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MediciNova Extends Conversion Deadline To January 11

January 6, 2010 (FinancialWire) — MediciNova, Inc., a biopharmaceutical company that is publicly traded on the NASDAQ Global Market (NASDAQ: MNOV) and the Hercules Market of the Osaka Securities Exchange (Code Number: 4875), said it has extended the deadline for submission of conversion notices for the first conversion date for its floating rate secured convertible notes due 2011 from December 31, 2009 to January 11, 2010.

At the closing of the acquisition of Avigen, Inc. by a wholly-owned subsidiary of MediciNova, MediciNova issued $29,445,824.82 of convertible notes as part of the merger consideration. Under the terms of the indenture governing the convertible Notes, holders may submit conversion notices, which are irrevocable, on a monthly basis instructing the trustee to convert such convertible notes into shares of MediciNova’s common stock at an initial conversion price of $6.80 per share. These conversion dates generally are the final business day of each calendar month. However, due to the ongoing crediting of the convertible notes to the accounts of individuals and entities holding such convertible notes in “street name” by banks, brokers or other nominees following the year-end Avigen merger, MediciNova has waived the requirement that conversion notices for the first conversion date be received by the close of business on December 31, 2009 and extended the deadline for submission of conversion notices for the first conversion date to the close of business on January 11, 2010. No subsequent conversion dates are affected by this waiver.

Individuals and entities holding their convertible notes through a bank, broker or other nominee should contact their bank, broker or other nominee for instructions on how to submit a conversion notice for the convertible Notes.

MediciNova, Inc. is a publicly-traded biopharmaceutical company focused on acquiring and developing novel, small-molecule therapeutics for the treatment of diseases with unmet need with a specific focus on the U.S. market.

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