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MediciNova Reports Cash, Cash Equivalents and Short-Term Marketable Securities as of December 31, 2007 (Unaudited)
SAN DIEGO, Feb. 8, 2008 (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 MediciNova had approximately $70.6 million (unaudited) of cash, cash equivalents and short-term marketable securities as of December 31, 2007, of which $47.8 million in principal was invested in auction rate securities (ARS). MediciNova is providing this information in response to general market concerns toward companies with large positions in ARS and multiple inquiries made of the company regarding its ARS. MediciNova anticipates issuing its complete audited year-end financials, including the filing of its Annual Report on Form 10-K, on March 17, 2008.