Full Press Release Details
SAN DIEGO, Nov. 8, 2007 (PRIME NEWSWIRE) -- MediciNova, Inc., a biopharmaceutical company that is publicly traded on the Nasdaq Global Market (Nasdaq:MNOV) and the Hercules Market of the Osaka Securities Exchange (Code Number: 4875), today announced that it had withdrawn a proposed public offering of up to 6,000,000 shares of its common stock due to general stock market conditions and unusual trading activity in the Company's stock.
MediciNova, Inc. is a publicly-traded biopharmaceutical company focused on acquiring and developing novel, small-molecule therapeutics for the treatment of diseases with unmet need with a specific focus on the U.S. market. Through strategic alliances primarily with Japanese pharmaceutical companies, MediciNova is developing a diversified portfolio of clinical and preclinical product candidates, each of which MediciNova believes has a well-characterized and differentiated therapeutic profile, attractive commercial potential and patent assets having claims of commercially adequate scope. MediciNova's pipeline includes six clinical-stage compounds for the treatment of status asthmaticus, multiple sclerosis, asthma, interstitial cystitis, solid tumor cancers, Generalized Anxiety Disorder, preterm labor and urinary incontinence and two preclinical-stage compounds for the treatment of thrombotic disorders. MediciNova's current strategy is to focus it resources on the development and commercialization of two prioritized assets in its development pipeline: MN-221 for the treatment of status asthmaticus, an acute, severe asthma attack, and MN-166 for the treatment of multiple sclerosis. MediciNova will seek to monetize its other product candidates at key value inflection points. For more information on MediciNova, Inc., please visit www.medicinova.com.
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Forward-Looking Statements
This press release includes forward-looking statements regarding MediciNova's financing plans and other matters. Any statement describing MediciNova's expectations or beliefs is a forward-looking statement, as defined in the Private Securities Litigation Reform Act of 1995, and should be considered an at-risk statement. Such statements are subject to certain risks and uncertainties, including market factors, general economic conditions and other conditions in the financial markets. MediciNova's forward-looking statements also involve assumptions that, if proven incorrect, would cause MediciNova's results to differ materially from those expressed or implied by such forward-looking statements. Risks concerning MediciNova's business are described in additional detail in MediciNova's Annual Report on Form 10-K for the year ended December 31, 2006, and MediciNova's other Periodic and Current Reports filed with the Securities and Exchange Commission. Forward-looking statements contained in this announcement are made as of this date, and MediciNova undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise.