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Tuesday, Mar 19, 2024
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MediciNova Added to Nasdaq Biotech Index

San Diego-based MediciNova Inc., a public biopharmaceutical company, has been added to the Nasdaq Biotechnology Index (NBI).

“(We) believe that our inclusion in this index will raise our profile in the investment community,” Dr. Yuichi Iwaki, president and CEO of MediciNova, said in a statement. “We consider this milestone to be a substantial accomplishment as it validates our tireless work to create value for the company.”

The NBI, a composite of public biotech and pharmaceutical companies listed on the Nasdaq stock market, is designed to track the performance of a set of securities classified as biotech or pharma.

The addition of MediciNova, which has a market cap of $236 million, is a result of the yearly re-ranking of the index. The index will add 21 companies, and 37 are being removed.

MediciNova, which develops neurology medicines, has struck strategic alliances primarily with Japanese pharmaceutical companies and holds rights to a diversified portfolio of drug candidates. The company has at least four clinical-stage compounds in its pipeline, each of which has attractive commercial potential and patent assets.

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