(RTTNews) - Shares of MediciNova Inc. (MNOV) surged over 100% in extended trading session on Tuesday after the biopharmaceutical company announced a partnership with BARDA to develop MN-166 as a medical countermeasure against chlorine gas-induced lung injury.
MediciNova said it has partnered with the Biomedical Advanced Research and Development Authority (BARDA), part of the Office of the Assistant Secretary for Preparedness and Response at the U.S. Department of Health and Human Services, to repurpose MN-166 (ibudilast) as a potential medical countermeasure against chlorine gas-induced lung damage such as acute respiratory distress syndrome and acute lung injury.
BARDA will provide funding for proof-of-concept studies of MN-166 in preclinical models of chlorine gas-induced acute lung injury. MN-166 is the first compound to receive BARDA's development support through the DRIVe ReDIRECT program.
MNOV closed Tuesday's trading at $5.68, up $0.32 or 5.97%, on the Nasdaq. The stock further gained $6.21 or 109.33% in the after-hours trade.
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