SAN DIEGO, Sept. 11, 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 that Yuichi Iwaki, M.D., Ph.D., its President and Chief Executive Officer, has established a stock purchase plan adopted in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934 and MediciNova's insider trading policy. Dr. Iwaki has served as MediciNova's Chief Executive Officer since March 2006 and as a director since September 2000.
Dr. Iwaki entered into a trading plan which allows for purchases to take place between October 1, 2007 and November 30, 2007. During the term of the plan, Dr. Iwaki will purchase up to 10,000 shares of common stock, provided that the purchase price per share is below a predetermined price of $15.00 per share. Purchases of stock by Dr. Iwaki under his trading plan will be disclosed publicly through Form 4 filings with the U.S. Securities and Exchange Commission.
Rule 10b5-1(c) allows individuals to adopt written plans when they are not in possession of any material, nonpublic information to purchase or sell shares under pre-arranged terms. Although Dr. Iwaki will purchase shares only pursuant to his trading plan, the rule allows individuals adopting such plans to purchase or sell shares over a specified period of time, even if subsequent material and nonpublic information becomes available to them. Using these plans, officers and directors can spread stock trades out over an extended period of time to reduce any significant market impact and avoid concerns about whether they had material, nonpublic information when they traded in the company's stock.
About MediciNova
MediciNova, Inc. is a publicly-traded biopharmaceutical company that acquires well characterized small-molecule drugs through strategic alliances with Japanese and other international pharmaceutical companies and accelerates their development in a diversified portfolio of therapeutic product candidates targeting significant disease markets. MediciNova's pipeline, which includes six compounds in clinical testing, targets a variety of prevalent medical conditions, including asthma, multiple sclerosis, status asthmaticus, interstitial cystitis, cancer, Generalized Anxiety Disorder, insomnia, preterm labor, urinary incontinence and thrombotic disorders. MediciNova's strategy is to commercialize selected product candidates in the United States and to monetize other programs at key value inflection points. For more information on MediciNova, Inc., please visit www.medicinova.com.
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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 may be preceded by, followed by or otherwise include the words "believes," "expects," "anticipates," "intends," "estimates," "projects," "can," "could," "may," "would," "will" 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 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.