MediciNova Issues Shareholder Update; Secures $30M SEPA To Advance R&D As COMBAT-ALS Trial Hits Enrollment Target; NIH-Funded EAP And MN-001 Diabetes Study Near Completion

MediciNova, Inc., a biopharmaceutical company traded on the NASDAQ Global Market (NASDAQ:MNOV) and the Standard Market of the Tokyo Stock Exchange (Code Number: 4875) (the "Company"), provides a shareholder update recapping important developments for the Company.

Standby Equity Purchase Agreement (SEPA)

The Company reported the signing of a Standby Equity Purchase Agreement (SEPA) for up to $30 million worth of common stock over the course of 36 months. Under that Agreement, the Company shall have the right, but not the obligation, to sell its common stock in individual transactions – or advances – which will be up to 100% of the daily volume traded of MediciNova's common stock during the five days immediately prior to the transaction date. The stock will be issued without additional warrants and will be sold to one or more investment funds managed by Yorkville Advisors – in this case the investor – at a purchase price equal to 97% of the market price1. Proceeds from the transactions will be used to further advance R&D programs and for general corporate activities.

COMBAT-ALS Trial Patient Target Enrollment Achieved as Other Trials Continue

The Company recently announced the successful enrollment of the target number of participants in its COMBAT-ALS Phase 2b/3 clinical trial of MN-166 (ibudilast). MN-166 is currently in development for the treatment of Amyotrophic Lateral Sclerosis (ALS). In parallel, the Company is conducting a large Expanded Access Program (EAP) supported by a $22 million grant from the National Institutes of Health (NIH), which is steadily enrolling patients. The Company is also nearing completion of its Phase 2 clinical trial targeted patient enrollment in hypertriglyceridemia and fatty liver disease due to Type 2 diabetes with its second asset, MN-001 (Tipelukast).