. "Business
Day" means any day other than a Saturday, Sunday, or a day on which banking
institutions are authorized or required to close. All payments shall be credited
first toward interest then due and the remainder toward principal.

         3. Default Rate. Notwithstanding any other provision in this Note to
the contrary, any amount, whether of accrued interest or principal, that is not
paid when due (whether at stated maturity, by acceleration or otherwise), unless
notice is given by the Company pursuant to Section 2(a) above, shall bear
interest, from the date on which such amount is due until such amount is paid in
full, at the Interest Rate, plus Three Percent (3%) per annum.

         4.       Conversion Rights

                  (a) Conversion Option. This Note (including unpaid interest)
shall be convertible, at any time and from time to time, on the earlier of: (i)
March 31, 2003 or (ii) the date at which the Company trading price of the Common
Stock exceeds Two Hundred Fifty Percent (250%) of the Conversion Price (as
defined below) for ten (10) consecutive trading days, in whole or in part, at
the option of the Holder (the "Conversion Option"), into Conversion Shares, as
defined in the Purchase Agreement. The number of Conversion Shares into which
this Note is convertible shall be equal to the principal amount of this Note,
plus any unpaid interest divided by $___________ [the greater of (i) SEVENTY
FIVE CENTS ($0.75) or (ii) One Hundred Twenty Five Percent (125%) of the
Company's ten (10) trading day average stock price prior to the date of the
Note] (the "Conversion Price"). The Conversion Option shall terminate upon the
payment in full of this Note in accordance with the terms hereof.

                   (b) Issuance of Securities on Conversion. As soon as
practicable after conversion of this Note, in whole or in part, Maker at its
expense will cause to be issued in the name of and delivered to the Holder, a
certificate or certificates for the number of fully paid and non-assessable
Conversion Shares of the Company to which that the Holder shall be entitled on
such conversion. No fractional shares will be issued on conversion of the Note.
If on conversion of the Note a fraction of a share results, Maker will round the
number of Conversion Shares to the nearest whole number. In the event that this
Note is converted in part, Maker shall deliver to the Holder a new Note in like
tenor for the amount not converted.

                  (c) Reservation of Conversion Shares. The Maker will at all
times reserve and keep available, solely for the issuance and delivery upon the
exercise of this Note, such shares of the Conversion Shares and other stock,
securities and property, as from time to time shall be issuable upon the
conversion of this Note and issuable upon the conversion of the Conversion
Shares.

         5. Events of Default. Upon the occurrence of any Event of Default,
then, at the option of the Holder, all sums owing and to become owing hereon
shall become immediately due and payable. After the occurrence and during the
continuance of any Event of Default, all payments on this Note shall be applied
first to the payment of any costs, fees or other charges incurred in connection
with the indebtedness evidenced hereunder, next to the payment of accrued
interest, and then to the reduction of the principal amount hereof. "Event of
Default" means any of the following:

                  (a) Maker fails to pay any amounts due hereunder when due;

                  (b) Maker fails to observe or perform any material covenant,
warranty or agreement to be performed by Maker under (i) this Agreement, (ii)
the Purchase Agreement, (iii) the Warrant granted pursuant to the Purchase
Agreement, or (iv) any other agreement, document or instrument executed by the
parties related directly or indirectly to the subject matter hereof;

                  (c) Dissolution or liquidation of Maker; or

                  (d) the filing by Maker of a petition under any chapter of the
Federal Bankruptcy Code or the institution of any other proceeding under any
state or federal law relating to bankruptcy, bankruptcy reorganization,
insolvency or relief of debtors; or

                  (e) the filing against Maker of an involuntary petition under
any chapter of the Federal Bankruptcy Code or the institution of any other
proceeding under any state or federal law relating to bankruptcy, bankruptcy
reorganization, insolvency or relief of debtors where such petition or
proceeding is not dismissed within thirty (30) days from the date on which it is
filed or instituted; or

                  (f) if Maker has not filed a New Drug Application for its AMD
Clinical Trials by March 31, 2003; or

                  (g) if Maker fails to meet its financial obligations in a
timely manner.

         6. Attorneys' Fees; Waiver of Demand, and Other Costs and Expenses. If
action is instituted to collect this Note, the Maker promises to pay all costs
and expenses, including reasonable attorneys' fees, incurred in connection with
such action upon resolution of such dispute in favor of the Holder. The
obligations to make the payments provided for in this Note are absolute and
unconditional and not subject to any defense, set-off, counterclaim, rescission,
recoupment or adjustment whatsoever. The Maker hereby expressly waives demand
and presentment for payment, notice of nonpayment, notice of default, dishonor,
protest, notice of protest, bringing of suit and diligence in taking any action
to collect any amount called for hereunder, and shall be directly and primarily
liable for the payment of all sums owing and to be owing hereon, regardless of
and without any notice, diligence, act or omission with respect to the
collection of any amount called for hereunder.

         7. No Assignment. Neither this Note nor any of the rights, interests or
obligations hereunder may be assigned, by operation of law or otherwise, in
whole or in part, by the Maker without the Holder's prior written consent.

         8. No Waiver; Amendments; Remedies; Etc. Neither acceptance by the
Holder of partial or delinquent payment nor any failure on the part of the
Holder to exercise, or any delay in exercising, any right under this Note or
under applicable law shall operate as a waiver of any obligation of Maker or any
right of the Holder, and no single or partial exercise of any right under this
Note shall preclude any other or further exercise thereof or the exercise of any
other right. No waiver, amendment, alteration or other modification of any
provision of this Note shall in any event be effective unless the same shall be
in writing and signed by the Holder. The remedies provided in this Note are
cumulative and not exclusive of any remedies provided by law. All of the
covenants, provisions, and conditions herein contained are made on behalf of,
and shall apply to and bind the respective distributees, personal
representatives, successors, and assigns of the parties hereto, jointly and
severally.

         9. Recapitalization. In case the Maker shall at any time after the date
hereof (i) declare any dividend of Common Stock, (ii) subdivide any class of its
outstanding capital stock, (iii) combine its outstanding capital stock into a
smaller number of shares, (iv) issue any shares of its capital stock by
reclassification of the Common Stock (including any such reclassification in
connection with a consolidation or merger in which the Company is the continuing
corporation), or (v) otherwise accomplish or effect a recapitalization (each, a
"Recapitalization Event"), then, in each case, the number and kind of shares of
equity securities receivable upon conversion of this Note, in effect at the time
of the record date for such dividend or of the effective date of such
subdivision, combination, or reclassification, shall be proportionately adjusted
so that the Holder after such time shall be entitled to receive the aggregate
number and kind of shares which, if this Note had been converted in full
immediately prior to such time, the Holder would have owned upon such conversion
and been entitled to receive by virtue of such dividend, subdivision,
combination, or reclassification. Such adjustment shall be made successively and
as equitably as possible whenever any event listed above shall occur.

         10. Notices of Certain Transactions.

                  In case:

                   (a) the Maker shall take a record of the holders of its
capital stock (or other securities at the time deliverable upon the exercise of
this Note) for the purpose of entitling or enabling them to receive any dividend
or other distribution, or to receive any right to subscribe for or purchase any
shares of stock of any class or any other securities, or to receive any other
right, to subscribe for or purchase any shares of stock of any class or any
other securities, or to receive any other right, or

                  (b) of any capital reorganization of the Maker, any
reclassification of the capital stock of the Maker, any consolidation or merger
of the Company, any consolidation or merger of the Maker with or into another
corporation, or any transfer of all or substantially all of the assets of the
Maker, or

                  (c) of the voluntary or involuntary dissolution, liquidation
or winding-up of the Maker, or

                  (d) of any redemption of any of the outstanding capital stock,
or

                  (e) the Maker pays a dividend or makes a distribution on any
of its capital stock payable otherwise than in cash out of earnings or earned
surplus (determined in accordance with generally accepted accounting principles)
except for a stock dividend payable in shares of such capital stock,

then, and in each such case, the Maker will mail or cause to be mailed to the
Holder of this Note a notice specifying, as the case may be, (i) the date on
which a record is to be taken for the purpose of such dividend, distribution or
right, and stating the amount and character of such dividend, distribution or
right, or (ii) the effective date on which such reorganization,
reclassification, consolidation, merger, transfer, dissolution, liquidation,
winding-up or redemption is to take place, and the time, if any is to be fixed,
as of which the holders of record of Common Stock (or such other stock or
securities at the time deliverable upon such reorganization, reclassification,
consolidation, merger, transfer, dissolution, liquidation, winding-up or
redemption) are to be determined. Such notice shall be mailed at least ten (10)
days prior to the record date or effective date for the event specified in such
notice.

         11. Governing Law. This Note shall be construed in accordance with the
laws of the State of Delaware, without regard to the conflicts of law provisions
of the State of California or of any other state.


<PAGE>



         EXECUTED as of the date first above written.

                                 MIRAVANT MEDICAL
                                 TECHNOLOGIES, a Delaware corporation


                 By:
                   ------------------------------------------------
                                      Name:

                                     Title:

                            Address: 336 Bollay Drive
                            Santa Barbara, CA  93117
                            Attn:  Chief Executive Officer

</TEXT>
</DOCUMENT>
