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MediciNova Reports Third Quarter 2013 Results

SAN DIEGO, Nov. 7, 2013 (GLOBE NEWSWIRE) -- MediciNova, Inc., a biopharmaceutical company traded on the NASDAQ Global Market (Nasdaq:MNOV) and the Jasdaq Market of the Tokyo Stock Exchange (Code Number:4875), today announced financial results for the third quarter ended September 30, 2013.

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 September 30, 2013, which was filed with the Securities and Exchange Commission on November 7, 2013 and is available through investors.medicinova.com/sec.cfm.

Financial Results

For the quarter ended September 30, 2013, MediciNova reported a net loss of $2.2 million, or $0.10 per share compared to a net loss of $2.4 million, or $0.14 per share for the same period last year. The Company reported no service revenue for the quarter ended September 30, 2013, whereas the Company recorded revenue relating to services performed under an agreement with Kissei Pharmaceutical Co., Ltd. of $0.1 million for the quarter ended September 30, 2012. Research and development expenses were $0.8 million for the quarter ended September 30, 2013, as compared to $0.9 million for the quarter ended September 30, 2012. General and administrative expenses were $1.5 million for the quarter ended September 30, 2013, as compared to $1.6 million for the quarter ended September 30, 2012. The decreases in research and development and general and administrative expenses were due primarily to reductions in employee-related expenses.

At September 30, 2013, MediciNova had available cash and cash equivalents of $10.7 million and working capital of $9.9 million. Between August 21, 2012, the date of the Common Stock Purchase Agreement with Aspire Capital Fund, LLC, or Aspire, and September 30, 2013, the Company generated net proceeds of $5.4 million under the Aspire agreement.  Between April 17, 2013, the date of the at-the-market Equity Distribution Agreement with Macquarie Capital (USA) Inc., or MCUSA, and September 30, 2013, the Company generated net proceeds of $5.6 million under the MCUSA agreement. In May, the Company generated net proceeds of $3.7 million under a Securities Purchase Agreement with certain accredited investors. The Company has not generated additional proceeds under the above agreements subsequent to September 30, 2013 through today's date. On October 16, 2103 the Company entered into a new Equity Distribution Agreement with MCUSA and the Company has not generated material proceeds under the new MCUSA agreement between that date and November 5, 2013.

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