MediciNova (MNOV) Stock Climbs On Presentation Of Results

MediciNova MNOV Stock News

MediciNova, Inc. (NASDAQ: MNOV) is rocketing in the premarket hours this morning, and for good reason. The company announced the presentation of clinical results from a Phase 2 trial centered around an experimental treatment for Alcohol Use Disorder. Here’s what’s going on:

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MNOV Stock Climbs After Online Presentation

In a press release issued this morning, MediciNova said that it presented at the American Psychological Association 2020 Annual Convention, which was held online. The presentation surrounded the results of the Ibudilast and Alcohol Use Disorder Phase 2 clinical trial.

MNOV and Dr. Lara Ray, Department of Psychology and Department of Psychiatry and Biobehavioral Sciences at the Bain Research Institute at UCLA teamed up during the study. Moreover, the study was funded by a grant from the Center for Study of Opioid Receptors and Drugs of Abuse.

52 alcohol use disorder patients were enrolled in the trial which showed that Idudilast significantly reduced the number of heavy drinking days when compared to a placebo. There was also a significant effect of idudilast on the patients’ reaction to images of alcohol in the brain as seen through MRI evaluation.

Moreover, the company said that the treatment proved to be safe and generally well-tolerated. In a statement, Yuichi Iwaki, MD, PhD, President and CEO at MNOV, had the following to offer:

We are extremely pleased with the positive results from the UCLA alcohol use disorder Phase 2 trial conducted by Dr. Ray. This is the first study to show the positive effect of MN-166 to attenuate activation in the brain in a neuroimaging study. It is quite impressive that ibudilast significantly reduced binge drinking after only 14 days of treatment. According to Nielsen, alcohol sales in stores were up 54% in late March compared to a year ago, online sales were up nearly 500% in late April compared to a year ago, and there has been unprecedented demand for larger pack sizes of wine and spirits. According to the American Heart Association, the COVID-19 pandemic brings new concerns about excessive drinking. We are thrilled that MN-166 has demonstrated great potential to reduce the increasing problem of alcohol use disorder.

The above statement was followed up by Professor Lara Ray.

We are very excited to report the positive data from our Phase 2 clinical trial in AUD. Our first clinical trial demonstrated that ibudilast significantly reduced basal, daily alcohol craving in AUD patients. In the current study, we found that ibudilast improved drinking outcomes and reduced the rewarding response to alcohol in the brain of AUD patients, which demonstrates its potential as a novel AUD pharmacotherapy.

Final Thoughts

The news released by MediciNova this morning proved to be overwhelmingly positive. In the Phase 2 clinical trial idudilast proved to be effective in reducing the number of heaving drinking days among a patient population known to be dealing with alcohol use disorder.

Should Phase 3 trials be so positive, the treatment could prove to be a blockbuster. After all, the abuse market is expected to grow to be worth more than $30 billion annually in thenear term, and an effective treatment for alcohol addiction has the potential to take a reasonable share of that massive market. As such, MNOV is a stock that’s worth your attention.

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