MediciNova, Inc., a biopharmaceutical company that is publicly traded on the Nasdaq Global Market (Nasdaq:MNOV) and the Hercules Market of the Osaka Securities Exchange (Code Number:4875), today announced that it has entered into a $15 million senior secured term loan with Oxford Finance Corporation.
"This funding significantly strengthens our balance sheet and enables us to further support the clinical development of our lead compound, MN-221, for the treatment of acute exacerbations of asthma and chronic obstructive pulmonary disease exacerbations," said Yuichi Iwaki, M.D., Ph.D., President and Chief Executive Officer of MediciNova, Inc. "The addition of this debt financing represents a complement to MediciNova's existing capital structure."
The financing will be used to satisfy working capital needs in the continued clinical development of MN-221. MediciNova recently reported positive preliminary results from a Phase Ib study of MN-221 in patients with moderate-to-severe chronic obstructive pulmonary disease and is currently enrolling patients in a Phase II clinical trial evaluating MN-221 for the treatment of acute exacerbations of asthma in the emergency department setting.
"'Oxford is very pleased to have MediciNova as a part of our investment portfolio," said J. Alden Philbrick, President and Chief Executive Officer of Oxford Finance Corporation. "By working closely with MediciNova's talented management team, we were able to develop a tailored financing solution that will help the company move closer to Phase III development and potential licensing partnerships."
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