MediciNova enters $30M equity purchase agreement

MediciNov and the Standard Market of the Tokyo Stock Exchange announces a Standby Equity Purchase Agreement for up to $30 million worth of common stock over the course of 36 months. Under the 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 (MNOV) common stock during the five days immediately prior to the transaction date.