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MediciNova Reports Second Quarter 2012 Results

SAN DIEGO, Aug. 9, 2012 (GLOBE NEWSWIRE) -- MediciNova, Inc., a biopharmaceutical company that is publicly traded on the Nasdaq Global Market (Nasdaq:MNOV) and the Jasdaq Market of the Osaka Securities Exchange (Code Number: 4875), yesterday reported financial results for the second quarter ended June 30, 2012 through the filing of its quarterly report on Form 10-Q.

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, 2012, which was filed August 9, 2012 and is available through investors.medicinova.com.

Financial Results

For the quarter ended June 30, 2012, MediciNova reported a net loss of $2.3 million, or $0.14 per share, compared to a net loss of $4.7 million, or $0.31 per share, for the same period last year. In the three months ended June 30, 2012, research and development service revenue relating to the Kissei services agreement was $0.5 million. There was no revenue for the three months ended June 30, 2011. Research and development expenses were $1.5 million for the quarter ended June 30, 2012, compared to $2.0 million for the quarter ended June 30, 2011. The decrease in research and development expenses was mainly due to a decrease in spending on our prioritized asset MN-221 for the treatment of acute exacerbations of asthma and COPD due primarily to the completion of the MN-221-CL-007 trial in patients with acute exacerbations of asthma, partially offset by an increase in spending on our MN-221-CL-012 clinical trial, a multiple-dose trial in patients with moderate-to-severe COPD, and also due to lower stock based compensation expense in the most recent quarter. General and administrative expenses were $1.3 million for the quarter ended June 30, 2012, compared to $1.7 million for the quarter ended June 30, 2011. This decrease in general and administrative expenses was due primarily to a decrease in stock-based compensation expense, partially offset by an increase in compensation expense related to employee bonuses.

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