MediciNova Inc. (MNOV) shares lost 5.71% in after-hours on Monday, June 21, 2021, and the plummeting continues in the pre-market session on Tuesday as well. As of this writing, MNOV stock has lost 6.67% and trading at $3.92 per share. On Monday, MNOV’s stock gained 11.70% to close Monday’s normal trading session at $4.20 per share. MNOV shares have fallen 22.51% over the last 12 months, and they have moved down 0.71% in the past week. Over the past three months, the stock has lost 5.27%, while over the past six months, it has declined 32.58%.
Positive Results from Phase 2 Trial of MN-166 (ibudilast)
On June 21, 2021, MediciNova, Inc reported positive results from a Phase 2 trial of MN-166 (ibudilast) in alcohol use disorder (AUD) which were published in Nature’s Translational Psychiatry.
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The main highlights of the publication include the following
- There was no significant effect of Ibudilaston negative mood.
- Ibudilast, relative to placebo, reduced the odds of heavy drinking across time by 45% (OR=0.55, (95% CI: 0.30, 0.98)).
- alcohol cue-elicited activation was attenuated by Ibudilastin the ventral striatum (VS) compared to placebo (p=0.01).
- alcohol craving was reduced by Ibudilastcompared to placebo on non-drinking days (p=0.02).
Participation in the upcoming Maxim Group LLC Fireside Chat
MediciNova, Inc will participate in a fireside chat hosted by Maxim Group LLC Analyst Jason McCarthy, Ph.D., Senior Managing Director, Biotechnology, on Wednesday, June 23, 2021, at 1:00 pm ET.
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The company will be presented by Yuichi Iwaki, MD, Ph.D., President and Chief Executive Officer, and Geoffrey O’Brien, JD/MBA, Vice President and Executive Officer of MNOV.
Initiating Sheep Studywith BARDA
On June 07, 2021, MediciNova, Inc commenced a sheep study to investigate MN-166 (ibudilast) in an ovine model of chloride-induced acute lung injury. The study will evaluate pulmonary function, lung injury and edema formation, cardiopulmonary hemodynamics, and systemic vascular permeability.
Recent financial results announcement
On May 13, 2021, MediciNova, Inc released its financial results for the first quarter ended March 31, 2021.
Q1 2021 financial highlights
- MediciNova reported revenue of $4.0 million for Q1 2021, compared to $0.0 million for the three months ended March 31, 2020.
- The company suffered a net loss of $0.2 million or $(0.00) per basic and diluted share for Q1 2021 compared to a net loss of $2.7 million or $0.06per basic and diluted share in Q1 2020.
- Research, development, and patent expenses were $2.1 million for Q1 2021, compared to $1.3 million for the three months ended March 31, 2020.
- General and administrative expenses were $2.1 million for the three months ended March 31, 2021, compared to $1.7 million for Q1 2020.
- The company had cash and cash equivalents of $3 million on March 31, 2021, compared to cash and cash equivalents of $61.3 million as of March 31, 2020.
Conclusion
On Monday, the stock went up after the company released positive results from a Phase 2 trial of MN-166. But there are no grounds for its loss in the after-hours on Monday and in the pre-market session on Tuesday. Let’s waits and see how MNOV performs in the remaining sessions on Tuesday?