Medicinova (MNOV) Updates on FY16 Outlook

October 26, 2016 6:09 AM EDT
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Price: $6.12 --0%

Financial Fact:
Total operating expenses: 2.84M

Today's EPS Names:
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Medicinova (Nasdaq: MNOV) disclosed the following on Wednesday:

Item 7.01 Regulation FD Disclosure.

On October 26, 2016 (Japanese Standard Time), MediciNova, Inc. (the “Company”) filed with the Tokyo Stock Exchange a Japanese report referred to as “Kessan Tanshin,” which contained the Company’s financial results for the quarter ended September 30, 2016 (the “Tanshin”).

The Tanshin is substantially the same as the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2016, except the following supplemental information is provided:

• In the Tanshin, the Company includes a financial results forecast for the year ending December 31, 2016 as follows:

Full Year:

  • Revenues: $ -
  • Operating Loss: $18,264,000
  • Net Loss: $10,254,000

Expected basic and diluted loss per share for the year ending December 31, 2016 is $0.31*

(Note: The Street is looking for a loss of $0.31 per share.)

* Using 33,400,000 for the weighted average number of shares used for expected basic and diluted net loss per share.

Note to financial results forecast: The above estimates are based on certain assumptions made by the Company’s management as of the date hereof. These assumptions are based on management’s experience and perception of current conditions, trends, expected future developments and other factors believed to be appropriate in the circumstances. Such estimates are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company and may cause the Company’s actual results to differ materially from the above estimates. Although the Company’s management believes that these assumptions are reasonable, the Company cannot assure you that the Company’s business will develop in accordance with these estimates. Investors are cautioned not to rely on these estimates as it is highly likely that actual results will differ, perhaps materially. These risks include the risk factors detailed in the Company’s Securities and Exchange Commission filings, including the Company’s Annual Report on Form 10-K for the year ended December 31, 2015. The Company’s independent auditors have not compiled or been involved in the preparation of the forecasted financial results for fiscal year 2016. Accordingly, they assume no responsibility for the accuracy or presentation of this information.

• In the Tanshin, financial statements denominated in Japanese yen are disclosed as supplementary information. The numbers were translated at 101.12 Japanese yen per U.S. dollar, which was the Telegraphic Transfer Middle Rate as per the Bank of Tokyo—Mitsubishi UFJ as of September 30, 2016.

The information in this Current Report is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section. The information in this Current Report shall not be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such a filing.

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