The biopharmaceutical company, MediciNova, Inc. (NASDAQ: MNOV) stayed on fire yesterday after the ring of the bell. After recording a rise of nearly 6% during the regular session of the day, the stock gained an impressive 106.69% in aftermarket trading. That occurred after news broke that the company had partnered with the federal government to combat lung diseases.
What really happened?
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The publicly-traded biopharmaceutical company, MediciNova, Inc. is also listed on the Tokyo Stock Exchange’s JASDAQ market. With a primary focus on the U.S. market, the company was founded upon developing novel, small-molecule therapeutics for the treatment of diseases where medical needs have not been met. At present, MediciNova is concentrating its efforts on developing the MN-166 (ibudilast) product for neurological disorders, including MS, ALS, DCM, and substance dependence for usage disorder of alcohol, methamphetamine, and opioid.
In addition, it will be used for preventing COVID-19-induced acute respiratory distress syndrome (ARDS). MNOV’s MN-001 (tipelukast) is a fibrotic treatment for conditions such as idiopathic pulmonary fibrosis (IPF) and nonalcoholic steatohepatitis (NASH). Other products under development by MediciNova include MN-029 (denibulin) and MN-221 (bedoradrine).
March 09, 2021 (GLOBE NEWSWIRE)
MediciNova in a press release yesterday announced its partnership with the Biomedical Advanced Research and Development Authority (BARDA).
The authority is part of the Office of the Assistant Secretary for Preparedness and Response at the U.S. Department of Health and Human Services. In the partnership, MN-166 will be repurposed as a potential medical countermeasure (MCM) to protect against ARDS and acute lung injuries caused (ALI) by chlorinated gas.
The BARDA will fund studies showing the efficacy of MN-166 in pre-clinical models of acute lung injury induced by chlorinated air. BADRA will be providing that funding under the Repurposing Drugs in Response to Chemical Threats (ReDIRECT) program of the Division of Research, Innovation, and Ventures (DRIVe). The compound MN-166 is the first to be a recipient of development support from BARDA under the ReDIRECT program of DRIVe.