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MediciNova Reports Second Quarter 2012 Results

 

MEDICINOVA, INC.
CONSOLIDATED BALANCE SHEETS  
     
  June 30, 2012 December 31, 2011
  (Unaudited)  
Assets    
Current assets:    
Cash and cash equivalents $ 7,258,530 $ 15,093,124
Prepaid expenses and other current assets  634,428  614,540
Total current assets  7,892,958  15,707,664
Goodwill  9,600,241  9,600,241
In-process research and development  4,800,000  4,800,000
Investment in joint venture  679,399  650,000
Property and equipment, net  62,209  29,425
Total assets $ 23,034,807 $ 30,787,330
     
Liabilities and Stockholders' Equity    
Current liabilities:    
Accounts payable $ 440,107 $ 718,882
Accrued expenses  742,950  1,515,815
Accrued compensation and related expenses  209,317  599,087
Current deferred revenue  1,815,203  863,510
Total current liabilities  3,207,577  3,697,294
Deferred tax liability  1,956,000  1,956,000
Long-term deferred revenue  —  1,636,490
Total liabilities  5,163,577  7,289,784
     
Stockholders' equity:    
Preferred stock, $0.01 par value; 3,000,000 and 500,000 shares authorized at June 30, 2012 and December 31, 2011, respectively; 220,000 shares issued at June 30, 2012 and December 31, 2011  2,200  2,200
Common stock, $0.001 par value; 100,000,000 and 30,000,000 shares authorized at June 30, 2012 and December 31, 2011, respectively; 16,187,615 and 16,127,615 shares issued at June 30, 2012 and December 31, 2011, respectively, and 16,163,565 and 16,088,015 shares outstanding at June 30, 2012 and December 31, 2011, respectively  16,188  16,128
Additional paid-in capital  310,497,442  309,998,251
Accumulated other comprehensive loss  (61,728)  (56,845 )
Treasury stock, at cost; 24,050 shares at June 30, 2012 and 39,600 shares at December 31, 2011  (1,161,816 )  (1,189,705 )
Deficit accumulated during the development stage  (291,421,056)  (285,272,483 )
Total stockholders' equity  17,871,230  23,497,546
Total liabilities and stockholders' equity $ 23,034,807 $ 30,787,330

 

       
MEDICINOVA, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
 
  Three months ended June 30, Six months ended June 30, Period from September 26, 2000 (inception) to June 30,
  2012 2011 2012 2011 2012
Revenues $ 493,623 $ — $ 684,797 $ — $ 2,243,024
Operating expenses:          
Cost of revenues  —  —  —  —  1,258,421
Research and development  1,483,939  2,040,060  3,362,400  4,663,958  165,403,963
General and administrative  1,297,888  1,682,246  3,483,860  4,034,722  109,006,384
Total operating expenses  2,781,827  3,722,306  6,846,260  8,698,680  275,668,768
Operating loss  (2,288,204)  (3,722,306)  (6,161,463)  (8,698,680)  (273,425,744)
Impairment charge on investment securities  —  —  —  —  (1,735,212)
Other expense  (81)  (31,494)  (5,047)  (83,869)  (364,672)
Interest expense  —    (943,745)  —  (1,596,132)  (3,605,818)
Other income  6,935    16,197  17,937  41,603  19,138,329
Loss before income taxes  (2,281,350)  (4,681,348)  (6,148,573)  (10,337,078)  (259,993,117)
Income taxes  —  —  —  —  (64,817)
Net loss  (2,281,350)  (4,681,348)  (6,148,573)  (10,337,078)  (260,057,934)
Accretion to redemption value of redeemable convertible preferred stock  —    —  —  —  (98,445)
Deemed dividend resulting from beneficial conversion feature on Series C redeemable convertible preferred stock  —    —  —    —  (31,264,677)
Net loss applicable to common stockholders $ (2,281,350) $ (4,681,348) $ (6,148,573) $ (10,337,078) $ (291,421,056)
Basic and diluted net loss per common share $ (0.14) $ (0.31) $ (0.38) $ (0.74)  
Shares used to compute basic and diluted net loss per common share  16,143,125  15,319,273  16,115,570  13,941,172  
           
Net loss applicable to common stockholders $ (2,281,350) $ (4,681,348)  (6,148,573) $ (10,337,078) $ (291,421,056)
Other comprehensive loss, net of tax:          
Foreign currency translation adjustments  1,905  2,314  (4,883)  (5,343)  (61,728)
Comprehensive loss $ (2,279,445) $ (4,679,034) $ (6,153,456) $ (10,342,421) $ (291,482,784)
CONTACT: INVESTOR CONTACT:
         Mark Johnson
         Investor Relations
         MediciNova, Inc.
         (858) 373-1300
         johnson@medicinova.com
         
         MEDIA CONTACT:
         Stephanie Ashe
         Continuum Health Communications
         650-245-0425
         sashe@continuumhealthcom.com

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