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Article: Local firm raises $107.7 million in net proceeds on Japanese exchange.(Biotech)(MediciNova Inc.)
- Article from:
- San Diego Business Journal
- Article date:
- February 21, 2005
- Author:
CopyrightCOPYRIGHT 2005 CBJ, L.P. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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U.S.-Based, Japanese-Traded: San Diego-based specialty pharmaceutical firm MediciNova, Inc. recently became the first U.S.-based biotech to debut on the Osaka Securities Exchange in Japan, raising $107.7 million in net proceeds.
But its Japanese roots run deeper.
For one, its founders are Japanese: Drs. Yuichi Iwaki, MediciNova's chairman, and Takashi Kiyoizumi, MediciNova's chief executive officer, set up the firm four years ago.
Kiyoizumi is a former chief executive of Tanabe Research Laboratories, the U.S. arm of Tanabe Seiyaku Co., Japan's oldest and 10th largest pharmaceutical company.
Secondly, 70 percent of the firm's venture ...