LA JOLLA, Calif., June 26, 2016 (GLOBE NEWSWIRE) -- MediciNova, Inc., a biopharmaceutical company traded on the NASDAQ Global Market (NASDAQ:MNOV) and the JASDAQ Market of the Tokyo Stock Exchange (Code Number:4875), today announced that the Company has been added to the Russell 3000® Index and the Russell Global Index as a result of the annual Russell index reconstitution. MediciNova joined the indexes after the U.S. stock market closed on June 24, 2016. The Russell 3000® Index measures the performance of the stocks of the 3,000 largest U.S. companies. Russell indexes are widely used by investment managers and institutional investors for index funds, exchange-traded funds (ETFs), and as benchmarks for active investment strategies. Approximately $5.7 trillion in assets are benchmarked to the Russell indexes, and more institutional funds track them than all other U.S. equity indexes combined.
Yuichi Iwaki, MD, PhD, President and Chief Executive Officer of MediciNova, Inc., commented, “We are excited that MediciNova has been added to the Russell indexes. We consider this milestone to be a substantial accomplishment as it validates our tireless work to create value for the company. We believe our inclusion in the indexes will raise our profile in the investment community and add additional value for our shareholders. We remain focused on our mission to develop promising new therapies for diseases with high unmet medical needs and we continue to manage our expenses efficiently.”
About Russell Indexes
Russell indexes are widely used by investment managers and institutional investors for index funds, exchange-traded funds (ETFs), and as benchmarks for active investment strategies. Approximately $5.7 trillion in assets are benchmarked to the Russell indexes, and more institutional funds track them than all other U.S. equity indexes combined. The Russell 3000® Index is comprised of the Russell 1000® Index (the largest 1,000 U.S. listed stocks by market capitalization) and the Russell 2000® Index (the next 2,000 largest U.S. listed stocks by market capitalization). The Russell Global Index is an index measuring the performance of the stocks of companies throughout the world including the stocks in the Russell 3000® Index and stocks of non-U.S. companies. Russell indexes are maintained by FTSE Russell, a leading global index provider.
About MediciNova
MediciNova, Inc. is a publicly-traded biopharmaceutical company founded upon acquiring and developing novel, small-molecule therapeutics for the treatment of diseases with unmet medical needs with a commercial focus on the U.S. market. MediciNova's current strategy is to focus on MN-166 (ibudilast) for neurological disorders such as progressive MS, ALS and substance dependence (e.g., methamphetamine dependence and opioid dependence), and MN-001 (tipelukast) for fibrotic diseases such as nonalcoholic steatohepatitis (NASH) and idiopathic pulmonary fibrosis (IPF). MediciNova’s pipeline also includes MN-221 (bedoradrine) for the treatment of acute exacerbations of asthma and MN-029 (denibulin) for solid tumor cancers. MediciNova is engaged in strategic partnering and other potential funding discussions to support further development of its programs. For more information on MediciNova, Inc., please visit www.medicinova.com.
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 include, without limitation, statements regarding the future development and efficacy of MN-166, MN-221, MN-001 and MN-029. These forward-looking statements may be preceded by, followed by or otherwise include the words "believes," "expects," "anticipates," "intends," "estimates," "projects," "can," "could," "may," "will," "would," “considering,” “planning” 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, risks of obtaining future partner or grant funding for development of MN-166, MN-221, MN-001 and MN-029, risks of raising sufficient capital when needed to fund MediciNova's operations and contribution to clinical development, risks and uncertainties inherent in clinical trials, including the potential cost, expected timing and risks associated with clinical trials designed to meet FDA guidance and the viability of further development considering these factors, product development and commercialization risks, the uncertainty of whether the results of clinical trials will be predictive of results in later stages of product development, the risk of delays or failure to obtain or maintain regulatory approval, risks associated with the reliance on third parties to sponsor and fund clinical trials, risks regarding intellectual property rights in product candidates and the ability to defend and enforce such intellectual property rights, the risk of failure of the third parties upon whom MediciNova relies to conduct its clinical trials and manufacture its product candidates to perform as expected, the risk of increased cost and delays due to delays in the commencement, enrollment, completion or analysis of clinical trials or significant issues regarding the adequacy of clinical trial designs or the execution of clinical trials, and the timing of expected filings with the regulatory authorities, MediciNova's collaborations with third parties, and the other 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, 2015 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.