MediciNova, Inc. (NASDAQ: MNOV) is making a strong run for the top early on this morning, and for good reason. The company announced that it has presented positive results from a Phase 2 clinical trial. Of course, this excited investors, sending the stock on a run for the top. Today, we’ll talk about:
- The data that was presented;
- what we’re seeing form MNOV as a result;
- and what we’ll be watching for ahead.
MNOV Presents Positive Data
As mentioned above, MediciNova is having an overwhelmingly strong start to the trading session this morning after the company announced that it has presented strong clinical results. In a press release issued early this morning, the company announced that it presented positive results from the interim analysis of the Phase 2 clinical trial of MN-001. In the trial, MNOV is assessing MN-001 as a treatment for NASH and NAFLD with hypertriglyceridemeia. The presentation was provided at the International Liver Congress, 2018.
In the release, MNOV said that out of 15 subjects, 14 of them saw reductions in serum triglyceride levels after 8 weeks of treatment. The company also said that there were no significant safety or tolerability concerns surrounding the treatment to date. In the release, the company pointed out that the results show that the primary endpoint of the trial has been met. As a result, MediciNova has discontinued enrollment and will stop the study in order to accelerate further development of MN-001. In a statement, Yuichi Iwaki, MD, PhD, President and CEO at MNOV, had the following to offer:
We are thrilled with the results of this study, which showed a large reduction in triglycerides. Based on the results of this study along with the triglyceride data we have from prior clinical studies of MN-001 in other indications, we believe that MN-001 has potential to benefit a wide range of patients with hypertriglyceridemia, not limited to those with NASH and NAFLD.
What We’re Seeing From The Stock
One of the first lessons that we learn when we start to dig into the market is that the news causes moves. In this particular case, the news proved to be overwhelmingly positive. At the end of the day, a Phase 2 clinical trial meeting its primary endpoint is going to lead to excitement. So, it’s no surprise to see that investors are pushing MediciNova up in the market this morning. Of course, our partners at Trade Ideas were the first to alert us to the gains. At the moment (9:32), MNOV is trading at $13.90 per share after a gain of $0.67 per share or 5.06% thus far today.
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What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will continue to keep a close eye on MNOV. In particular, we’re interested in following the continued development surrounding MN-001 as the treatment seems to be showing some seriously promising results. Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks!
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