SAN DIEGO, Oct. 25, 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), announced today that it plans to publicly offer 6,000,000 shares of its common stock pursuant to an effective registration statement previously filed with the Securities and Exchange Commission. In connection with this offering, MediciNova plans to grant to the underwriters a 30-day option to purchase up to an additional 900,000 shares of common stock to cover over-allotments, if any. All of the shares are being offered by MediciNova, Inc.
Pacific Growth Equities, LLC is the sole book-running manager for the offering. HSBC, Punk, Ziegel & Company and Rodman & Renshaw, LLC are co-managers for the offering. This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction.
Copies of the preliminary prospectus relating to the offering may be obtained from Pacific Growth Equities, LLC at One Bush Street, Suite 1700, San Francisco, CA, 94104.
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, 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.
The MediciNova, Inc. logo is available at http://www.primenewswire.com/newsroom/prs/?pkgid=3135
This press release includes forward-looking statements regarding MediciNova's financing plans and other matters. Any statement describing MediciNova's expectations or beliefs is a forward-looking statement, as defined in the Private Securities Litigation Reform Act of 1995, and should be considered an at-risk statement. Such statements are subject to certain risks and uncertainties, including market factors and general economic conditions, investor response to the proposed offering, the trading prices for MediciNova's common stock before and during the offering period and other conditions in the financial markets. There can be no guarantees the offering will be successfully consummated. MediciNova's forward-looking statements also involve assumptions that, if proven incorrect, would cause MediciNova's results to differ materially from those expressed or implied by such forward-looking statements. Risks concerning MediciNova's business are described in additional detail in MediciNova's Annual Report on Form 10-K for the year ended December 31, 2006, and MediciNova's other Periodic and Current Reports filed with the Securities and Exchange Commission. Forward-looking statements contained in this announcement are made as of this date, and MediciNova undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise.