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MediciNova Releases Notice Of Pendency And Settlement Of Class Action

MediciNova, Inc., a biopharmaceutical company publicly traded on the Nasdaq Global Market (NASDAQ: MNOV) and the Hercules Market of the Osaka Securities Exchange (OSAKA: 4875), today releases the notice of pendency and settlement of class action seen below:
 
SUPERIOR COURT FOR THE STATE OF CALIFORNIA
 

FOR THE COUNTY OF ALAMEDA
 
THE PENNSYLVANIA AVENUE FUNDS, individually and on behalf of all others similarly situated,
Case No. RG09470224
 
NOTICE OF PENDENCY AND SETTLEMENT OF CLASS ACTION
Plaintiff,
 
v. EXHIBIT A-1
 
 
AVIGEN, INC.; ZOLA HOROVITZ; JOHN K.A. PRENDERGAST; KENNETH CHAHINE; RICHARD WALLACE; JAN K. ÖHRSTRÖM; STEPHEN G. DILLY; MEDICINOVA, INC.
 
Defendants.
 

This notice (the “Notice”) provides you with important information in connection with the settlement (the “Settlement”) of a civil action concerning the acquisition of Avigen, Inc. (“Avigen”) by MediciNova, Inc. (“MediciNova”). Your legal rights may be affected by this Notice and the proceedings in this litigation, whether you act or do not act. You should read this Notice carefully.
  • This Notice is dated April 23, 2010 (the “Notice Date”).
  • This Notice is being published pursuant to an Order of the Superior Court of California, Alameda County, granting preliminary approval of the Stipulation of Settlement (the “Stipulation”), dated March 11, 2010, by and among the Settling Parties (defined below). This is not a solicitation from a lawyer.
  • The Settlement resolves a case filed in this Court as a proposed class action (the “Action”) that raised the issues of whether the directors of Avigen fulfilled their fiduciary duties to the stockholders of Avigen when Avigen entered into a merger agreement with MediciNova (the “Transaction”), including whether the Forms S-4 as amended filed with the Securities and Exchange Commission (the “SEC”) on September 17, 2009 and October 23, 2009, provided adequate disclosures to the stockholders of Avigen with regard to the Transaction.
  • The Settlement provides for the disclosure of additional information by Avigen and MediciNova. Plaintiff believes the disclosure of such information was necessary in order for Avigen shareholders to make an informed vote on the Transaction. Defendants do not believe that any additional disclosures were necessary.
  • Your legal rights and options are explained in this Notice.
  • The Court in charge of this case must decide whether to approve the Settlement.

BASIC INFORMATION

1. Why Did I Get This Notice?

You or someone in your family may have held shares of Avigen common stock at some time from August 20, 2009 through and including December 18, 2009, the Closing Date as defined in the Agreement and Plan of Merger between Avigen and MediciNova (the “Merger Agreement”).

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