Start of a Phase II Clinical Trial for Novel Anti-Anxiety Agent

Press Release:

Start of a Phase II Clinical Trial for Novel Anti-Anxiety Agent

Press Release
News Article March 2005

SAN DIEGO, March 1 /PRNewswire/ -- MediciNova, Inc., a specialty pharmaceutical company that is publicly traded on the Hercules Market of the Osaka Securities Exchange, today announced the enrollment of patients in a Phase II clinical study with MN-305, a novel anti-anxiety agent that was licensed in 2004 from Mitsubishi Pharma Corporation of Osaka, Japan. MN-305 is described as a serotonin type 1A receptor agonist, and based on preclinical and earlier clinical studies, appears to hold the potential for rapid onset of anti-anxiety effect combined with excellent tolerability.

Under the licensing agreement with Mitsubishi, MediciNova obtained exclusive worldwide rights, except for Japan, China, Taiwan, South Korea and other parts of Southeast Asia, to develop and commercialize MN-305. MediciNova has chosen to initiate the clinical development of MN-305 for generalized anxiety disorder, which, according to the National Institute of Mental Health, afflicts more than 4 million adult Americans.

"This study signals the beginning of a very ambitious clinical development undertaking for MediciNova during 2005," commented Richard Gammans, Ph.D., Executive Vice President, Clinical Research at MediciNova. "We plan to enroll 400 patients at 15 sites in the U.S. in this study with MN-305, and before the end of this year we hope to initiate four additional Phase II clinical studies with other compounds in the Company's portfolio, including potential new treatments for asthma, multiple sclerosis, interstitial cystitis, and premature labor."

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