MediciNova, Inc. Announces Private Sale of Stock to Kissei Pharmaceutical Co., Ltd.

SAN DIEGO, Sept. 26, 2011 (GLOBE NEWSWIRE) -- MediciNova, Inc., a biopharmaceutical company traded on the NASDAQ Global Market (Nasdaq:MNOV) and the Jasdaq Market of the Osaka Securities Exchange (4875), today announced a private offering of common stock and Series B convertible preferred stock to Kissei Pharmaceutical Co., Ltd., a pharmaceutical company traded on the Tokyo Stock Exchange (4547). Kissei has agreed to purchase 800,000 shares of common stock at $2.50 per share and 220,000 shares of Series B preferred stock at $25.00 per share. The Series B preferred shares will be convertible to common shares at a conversion rate of 1:10.