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MediciNova Reports First Quarter 2013 Results

SAN DIEGO, May 8, 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 first quarter ended March 31, 2013 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 March 31, 2013, which was filed with the Securities and Exchange Commission on May 8, 2013 and is available through investors.medicinova.com/sec.cfm.

Financial Results

For the quarter ended March 31, 2013, MediciNova reported a net loss of $2.4 million, or $0.14 per share, compared to a net loss of $3.9 million, or $0.24 per share, for the same period last year. For the quarter ended March 31, 2013 and 2012, service revenue relating to the Kissei services agreement was approximately $3,000 and $191,000, respectively. Research and development expenses were $0.7 million for the quarter ended March 31, 2013, as compared to $1.9 million for the quarter ended March 31, 2012. The decrease in research and development expenses was due primarily to a decrease in spending on MN-221-CL-007 and MN221-CL-012 resulting from the completion of both trials in 2012 and a decrease in stock-based employee compensation expense, partially offset by an increase in spending on MN-166 clinical development. General and administrative expenses were $1.7 million for the quarter ended March 31, 2013, as compared to $2.2 million for the quarter ended March 31, 2012. The decrease in general and administrative expenses was due primarily to a decrease in stock-based employee compensation expense.

At March 31, 2013, we had available cash and cash equivalents of $3.0 million and working capital of $2.8 million. The Company will require additional cash funding to continue to execute its strategic plan and fund operations. Between August 21, 2012, the date of the Common Stock Purchase Agreement with Aspire Capital Fund, LLC ("Aspire"), and today's date, we have generated proceeds of $4.3 million under this agreement including proceeds of $1.4 million subsequent to March 31, 2013. We have the right, subject to the terms of this agreement, to cause Aspire to acquire up to approximately 3.2 million shares for total gross proceeds not to exceed $20 million (including approximately 2.5 million shares issued or sold to Aspire to date). On April 17, 2013, MediciNova entered into an At-the-Market Equity Distribution Agreement with Macquarie Capital (USA) Inc. ("MCUSA") pursuant to which the Company may from time to time sell through MCUSA shares of our common stock up to an aggregate offering price of $6 million. Between April 17, 2013, and today's date, we have generated net proceeds of $2.8 million under this agreement on sales of 895,000 shares of our common stock. We expect to sell additional shares under the Aspire and MCUSA agreements and we are also pursuing other opportunities to raise capital.

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