WARRANTS TO PURCHASE COMMON STOCK
                        OF MIRAVANT MEDICAL TECHNOLOGIES


No.  ____                                      Certificate for (SHARES) Warrants


     This certifies that PHARMACIA & UPJOHN TREASURY SERVICES, AB, or registered
assigns,  is the  registered  holder of the number of Warrants  set forth above.
Each Warrant entitles the holder thereof (a "Holder"), subject to the provisions
contained  herein and in the Warrant  Agreement  referred to below, to purchase,
from Miravant Medical Technologies,  a Delaware corporation (the "Company"), the
number of shares of the Company's  common  stock,  par value $.01 per share (the
"Common  Stock"),  provided in the Warrant  Agreement,  at an exercise  price of
$(PRICE) per Warrant and subject to all of the terms and conditions set forth in
the Warrant Agreement. At the sole election of the Company, upon the exercise of
any  Warrant,  the  Company may pay to the Holder a certain  amount of cash,  as
provided in the Warrant  Agreement,  in lieu of delivering  the shares of Common
Stock.

     This Warrant Certificate is issued under and in accordance with the Warrant
Agreement, dated as of February 18, 1999 (the "Warrant Agreement"),  between the
Company and Pharmacia & Upjohn Treasury Services AB (the "Initial Holder"),  and
is subject to the terms and provisions  contained in the Warrant  Agreement,  to
all of which  terms  and  provisions  the  Holder  of this  Warrant  Certificate
consents by  acceptance  hereof.  The Warrant  Agreement is hereby  incorporated
herein by  reference  and made a part  hereof.  Reference  is hereby made to the
Warrant Agreement for a full statement of the respective rights,  limitations of
rights,  duties,  obligations  and immunities  thereunder of the Company and the
Holders of the Warrants.

     This Warrant  Certificate  shall  terminate  and be void as of the Close of
Business on (EXPIRATION DATE).

     As  provided  in  the  Warrant  Agreement  and  subject  to the  terms  and
conditions  therein set forth,  the Warrants shall be  exercisable  from time to
time on any Business Day ending on the Expiration Date.

     The  number  of shares of Common  Stock  issuable,  and the  amount of cash
payable, upon the exercise of each Warrant are subject to adjustment as provided
in the Warrant Agreement.

     Upon payment therefor,  all shares of Common Stock issued upon the exercise
of  Warrants  shall  be  duly  authorized,   validly  issued,   fully  paid  and
nonassessable free of preemptive rights and free from all taxes, liens,  charges
and security interests with respect to the issuance thereof.

     In order to exercise a Warrant, the registered holder hereof must surrender
this Warrant  Certificate  to the Registrar  for the Warrants (the  "Registrar")
with  the form of  election  on the  reverse  hereof  or  attached  hereto  duly
executed,  together  with payment of the  Exercise  Price then in effect for the
share(s) of Common Stock as to which the Warrant(s)  represented by this Warrant
Certificate are submitted for exercise,  all subject to the terms and conditions
hereof and of the Warrant Agreement. Any such payment of the cash Exercise Price
shall be by certified or official  bank check or wire transfer to the Company of
same day funds.

     The Company shall pay all transfer,  stamp and other similar taxes that may
be imposed in respect of the issuance or delivery of Warrants,  or in respect of
the  issuance or delivery  of any  securities  upon  exercise of  Warrants.  The
Company shall not be required,  however,  to pay any tax or other charge imposed
in connection with any transfer  involved in the issuance of any certificate for
shares of Common Stock or other securities underlying the Warrants or payment of
cash to any Person  other than the Holder of a Warrant  Certificate  surrendered
upon the  exercise  or purchase  of a Warrant,  and in case of such  transfer or
payment, the Company shall not be required to issue any stock certificate or pay
any cash until such tax or other charge has been paid or it has been established
to the  Company's  reasonable  satisfaction  that no such tax or other charge is
due.
     Subject to the Warrant Agreement,  this Warrant  Certificate and all rights
hereunder are transferable by the registered holder hereof, in whole or in part,
on  the  Warrant  Register  of the  Company,  upon  surrender  of  this  Warrant
Certificate  to the  Registrar,  duly endorsed by, or  accompanied  by a written
instrument  of  transfer in form  reasonably  satisfactory  to the Company  duly
executed by the Holder hereof or his attorney duly  authorized in writing.  Upon
any partial  transfer,  the Company  will issue and deliver to such holder a new
Warrant  Certificate  or  Certificates  with  respect  to  any  portion  not  so
transferred.

     No  service  charge  shall be made for any  transfer  or  exchange  of this
Warrant Certificate, but the Company may require payment from the Holder of this
Warrant Certificate of a sum sufficient to cover any stamp or other governmental
charge  or tax that may be  imposed  in  connection  with any such  transfer  or
exchange.

     Each taker and holder of this Warrant Certificate, by taking or holding the
same, consents and agrees that this Warrant  Certificate,  when duly endorsed in
blank,  shall be deemed negotiable and that when this Warrant  Certificate shall
have been so  endorsed,  the holder  hereof may be treated by the  Company,  the
Registrar and all other  persons  dealing with this Warrant  Certificate  as the
absolute owner hereof for any purpose and as the person entitled to exercise the
rights  represented  hereby,  or to the  transfer  hereof on the register of the
Company maintained by the Registrar, any notice to the contrary notwithstanding,
but until such  transfer on such  register,  the Company and the  Registrar  may
treat the registered Holder hereof as the owner for all purposes.

     This Warrant Certificate and the Warrant Agreement are subject to amendment
as provided in the Warrant Agreement.

     All terms used in this Warrant  Certificate that are defined in the Warrant
Agreement shall have the meanings assigned to them in the Warrant Agreement.

     Copies of the  Warrant  Agreement  are on file at the office of the Company
and may be  obtained  by writing to the Company at the  following  address:  336
Bollay Drive,  Santa  Barbara,  California  93117,  Attention:  Chief  Financial
Officer.

Dated: (DATE)


                                       MIRAVANT MEDICAL TECHNOLOGIES


                                        By:
                                            ------------------------------------
                                            John M. Philpott
                                            Chief Financial Officer

cc:   Bob Randall, Pharmacia & Upjohn
      Gary Kledzik, Miravant Medical Technologies
      David Mai, Miravant Medical Technologies