SAN DIEGO, Dec. 6 /PRNewswire/ -- MediciNova, Inc., a biopharmaceutical company that is publicly traded on the Hercules Market of the Osaka Securities Exchange (Code number: 4875), today announced that the Nasdaq Stock Market ("NASDAQ") has approved its application for listing securities on The NASDAQ Global Market. MediciNova expects to commence trading on the NASDAQ Global Market on December 7, 2006 under the symbol "MNOV".
Listing on Nasdaq is an historic event for our company and represents a major opportunity to expand our shareholder base and enhance the value and capital structure of our company," said Dr. Yuichi Iwaki, President and CEO of MediciNova. "We believe that MediciNova is a unique and exciting biopharmaceutical company with the potential to introduce to the market a number of innovative therapeutics that address serious unmet medical needs. With our Nasdaq listing as a springboard, we intend to reach out to a broad audience of new investors as well as to retain and strengthen our current shareholder base. Achieving a Nasdaq listing was a major goal for MediciNova in 2006. I would like to express my appreciation to our supportive Board of Directors, experienced management team and dedicated employees for this important corporate achievement."
The Company's common stock will continue to trade as "4875" on the Osaka Securities Exchange, known as the Hercules.
About NASDAQ
NASDAQ is the largest U.S. electronic stock market. With approximately 3,200 companies, it lists more companies and, on average, trades more shares per day than any other U.S. market. It is home to companies that are leaders across all areas of business, including biotechnology, technology, retail, communications, financial services, transportation, and media. NASDAQ is the primary market for trading NASDAQ-listed stocks.
About MediciNova
MediciNova, Inc. is a publicly traded biopharmaceutical company focused on accelerating the global development and commercialization of innovative pharmaceutical products. MediciNova's pipeline, which includes six compounds in clinical testing, targets a variety of prevalent medical conditions, including asthma, multiple sclerosis, status asthmaticus, interstitial cystitis, cancer, Generalized Anxiety Disorder, preterm labor, urinary incontinence and thrombotic disorders. For more information on MediciNova, Inc., please visit www.medicinova.com.
Except for the historical information contained herein, the matters set forth in this press release are forward-looking statements within the meaning of the 'safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Such statements include, without limitation, statements regarding the anticipated benefits of achieving a listing on the Nasdaq Global Market and the potential to expand the company's shareholder base and successfully develop and commercialize new therapeutics. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially. For a discussion of factors that may cause results to differ, see MediciNova's SEC reports, including its Quarterly Report on Form 10-Q for the quarter ended September 30, 2006 and its Annual Report on Form 10-K for the year ended December 31, 2005. These forward-looking statements speak only as of the date hereof. MediciNova disclaims any intent or obligation to update these forward-looking statements.
MediciNova, Inc.CONTACT: Shintaro Asako, Vice President and CFO of MediciNova, Inc.,+1-858-373-1500, info@medicinova.com
Web site: http://www.medicinova.com/
