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MediciNova prices $40M stock offering

MediciNova Inc. priced an offering of 4,419,890 shares at $9.05 each to raise $40 million.

The La Jolla, Calif.-based biopharmaceutical company is raising funds to develop its MN-166 and MN-001 programs.

MN-166 is meant for neurological disorders, while MN-001 is being studied in fibrotic diseases.

The offering is expected to close by Feb. 12 with Ladenburg Thalmann & Co. Inc. acting as sole book-running manager and B. Riley FBR Inc. as lead manager.

The underwriters have an option to buy up to an additional 662,983 shares.