MDB Capital Group Sole Manager for $12 Million Medicinova (MNOV) Offering

01/29/2007

SAN DIEGO, Jan. 29, 2007 (PRIME NEWSWIRE) MediciNova, Inc., a biopharmaceutical company that is publicly traded on NASDAQ (Nasdaq:MNOV) and the Hercules Market of the Osaka Securities Exchange (Code Number: 4875), today announced the pricing of a public offering of 1,000,000 shares of its common stock at an offering price of $12 per share for approximately $11.2 million in proceeds, net of underwriting commissions but before expenses.

MDB Capital Group, LLC, as sole manager for the offering, has agreed to purchase the shares from MediciNova pursuant to an underwriting agreement, subject to customary closing conditions. MediciNova has also granted the underwriter an option to purchase up to an additional 150,000 shares of its common stock to cover over-allotments, if any. The offering is expected to close on February 1, 2007. Proceeds will be used for general business purposes, including the funding of MediciNova's clinical trials.

A shelf registration statement relating to the shares in this offering has been filed with the Securities and Exchange Commission and has become effective. The offering of these shares of common stock may be made only by means of a prospectus and a related supplement. The prospectus supplement and prospectus have been filed with the Securities and Exchange Commission and are available on the SEC's website at www.sec.gov. Copies of the prospectus supplement and prospectus relating to the offering may also be obtained from MDB Capital Group, LLC at 401 Wilshire Blvd, Suite 1020, Santa Monica, CA 90401, Tel:310-526-5000 and may be accessed at the Company's website at www.medicinova.com.

About MediciNova

MediciNova, Inc. is a biopharmaceutical company focused on accelerating the global development and commercialization of innovative pharmaceutical products. MediciNova\'s pipeline, which includes six compounds in clinical testing, targets a variety of prevalent medical conditions, including asthma, multiple sclerosis, status asthmaticus, interstitial cystitis, solid tumors, Generalized Anxiety Disorder, preterm labor, urinary incontinence and thrombotic disorders. For more information on MediciNova, Inc., please visit www.medicinova.com.

Forward-Looking Statements Disclaimer

Certain statements contained in this release, including those relating to the closing of proposed financing, as well as statements containing words like "expects," are forward-looking statements that involve a number of risks and uncertainties. Factors that could cause actual results to differ materially from those projected in the company's forward-looking statements include the following: capital market risks, our ability to raise additional capital when needed market acceptance of our technologies and products our financial and technical resources relative to those of our competitors our ability to keep up with rapid technological change our dependence on the defense industry and a limited number of government development contracts government regulation of our technologies our ability to enforce our intellectual property rights and protect our proprietary technologies the ability to obtain additional contract awards the timing of commercial product launches and delays in product development the ability to achieve key technical milestones in key products dependence on third parties to develop, manufacture, sell and market our products potential product liability claims, risks related to Lumera's business and the market for its equity and other risk factors identified from time to time in the company's SEC reports and other filings, including the Company's Annual Report on Form 10-K filed with the SEC. Except as expressly required by the federal securities laws, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, changes in circumstances or any other reason.