Full Press Release Details
MediciNova Reports Third Quarter 2007 Results
SAN DIEGO, Calif. November 9, 2007 MediciNova,
Inc., a biopharmaceutical company that is publicly traded on the Nasdaq Global Market (Trading Symbol: MNOV) and the Hercules Market of the Osaka Securities Exchange (Code Number: 4875), today announced financial results for the third quarter ended
A detailed discussion of financial results and product development programs can be found in MediciNova s Quarterly Report on
Form 10-Q for the quarter ended September 30, 2007, which was filed with the Securities and Exchange Commission on November 9, 2007 and is available through investors.medicinova.com/sec.cfm.
MediciNova reported a net loss of $10.2 million, or $0.87 per share, for the quarter ended September 30, 2007, compared to a net loss of $8.4 million, or $0.82 per
share, for the same period last year. There were no revenues for the quarter ended September 30, 2007. Research and development expenses were $8.7 million for the quarter ended September 30, 2007, compared to $8.0 million for the quarter
ended September 30, 2006. The increase in research and development expenses was primarily due to $0.4 million related to a market valuation study and consulting expenditures for one of MediciNova s prioritized assets and an increase of
$0.2 million in net development costs related to the advancement of our development programs. General and administrative expenses were
$2.7 million for the quarter ended September 30, 2007, compared to $2.1 million for the quarter ended September 30, 2006. The increase in general
and administrative expenses was primarily due to stock-based compensation.
Cash and marketable securities were $75.9 million as of September 30,
2007, compared to $104.1 million at December 31, 2006.
We continue to make progress in our two prioritized programs, MN-221 for status
asthmaticus and MN-166 for multiple sclerosis, while pursuing a variety of corporate development activities for our broader pipeline, said Yuichi Iwaki, M.D., Ph.D., President and Chief Executive Officer of MediciNova. Most notably, we
are very encouraged by the positive results reported following the conclusion of the third quarter from the Phase IIa trial of MN-221 and look forward to advancing this compound into a Phase IIb clinical trial in the first half of next year.
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.
Statements in this press release that are not historical in nature constitute forward-looking statements within the
meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, without limitation, statements regarding MediciNova s clinical trials supporting efficacy of product
candidates and the potential novelty of such product candidates as treatments for disease, plans and objectives for present and future clinical trials and product development, strategies, future performance, expectations, assumptions, financial
condition, liquidity and capital resources. These forward-looking statements may be preceded by, followed by or otherwise include the words believes, expects, anticipates, intends,
estimates, projects, can, could, may, would, or similar expressions. These forward-looking statements involve a number of risks and uncertainties that may cause actual results
or events to differ materially from those expressed or implied by such forward-looking statements. Factors that may cause actual results or events to differ materially from those expressed or implied by these forward-looking statements, include, but
are not limited to, the risks and uncertainties inherent in clinical trials and product development and commercialization, such as the uncertainty in results of clinical trials for product candidates, the uncertainty of whether the results of
clinical trials will be predictive of results in later stages of product development, MediciNova s reliance on third parties and the timing, cost and design of future clinical trials and research activities, the failure to execute strategic
plans or strategies successfully, MediciNova s collaborations with third parties, failure to obtain or maintain FDA approval, intellectual property rights or contract rights, and the other risks and uncertainties described in MediciNova s
filings with the Securities and Exchange Commission, including its annual report on Form 10-K for the year ended December 31, 2006 and its subsequent periodic reports on Forms 10-Q and 8-K. Undue reliance should not be placed on these
forward-looking statements, which speak only as of the date hereof. MediciNova disclaims any intent or obligation to revise or update these forward-looking statements.