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MediciNova Share Price Surges After Announcing Joint COVID-19 Vaccine Development

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Updated: 27 July 2020

MediciNova Inc's (NASDAQ:MNOV) share price has soared in premarket trading after the company announced an agreement with BioComo and Mie University to develop a SARS-CoV-2 vaccine.

The biopharmaceutical company announced they will be using “BC-PIV, a human parainfluenza virus type 2 vector developed by BioComo and Tetsuya Nosaka, M.D., Ph.D., professor of the Department of Microbiology and Molecular Genetics, Mie University Graduate School of Medicine” for the development of the vaccine.

The company's share price closed Friday trading at $5.64 per share, but has soared in premarket trading after the announcement, currently trading over $2 higher at $7.70, +36.52%.

The President and Chief Executive Officer of MediciNova commented: “Given the current global pandemic of COVID-19, we appreciate this very important opportunity to jointly develop a vaccine against SARS-CoV-2 with BC-PIV in collaboration with BioComo and Mie University.

Previously, BioComo has been successful in developing vaccines against Ebola virus and RS virus with their BC-PIV technology, which made us confident that their technology will be successful for SARS-CoV-2 vaccines. Moreover, it is very attractive that a BC-PIV SARS-CoV-2 vaccine can be developed as an intra-nasal formulation, in addition to an intra-muscular injection, because of its high affinity for nasal mucosa or upper respiratory tract mucosa that could induce local mucosal immunity.”