MediciNova to extend share repurchase program

By E. Janene Geiss

Philadelphia, June 15 - MediciNova, Inc. announced Thursday that its board of directors has authorized to extend the previously announced stock option repurchase plan through Dec. 31, 2006.

The repurchase authority, previously adopted in November 2005, covers up to 5 million shares of its outstanding common stock at a total purchase price of up to ¥700 million, according to a company news release.

Since inception, the company said it has repurchased 925,000 shares with a total purchase price of about ¥120 million under the repurchase program.

"The board's decision to extend the share repurchase program reflects the board's belief in the company's long-term growth and considers the current market price of the company's common stock," Yuichi Iwaki, executive chairman and chief executive officer, said in the release.

The authority will be exercised from time to time beginning June 13 and extending to Dec. 31, unless earlier terminated, as market conditions warrant and subject to applicable regulatory considerations. Any repurchases are intended to be held in treasury for general corporate purposes, the company said.

MediciNova is a San Diego specialty pharmaceutical company.

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