MediciNova Inc, a privately held, specialty pharmaceutical company, announced that it had raised $44 million in a Series C financing to advance the development of several clinical projects and to add new products to the portfolio.

This most recent financing follows the closing of a Series B financing earlier in 2004 in which the Company raised $29 million. The Series C financing was led by Essex Woodlands Health Ventures, with the participation of Aqua RIMCO, Biovision Life Science Fund, China Development Industrial Bank, Diamond Capital, Dr. CiLabo, Mizuho Securities etc.

"In a relatively short period we have been able to raise more than $73 million - capital that allows us to advance the development of several clinical projects and to continue to add new products to our portfolio," said Dr. Takashi Kiyoizumi, president and CEO of MediciNova.

"We are especially pleased to have attracted investment from virtually every part of the world," noted Dr. Kiyoizumi, adding that, "the Series C financing includes investors from the United States, Europe, Japan, Taiwan and South Korea."

MediciNova Inc is a privately held specialty pharmaceutical company focused on accelerating the global development and commercialization of innovative pharmaceutical products.