MediciNova, Inc. (NASDAQ:MNOV)
MediciNova, Inc. (NASDAQ:MNOV) shares fell 2.76% after the biopharmaceutical company reported topline results from its SPRINT-MS Phase 2B trials which investigated MN-166 for the treatment of multiple sclerosis. The lead drug candidate achieved its primary endpoints by demonstrating statistically significant reduction in the rate of progression in brain atrophy when compared to a placebo.
MN-166 Topline Results
The topline clinical trial results will be presented at the 7th Joint ECTRIMS*-ACTRIMS** Meeting in Paris on October 28, 2017, by Dr. Robert Fox, Staff Neurologist at the Cleveland Clinic.
Dr. Robert Fox commented, “This is an encouraging step forward in the development of treatments for progressive MS, which has historically been very difficult to treat.” Yuichi Iwaki, MD, Ph.D., President and Chief Executive Officer of MediciNova, Inc. commented, “This is a major epoch for patients. We will coordinate the next plan to complete our mission.”
MediciNova, Inc. (NASDAQ:MNOV) is currently trading in an uptrend after bouncing from its August lows of $4.40 a share. However, the stock has come under pressure in recent trading sessions after recording a new 52-week high of $7.85 a share. It faces immediate resistance at the $6.90 mark above which it could make a push for the 52-week high. The stock is currently rated as a strong buy by one analyst firm according to data compiled by Zacks Investment Research.
MediciNova, Inc. (NASDAQ:MNOV) lead candidate drug MN-166 is an orally bioavailable, small-molecule phosphodiesterase designed to suppress pro-inflammatory cytokines to promote neurotrophic factors. The company acquired it from Kyori pharmaceuticals having been marketed in Japan and Korea since 1989.
MediciNova, Inc. (NASDAQ:MNOV) is currently focusing on MN-166 for the treatment of neurological disorders such as progressive MSM ALS and substance abuse. The company has completed the enrollment of patients in a Phase 2 clinical trial of MN166 in Methamphetamine Dependence.
“We are pleased that enrollment is now completed in the first study to evaluate MN-166’s (ibudilast) potential clinical utility for methamphetamine dependence. We look forward to the final results of the study which we expect by the first quarter of 2018,” said Mr. Iwaki
The company’s pipeline also includes MN-221 for the treatment of acute exacerbations of asthma and MN-029 for solid tumor cancers. MediciNova, Inc. (NASDAQ:MNOV) is currently engaged in strategic partnerships and other potential funding discussions to support the development of its clinical programs.
I have no positions in any of the stocks mentioned, and have no plans to initiate any positions within the next 72 hours. All information, including any data, is provided without any guarantees of accuracy.
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About the author: Steve Clark is a 23-year Wall St professional with stints in M&A, risk management, and algorithm trading. Steve keeps his head in the game by looking for, and writing about, small companies that often get overlooked by the big investment firms.