MediciNova sets up JV with Chinese firm Zhejiang Medicine

8 March 2011

Japan-based bio-pharmaceutical firm MediciNova (TK: 4875, which is publicly traded in the USA (Nasdaq: MNOV), has signed a letter of intent with Chinese drugmaker Zhejiang Medicine for the formation of a joint venture company to develop and commercialize MediciNova's MN-221 in China.

MediciNova is engaged in the acquisition and development of low molecular pharmaceutical products for diseases for which no effective treatments are available mainly in the US market.

"The formation of the Joint Venture Company with Zhejiang Medicine provides a unique opportunity to advance the development of MN-221 with a very successful Chinese pharmaceutical partner," said Yuichi Iwaki, chief executive Officer of MediciNova Inc. Chunbo Li, chairman of Zhejiang Medicine, commented: "This JV can provide an enabling path for MN-221 as a promising therapeutic to become available to the millions of patients in China who suffer from acute bronchospasm. We are very pleased to be joining with MediciNova in providing better solutions for asthma patients"

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