MediciNova Inc. plans to sell its common shares in an underwritten public offering.
The company intends to grant the underwriters an option to buy up to an additional 15% of the common shares.
MediciNova plans to use the net proceeds to fund the development of its ibudilast and tipelukast programs, including a phase 3 trial of ibudilast to treat progressive MS.
In addition, the company will use the proceeds for working capital and general corporate purposes, including support for continuing research and development of product candidates and research programs, clinical trials, commercialization activities and business development activities.
Ladenburg Thalmann & Co. Inc. is acting as sole book-running manager and B. Riley FBR Inc. is acting as lead manager of the offering.
