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MediciNova Reports Second Quarter 2013 Results

SAN DIEGO, Aug. 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 second quarter ended June 30, 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 June 30, 2013, which was filed with the Securities and Exchange Commission on August 8, 2013 and is available through investors.medicinova.com/sec.cfm.

Financial Results

For the quarter ended June 30, 2013, MediciNova reported a net loss of $2.8 million, or $0.14 per share (20.3 million shares used to compute loss per share), compared to a net loss of $2.3 million, or $0.14 per share (16.1 million shares used to compute loss per share), for the same period last year. For the quarter ended June 30, 2012, the Company recorded revenue relating to services performed under an agreement with Kissei Pharmaceutical Co., Ltd., or Kissei, of $0.5M. We had no services revenue in the most recent quarter. Research and development expenses were $0.9 million for the quarter ended June 30, 2013, as compared to $1.5 million for the quarter ended June 30, 2012. The decrease in research and development expenses was due primarily to a decrease in spending on our MN-221-CL-007 trial resulting from its completion in 2012, and no spending for Kissei related services, partially offset by an increase in stock-based employee compensation expense. General and administrative expenses were $1.8 million for the quarter ended June 30, 2013, as compared to $1.3 million for the quarter ended June 30, 2012. The increase in general and administrative expenses was due primarily to an increase in stock-based employee compensation expense.

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