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MediciNova Announces Closing of Underwritten Public Offering of Common Stock

3.09090909091
3.1 from 11 votes
Tuesday, February 13, 2018

LA JOLLA - 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), announced the closing of the previously announced underwritten public offering of 4,419,890 shares of its common stock at a price to the public of $9.05 per share. The gross proceeds to MediciNova from this offering were approximately $40.0 million, before deducting the underwriting discount and other estimated offering expenses. All of the shares of common stock sold in the offering were offered by MediciNova. In addition, MediciNova has granted the underwriters a 30-day option to purchase up to an additional 662,983 shares of common stock at the public offering price, less underwriting discounts and commissions.

MediciNova intends to use the net proceeds received from the offering primarily to continue to fund the development of its MN-166 (ibudilast) and MN-001 (tipelukast) programs, including a Phase 3 clinical trial of MN-166 (ibudilast) for the treatment of progressive MS, and for working capital and general corporate purposes, including support for MediciNova's continuing research and development of its product candidates and research programs, clinical trials, commercialization activities and business development activities. MediciNova may use a portion of the net proceeds for acquisitions of businesses, products, technologies or licenses that are complementary to its business, although MediciNova has no present commitments or agreements to do so.

Ladenburg Thalmann & Co. Inc., a subsidiary of Ladenburg Thalmann Financial Services Inc. (NYSE American:LTS), acted as sole book-running manager of the offering. B. Riley FBR, Inc. acted as lead manager of the offering.

The offering was made pursuant to a shelf registration statement on Form S-3 (File No. 333-220593) that was filed by MediciNova with the Securities and Exchange Commission (SEC) and was declared effective on October 2, 2017. A preliminary prospectus supplement and accompanying prospectus and a final prospectus supplement and accompanying prospectus relating to the offering were filed with the SEC. Copies of the final prospectus supplement and the accompanying prospectus relating to and describing the terms of the offering may be obtained, when available, from Ladenburg Thalmann & Co. Inc., 277 Park Avenue, 26th Floor, New York, NY 10172, or by email at prospectus@ladenburg.com.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. Any offer, if at all, was made only by means of the prospectus supplement and accompanying prospectus forming a part of the effective registration statement.

About MediciNova
MediciNova, Inc. is a publicly-traded biopharmaceutical company founded upon acquiring and developing novel, small-molecule therapeutics for the treatment of diseases with unmet medical needs with a primary commercial focus on the U.S. market. MediciNova's current strategy is to focus on MN-166 (ibudilast) for neurological disorders such as progressive MS, ALS, glioblastoma and substance dependence and addiction (e.g., methamphetamine dependence, opioid dependence, and alcohol use disorder) and MN-001 (tipelukast) for fibrotic diseases such as nonalcoholic steatohepatitis (NASH) and idiopathic pulmonary fibrosis (IPF). MediciNova's pipeline also includes MN-221 (bedoradrine) for the treatment of acute exacerbation of asthma and MN-029 (denibulin) for solid tumor cancers. MediciNova is engaged in strategic partnering and other potential funding discussions to support further development of its programs.

Contacts:
Geoff O'Brien
Vice President
MediciNova, Inc.
Email: info@medicinova.com

Source: MediciNova, Inc
3.09090909091
3.1 from 11 votes
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