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MediciNova Reports Second Quarter 2012 Results

Stocks in this article: MNOV

At June 30, 2012, we had $7.3 million in cash and cash equivalents, as compared to $15.1 million of cash and cash equivalents at December 31, 2011.

Recent Highlights

  • On July 2, 2012 MediciNova announced that an End-of-Phase 2 meeting pertaining to the development of MN-221 for the treatment of acute exacerbations of asthma has been scheduled with the United States Food and Drug Administration (FDA). The Division of Pulmonary, Allergy, and Rheumatology Products (DPARP) of the FDA reviewed MediciNova's meeting request submission and granted an End-of-Phase 2 meeting scheduled for October 22, 2012.
  • On May 23, 2012 MediciNova announced preliminary trial results for our Phase 2b clinical trial of MN-221 in acute exacerbations of asthma. Given the positive MN-221 efficacy and safety data displayed, our goal is now to advance the development of the MN-221 program.
  • On April 23, 2012 MediciNova announced receipt of a Notice of Allowance from the Australian Government Patent Office for a pending patent application that covers the use of ibudilast (MN-166) for the treatment of multiple forms of chronic neuropathic pain.
  • On April 10, 2012 MediciNova announced the addition of David O'Toole, CPA to our Board of Directors. Mr. O'Toole complements the MediciNova Board with over 25 years of experience providing finance, consulting and international tax services to global companies. His international experience includes assignments in Tokyo, Japan and Paris, France. Mr. O'Toole is currently Chief Financial Officer at Response Genetics. Previously, he was Chief Financial Officer at Abraxis Bioscience and Partner at Deloitte & Touche.

"This has been an exciting quarter for MediciNova. The completion and results of the MN-221 Phase 2b clinical trial were very encouraging," said Yuichi Iwaki, M.D., Ph.D., President and Chief Executive Officer of MediciNova, Inc. "We believe we have the efficacy data, safety data, and trial design necessary for a productive discussion with the FDA at our End-of-Phase 2 meeting. If all goes well, we anticipate moving our program into pivotal development in the first half of 2013. In addition, we are committed to exploring opportunities to allow for the continued clinical development of ibudilast in a proof-of-concept Phase 2 trial in drug addiction and/or progressive multiple sclerosis."

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