MediciNova a biopharmaceutical company traded on the NASDAQ Global Market (NASDAQ:MNOV) and the JASDAQ Market of the Tokyo Stock Exchange (Code Number: 4875), announced today 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.
As quoted in the press release:
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.