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MediciNova directors approve ¥700 million share buyback program
New York, Dec. 5 - MediciNova, Inc. said its board of directors authorized a program to buy back up to 5 million shares for up to ¥700 million.
The repurchases can take place from Dec. 12 to June 12, 2006, subject to market conditions.
"Our balance sheet and liquidity are strong and our confidence in the long-term growth and profitability of our business enables us to redeploy cash while we will continue to advance the development of our existing product candidates," said Yuichi Iwaki, executive chairman and acting chief executive officer, in a news release.
MediciNova is a San Diego-based specialty pharmaceutical company traded on the Hercules Market of the Osaka Securities Exchange.
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