Shares to be sold over two years; Aspire invests initial $1 million
By Marisa Wong
Madison, Wis., Aug. 21 - MediciNova, Inc. plans to sell up to $20 million of common stock to Aspire Capital Fund, LLC over the next two years. MediciNova entered into a stock purchase agreement with Aspire on Aug. 20, according to a press release.
Aspire has agreed to purchase an initial 606,060 common shares for $1 million. The price per share is equal to the Aug. 2 closing share price of $1.65.
MediciNova will sell the remaining shares at prices based on the market price at the time of each sale.
Proceeds will be used to advance development on MediciNova's lead programs - MN-221 for the treatment of asthma and chronic obstructive pulmonary disease and MN-166 for the treatment of progressive MS, drug addiction and chronic pain.
The biopharmaceutical company is based in San Diego.
| Issuer: | MediciNova, Inc.
|
| Issue: | Common stock
|
| Amount: | Up to $20 million
|
| Shares: | 606,060 in initial tranche
|
| Price: | $1.65 for first tranche
|
| Warrants: | No
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| Investor: | Aspire Capital Fund, LLC
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| Pricing: | Aug. 2 for first tranche
|
| Settlement date: | Aug. 20 (for $1 million)
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| Stock symbol: | Nasdaq: MNOV
|
| Stock price: | $1.88 at close Aug. 20
|
| Market capitalization: | $30.92 million
|
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