This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

MediciNova Reports Fourth Quarter And Full Year 2012 Results

SAN DIEGO, March 28, 2013 (GLOBE NEWSWIRE) -- MediciNova, Inc. a biopharmaceutical company traded on the NASDAQ Global Market (Nasdaq:MNOV) and the Jasdaq Market of the Osaka Securities Exchange (Code Number: 4875), today announced financial results for the fourth quarter and full year ended December 31, 2012.

A detailed discussion of financial results and product development programs can be found in MediciNova's Annual Report on Form 10-K for the year ended December 31, 2012, which was filed with the Securities and Exchange Commission on March 28, 2013 and is available through investors.medicinova.com/sec.cfm.

Financial Results

For the quarter ended December 31, 2012, MediciNova reported a net loss of $2.4 million, or $0.14 per share, compared to a net loss of $3.5 million, or $0.22 per share, for the same period last year. For the quarter ended December 31, 2012, service revenue relating to the Kissei services agreement was approximately $40,000. There were no revenues for the quarter ended December 31, 2011. Research and development expenses were $0.8 million for the quarter ended December 31, 2012, as compared to $1.4 million for the quarter ended December 31, 2011. The decrease in research and development expenses was due primarily to a decrease in spending on MN-221 resulting from 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 and MN-166 clinical trials. General and administrative expenses were $1.7 million for the quarter ended December 31, 2012, as compared to $2.1 million for the quarter ended December 31, 2011. The decrease in general and administrative expenses was due primarily to a decrease in employee compensation expense including stock-based compensation.

At December 31, 2012, we had available cash and cash equivalents of $4.0 million and working capital of $3.4 million. The Company will require additional cash funding to continue to execute its strategic plan and fund operations through December 31, 2013. These factors raise substantial doubt about the Company's ability to continue as a going concern. Between August 21, 2012 and today's date, we have generated proceeds of $3.0 million under the Common Stock Purchase Agreement with Aspire Capital Fund LLC ("Aspire") including proceeds of $1.5 million subsequent to December 31, 2012. We have the right, subject to the terms of this agreement, to cause Aspire to acquire up to 3,231,096 shares for total gross proceeds not to exceed $20 million (including 2,019,696 shares issued or sold to Aspire to date for the $3.0 million). We expect to sell additional shares under this agreement during 2013 and we are also pursuing other opportunities to raise capital.

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

Chart of I:DJI
DOW 16,102.38 -272.38 -1.66%
S&P 500 1,921.22 -29.91 -1.53%
NASDAQ 4,683.9190 -49.5780 -1.05%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs