Medicinova Sets IPO Range

In more biotech-related IPO activity, San Diego-based Medicinova has set an estimated IPO range of $2.75 to $4.75 per share. The company is looking to raise up to $185M. Medicinova is developing pharmaceutical products for the urology and obstetrics/gynecology markets. The company had lost $44M on revenues of 354K in the nine months ending September 30, 2004, and has one product in Phase II and one Phase I clinical trials. The company's offering is being underwritten by Daiwa Securities.