MediciNova (MNOV) Enters $20M SPA with Aspire Capital Fund

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MediciNova, Inc. (Nasdaq: MNOV) has entered into a common stock purchase agreement with Aspire Capital Fund, LLC, an Illinois limited liability company. Aspire Capital has committed to purchase up to $20 million of MediciNova's common stock over the next two years at prices based on the market price at the time of each sale. On execution of the agreement, Aspire Capital made an initial purchase of 606,060 shares of common stock for $1 million, which was equal to the closing price of $1.65 on August 2, 2012, the date upon which the business terms were agreed to between MediciNova and Aspire Capital.

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