MediciNova Announces Closing of US$20 Million Private Placement Transaction
January 31 2021 - 6:00PM
MediciNova, Inc., a biopharmaceutical company traded on the NASDAQ
Global Market (NASDAQ:MNOV) and the JASDAQ Market of the Tokyo
Stock Exchange (Code Number: 4875), today announced the closing of
the previously announced private placement transaction under a
Securities Purchase Agreement, dated January 11, 2021, pursuant to
which MediciNova issued US$20 million in shares of its common stock
to 3D Opportunity Master Fund, a fund managed by 3D Investment
Partners Pte. Ltd. (“3D”).
MediciNova intends to use the proceeds
received from the private placement primarily for the following
three programs:
1) To initiate a new clinical trial of MN-166
(ibudilast) for glioblastoma, which could be a pivotal trial.
2) To develop an intravenous formulation of
MN-166 (ibudilast), which is ideal for amyotrophic lateral
sclerosis (ALS) patients who have difficulty with swallowing.
3) To initiate a Phase 2 clinical trial of
MN-001 (tipelukast) in nonalcoholic steatohepatitis (NASH).
About 3D Investment
Partners
3D Investment Partners Pte. Ltd. is a
value-oriented investment manager founded in 2015 and based in
Singapore. 3D seeks value investing opportunities through a process
of bottom-up fundamental research and analysis. By unlocking value
with an emphasis on alignment of interest with the management teams
of their portfolio companies, 3D delivers its clients superior
long-term compounding returns with the spirit of “Sampo Yoshi”
– a Japanese business core value that one should do business in a
way that is good for all three parties: the seller, the buyer, and
society at large. 3D, together with its portfolio company’s
management, pursues the same goal of increasing value for all
stakeholders.
About
MediciNova
MediciNova, Inc. is a publicly-traded
biopharmaceutical company founded upon developing novel,
small-molecule therapeutics for the treatment of diseases with
unmet medical needs with a primary commercial focus on the U.S.
market. MediciNova's current strategy is to focus on BC-PIV
SARS-COV-2 vaccine for COVID-19, MN-166 (ibudilast) for
neurological disorders such as progressive multiple sclerosis (MS),
amyotrophic lateral sclerosis (ALS), degenerative cervical
myelopathy (DCM), substance dependence (e.g., alcohol use disorder,
methamphetamine dependence, opioid dependence) and glioblastoma
(GBM), as well as prevention of acute respiratory distress syndrome
(ARDS) caused by COVID-19, and MN-001 (tipelukast) for fibrotic
diseases such as nonalcoholic steatohepatitis (NASH) and idiopathic
pulmonary fibrosis (IPF). MediciNova’s pipeline also includes
MN-221 (bedoradrine) and MN-029 (denibulin). 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 the future
development and efficacy of BC-PIV SARS-COV-2 vaccine, MN-166,
MN-001, MN-221, and MN-029. These forward-looking statements may be
preceded by, followed by, or otherwise include the words
"believes," "expects," "anticipates," "intends," "estimates,"
"projects," "can," "could," "may," "will," "would," “considering,”
“planning” 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, risks of obtaining future partner or grant funding for
development of BC-PIV SARS-COV-2 vaccine, MN-166, MN-001, MN-221,
and MN-029 and risks of raising sufficient capital when needed to
fund MediciNova's operations and contribution to clinical
development, risks and uncertainties inherent to the development of
formulations as well as the initiation and conduct of clinical
trials, including the potential cost, expected timing and risks
associated with clinical trials designed to meet FDA guidance and
the viability of further development considering these factors,
product development and commercialization risks, the uncertainty of
whether the results of clinical trials will be predictive of
results in later stages of product development, the risk of delays
or failure to obtain or maintain regulatory approval, risks
associated with the reliance on third parties to sponsor and fund
clinical trials, risks regarding intellectual property rights in
product candidates and the ability to defend and enforce such
intellectual property rights, the risk of failure of the third
parties upon whom MediciNova relies to conduct its clinical trials
and manufacture its product candidates to perform as expected, the
risk of increased cost and delays due to delays in the
commencement, enrollment, completion or analysis of clinical trials
or significant issues regarding the adequacy of clinical trial
designs or the execution of clinical trials, and the timing of
expected filings with the regulatory authorities, MediciNova's
collaborations with third parties, the availability of funds to
complete product development plans and MediciNova's ability to
obtain third party funding for programs and raise sufficient
capital when needed, 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, 2019 and its subsequent periodic reports on Form
10-Q and current reports on Form 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.
INVESTOR CONTACT:Geoff O'BrienVice
PresidentMediciNova, Inc.info@medicinova.com
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