MediciNova Inc, announced the acquisition of a potential treatment for anxiety disorders from Mitsubishi Pharma Corporation of Japan. The compound, referred to by Mitsubishi Pharma as MKC-242, has undergone phase II clinical testing and will be added to the MediciNova product portfolio under the acronym MN-305.

MN-305, a 5-HT1A receptor agonist, is a potentially rapid-acting agent specific for anxiety disorders that appears to be lacking the sedation of benzodiazepines (BDZs) or side effects of selective serotonin reuptake inhibitors (SSRIs) and norepinephrine reuptake inhibitors (SNRIs). MediciNova expects to initiate a phase II b clinical trial in patients with generalized anxiety disorder (GAD) in late 2004.

"The successful results of Mitsubishi Pharma's clinical trials made this anxiety compound an attractive acquisition target for MediciNova," said Takashi Kiyoizumi, president & CEO of MediciNova. "MN-305 has a proven anti-anxiety mechanism, with a potentially more rapid onset of action than existing treatments for GAD, including buspirone and SSRIs. Based on the clinical experience to date, MN-305 should avoid the sedation associated with the use of benzodiazepines, and the side effects that often appear with SSRIs, including agitation, insomnia and sexual dysfunction, Takashi added.

Under the agreement with Mitsubishi Pharma Corporation, MediciNova obtains exclusive worldwide rights, except an ophthalmic solution, to MN-305 excluding Japan, China and other Southeast Asian countries, the company claims.

With this acquisition, MediciNova now has four compounds in its portfolio, including novel treatment approaches for asthma, anxiety, cancer, and premature labor. The company is in advanced negotiations to acquire several additional compounds, which are in either late preclinical development or in early phases of clinical development.

The Anxiety Disorders Association of America (ADAA) estimates that anxiety disorders are the most common mental illness in the US, affecting 19.1 million (or 13.3 per cent) of the adult population between the ages of 18-54. According to the National Institute of Mental Health (NIMH), four million Americans suffer from GAD.