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MediciNova Reports Second Quarter 2010 Results

SAN DIEGO, Aug. 16, 2010 (GLOBE 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 financial results for the second quarter ended June 30, 2010.

A detailed discussion of financial results and product development programs can be found in MediciNova's Quarterly Report on Form 10-Q for the quarter ended June 30, 2010, which was filed August 16, 2010 and is available through investors.medicinova.com.

Financial Results

For the quarter ended June 30, 2010, MediciNova reported a net loss of $4.3 million, or $0.35 per share, compared to a net loss of $4.7 million, or $0.39 per share, for the same period last year. There were no revenues for the quarter ended June 30, 2010 or June 30, 2009. Research and development expenses were $2.3 million for the quarter ended June 30, 2010, compared to $2.7 million for the quarter ended June 30, 2009. The decrease in research and development expenses was due to a decrease in spending on our prioritized asset MN-221 for the treatment of acute exacerbations of asthma due to slowed enrollment in the on-going MN-221-CL-007 clinical trial set in the emergency department, offset by increased spending on our ibudilast program as we incurred expenditures related to the completion of a preclinical monkey toxicity study and the AV411 opioid withdrawal clinical trial. General and administrative expenses were $1.8 million for the quarter ended June 30, 2010, compared to $2.2 million for the quarter ended June 30, 2009. The decrease in general and administrative expenses was due primarily to a decrease in fees paid for legal and accounting services due to the completion of the Avigen transaction in 2009.

As of June 30, 2010, the carrying value of our cash, cash equivalents, investment securities – current and ARS Put, net of the ARS Loan, was $34.8million, compared to $28.4 million at December 31, 2009. Restricted cash and letter of credit of $28.8 million will be included in our capital resources upon conversion of the associated convertible notes into our common stock.

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