Stock Alert: MediciNova Up 35%; Initiate Trial For COVID-19 Drug

(RTTNews) - Shares of MediciNova, Inc. (MNOV) are gaining about 35% on Thursday morning after the company announced plans to start a drug trial for treatment of respiratory problems caused by COVID-19.

MNOV is currently trading at $5.91, up $1.50 or 34.01%, on the Nasdaq.

MediciNova said it will initiate a clinical trial of MN-166 (ibudilast) for acute respiratory distress syndrome caused by COVID-19. The study will be conducted by Yale's Advanced Therapies Group. There are approximately 200 COVID-19 patients at Yale, with 34 on ventilators.

CEO Yuichi Iwaki said, "This study also will allow investigators to determine the optimal dose and route of administration in these very critical patients."