MediciNova Announces Signing of a Standby Equity Purchase Agreement for up to $30 Million

LA JOLLA, Calif., July 31, 2025 (GLOBE NEWSWIRE) -- MediciNova, Inc., a biopharmaceutical company traded on the NASDAQ Global Market (NASDAQ:MNOV) and the Standard Market of the Tokyo Stock Exchange (Code Number: 4875) (the "Company"), announces a Standby Equity Purchase Agreement (SEPA) 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 common stock during the five days immediately prior to the transaction date. The stock will be issued without additional warrants and will be sold to one or more investment funds managed by Yorkville Advisors Global LP ("Yorkville Advisors") - in this case YAII PN, Ltd (the "Investor" or "YAII"), at a purchase price equal to 97% of the market price1. Proceeds from the transactions will be used to further advance R&D programs and for general corporate activities.

Dr. Yuichi Iwaki, MediciNova President and CEO, commented, "Our current cash position affords us the freedom to continue operations and amply fund our ongoing programs. However, the SEPA provides us with additional flexibility to access capital to further support our R&D initiatives, expand our business, and pursue strategic opportunities. Further, the ability to raise capital without issuing warrants allows us to take advantage of favorable market conditions. We believe our Agreement with YAII validates our market position as well as our progress in our ongoing clinical activities."

About SEPA

This Standby Equity Purchase Agreement (SEPA) is a legally binding arrangement that allows a public company to raise capital by selling newly issued shares to an investor (Yorkville) at the Company's (MediciNova) discretion ...