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MediciNova, Inc (NASDAQ:MNOV) shares soared 111% in the regular and after-hours sessions on Tuesday.
What Happened: The biopharmaceutical company announced a partnership with the Biomedical Advanced Research and Development Authority (BARDA) to repurpose MN-166 (ibudilast) as a potential medical countermeasure against lung damage induced by chlorine gas.
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BARDA, under a program aimed to repurpose drugs in response to chemical threats, will provide funding for proof-of-concept studies of MN-166 in preclinical models of chlorine gas-induced acute lung injury.
“MN-166 has the potential to improve health outcomes and save lives. To date, more than 800 research participants have been treated with high-dose MN-166 in MediciNova’s clinical trials. MN-166 has shown a benign safety and tolerability profile,” said Kazuko Matsuda, Chief Medical Officer at MediciNova.
See also: Best Healthcare Stocks Right Now
Why It Matters: MN-166 is the first compound to receive development support through the BARDA program.
Last week, the company announced it was discontinuing the development of a vaccine for COVID-19 in order to “maintain adequate resources for its other development programs.”
Price Action: MediciNova shares rose 105.11% to $11.65 in after-hours trading on Tuesday after closing 5.97% higher at $5.68.
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New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.