SAN DIEGO, Dec. 13, 2006 (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 the establishment of MediciNova (Europe) Limited, a wholly-owned subsidiary incorporated under the laws of England and Wales. The purpose of this new subsidiary is to facilitate the clinical development of MediciNova's compounds for the European marketplace. MediciNova is pursuing global development strategies for its product candidate pipeline which today includes eight compounds being studied in ten different indications. For all eight compounds, the company owns the exclusive sales and marketing rights for all European countries. MediciNova (Europe) Ltd. will be headed by Richard Gammans, Ph.D., the company's Chief Development Officer, who is based in the U.S.
About MediciNova
MediciNova, Inc. is a publicly traded biopharmaceutical company focused on accelerating the global development and commercialization of innovative pharmaceutical products. MediciNova's pipeline, which includes eight compounds in clinical testing, targets a variety of prevalent medical conditions, including asthma, multiple sclerosis, status asthmaticus, interstitial cystitis, cancer, Generalized Anxiety Disorder, preterm labor, urinary incontinence and thrombotic disorders. For more information on MediciNova, Inc., please visit www.medicinova.com.
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Except for the historical information contained herein, the matters set forth in this press release are forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Such statements include, without limitation, statements regarding the anticipated benefits and expected consequences of the establishment of this new subsidiary. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially. For a discussion of factors that may cause results to differ, see MediciNova's SEC reports, including its Quarterly Report on Form 10-Q for the quarter ended September 30, 2006 and its Annual Report on Form 10-K for the year ended December 31, 2005. These forward-looking statements speak only as of the date hereof. MediciNova disclaims any intent or obligation to update these forward-looking statements.