MNOV Stock Price Increases Over 70% Pre-Market: Why It Happened

By Amit Chowdhry ● March 10, 2021
  • The stock price of MediciNova, Inc. (NASDAQ: MNOV) increased by over 70% pre-market. This is why it happened.

The stock price of MediciNova, Inc. (NASDAQ: MNOV) increased by over 70% pre-market. Investors appear to be responding to the company announcing it has partnered with the Biomedical Advanced Research and Development Authority (BARDA) – part of the Office of the Assistant Secretary for Preparedness and Response at the U.S. Department of Health and Human Services – to repurpose MN-166 (ibudilast) as a potential medical countermeasure (MCM) against chlorine gas-induced lung damage like acute respiratory distress syndrome (ARDS) and acute lung injury (ALI). 

Under the Division of Research, Innovation, and Ventures’ (DRIVe) Repurposing Drugs in Response to Chemical Threats (ReDIRECT) program, BARDA will provide funding for proof-of-concept studies of MN-166 in preclinical models of chlorine gas-induced acute lung injury. And MN-166 is the first compound to receive BARDA’s development support through the DRIVe ReDIRECT program.

This project has been funded in whole or in part with Federal funds from the Department of Health and Human Services; Office of the Assistant Secretary for Preparedness and Response; Biomedical Advanced Research and Development Authority, under Contract No. 75A50121C00022.

KEY QUOTE:

“On behalf of the entire MediciNova team, we are grateful for the opportunity to partner with BARDA in an effort to repurpose MN-166 as a rapidly administered treatment for patients exposed to chemical agents such as chlorine. MN-166 attenuated histological changes observed in an ARDS animal model, including pulmonary edema in lung tissue, and protected against pulmonary injury by reducing cellular apoptosis in lung tissue. Considering that pulmonary edema is a hallmark feature of exposure to chlorine, MN-166 has the potential to improve health outcomes and save lives. To date, more than 800 research participants have been treated with high-dose MN-166 in MediciNova’s clinical trials. MN-166 has shown a benign safety and tolerability profile.”

— Kazuko Matsuda, M.D., Ph.D., M.P.H., Chief Medical Officer of MediciNova, Inc.

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