SAN DIEGO, Jan. 4, 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 the establishment of MediciNova Japan, Inc., a wholly-owned subsidiary. The purpose of this new subsidiary is to strengthen business development and investor and public relations activities in Japan and other Asian countries.
MediciNova currently has four ongoing partnerships with Japanese pharmaceutical companies. The company intends to maintain these strong collaborations and expand its partnering activities in this important market. The company is also listed on the Hercules Market of the Osaka Securities Exchange and intends to broaden its investor and media outreach activities in Japan and throughout Asia.
MediciNova Japan, Inc. will be headed by Masatsune Okajima, the company's Vice President and Head of Japanese Office, and will be based in Tokyo, Japan.
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.