MediciNova, Inc. (NASDAQ:MNOV) stock is moving up in the opening session. The stock has seen heavy selling pressure over the past few weeks with a correction of over 30% since early May. Will the stock rebound?
Major Trigger:
MediciNova Initiates Sheep Study under Partnership with BARDA to Develop MN-166 (ibudilast) as a Medical Countermeasure Against Chlorine Gas-induced Lung Injury
Key Highlights:
- announced it has initiated a sheep study to investigate MN-166 (ibudilast) in an ovine model of chlorine-induced acute lung injury.
- Following treatment of the sheep with MN-166 (ibudilast) or control, the study will evaluate pulmonary function, lung injury and edema formation, cardiopulmonary hemodynamics, and systemic vascular permeability.
- MediciNova has partnered with the Biomedical Advanced Research and Development Authority (BARDA), part of the Office of the Assistant Secretary for Preparedness and Response at the U.S.
- Department of Health and Human Services, to repurpose MN-166 (ibudilast) as a potential medical countermeasure (MCM) against chlorine gas-induced lung damage such as acute respiratory distress syndrome (ARDS) and acute lung injury (ALI).
Key Quote from
Federico Gaeta, Ph.D., Chief Scientific Officer of MediciNova, Inc., commented, “We are pleased to work with BARDA to initiate the first animal model study to evaluate MN-166 as a potential rapidly-administered treatment for patients exposed to chemical agents such as chlorine. Under the FDA Animal Rule, development of medical countermeasures (MCMs) does not require human clinical trials to establish efficacy when these trials would not be ethical or feasible.
Market Reaction: Investors Give Thumbs-Up
As of 10:56, MNOV stock gained by 1.72% at $4.14. Total volume so far stood at 59K shares, compared to its average volume of 971K shares. The stock moved within a range of $4.1000 – 4.1800after opening at $4.10. The stock has fallen almost 22%.
